Ch 3 · Profits and Gains of Business or Profession (Sec 28-44)

5 concept points · 3 formulas · 4 exam-critical points.

📘 Core concepts

• 1Income from business/profession — net of admissible expenditure (Sec 30-37).
• 2Sec 30-32: rent, repairs, depreciation on block of assets.
• 3Sec 35-35AD: scientific research, specified business deductions.
• 4Sec 36: bad debts, insurance, employee contributions.
• 5Sec 37: general — any expense wholly & exclusively for business if not capital/personal.