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Taxation
Compute the total income under the different heads i.e. income from
house property, profits or gains of business or profession, capital gains, and
income from other sources, ignoring the prescribed incomes exemptions.
Thus, "gross total income" is obtained.
From the gross total income, prescribed deductions under Section 80A of
Chapter VIA are made. The balance amount is the taxable income.
Interest paid by the AOP/BOI to a member is not allowed as deduction
from the income of the AOP/BOI [Section 40(ba) of the Act].
Any salary, bonus, commission or remuneration (by whatever name
called), paid by the AOP/BOI to a member is not allowed as deduction from