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

📘 Core concepts

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