Please guide me on how to read and prepare for this
Head of Income - "Profits and Gains from Business or Profession", (Especially Section 32 & 43 ).
What are the things to be kept in mind while studying this head.
Thank you.
1 Replies
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 28 August 2010
Hey! before starting the topic, just first try to map out what sections u r going to do in it. scan through them in the order of relevance.
Like in Sec. 32, what u r going to do in this section is actually;
SEc.32(1): Main depreciation section.
Explanation -1 to SEc.32 : Deemed building.
Explanation -5 to Sec.32 : Mandatory claim of dep.
2nd proviso to sec.32 : 50% dep. provision in case of 182 days.
5th proviso to sec.32 ; proportional dep. in case of amalgamation/demerger.
Sec.32(1)(iia) : Additional dep. of 20% in first year.
Sec.32(2) : Unabsorbed depreciation to be carry forward for infinite period.
This way u can first chart it out like a roadmap we do...... this way u will be able to compile the whole topic.
like wise u can do the same in Sec.43. Just by writing down the various explanations given in them. though I think in IPCC level, such detailed preparation is not needed......
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