PGBP (Profit and Gains of Business or Profession)

🎓 Course Title: PGBP (Profit and Gains of Business or Profession) - Master the Intricacies of Income Tax u/s 28-44

Course Description:

Embark on a comprehensive journey through the complexities of income tax as it pertains to business or professional profits with our PGBP course. This specialized online course is designed for individuals and professionals alike, who seek a thorough understanding of the provisions under Section 28 of the Income Tax Act, 1961. Taught by the esteemed Dr. Mohd Saifi Anwar, this course will guide you through the computation of PGBP, focusing on admissible deductions, expressly allowed expenses, and the nuances of taxable profits.

📚 Key Learnings:

• Admissible Deductions 🧾: Uncover a wide range of allowable deductions that can mitigate your taxable income, including losses from trading goods, carelessness, coercion, thefts, and more. Explore various scenarios where such deductions apply, with detailed examples for each category.

  • I. Losses 🏗️: From trading goods to fluctuations in exchange rates, understand the myriad of losses that can be deducted.
  • II. Expressly Allowed Expenses 💰: Dive into the specific deductions allowed under various sections such as U/S 30 to U/S 36, including expenses on building, machines, depreciation, and scientific research.
  • III. General Commercial Principles 📈: Learn about the general principles that govern deductions not explicitly mentioned in Sections 30 to 36, with a focus on genuine business-related expenses that are not personal or capital in nature.

• Expenses Expressly Disallowed ❌: Identify the types of expenses that the Income Tax Act disallows and why they should be avoided.

• Rate of Depreciation ⚖️: Understand the importance of choosing the right rate of depreciation for your assets to optimize tax liabilities.

• Computation of Income from Business 📊: Learn the step-by-step process of calculating profits and losses from business operations, including the preparation of profit & loss accounts.

• Computation of Income from Profession 👩‍⚕️: Discover how to calculate income from profession, with an emphasis on understanding the relevant provisions and their applications.

Course Structure:

• Profit & Gains of Business or Profession u/s 28

  • Detailed explanation of sections 28 to 44.

• Admissible Deductions:

  • A comprehensive breakdown of losses and deductions, categorized for clarity and ease of learning.

• Expressly Allowed Expenses:

  • An in-depth look at the specific expenses allowed under various sections from U/S 30 to U/S 36.

• General Commercial Principles for Deductions:

  • Understanding deductions beyond the explicit sections, ensuring they align with commercial practices and tax laws.

• Expenses Expressly Disallowed:

  • Identification of expenses that are not allowed under the Income Tax Act and the reasons behind their disallowance.

• Rate of Depreciation:

  • Guidance on selecting the appropriate rate of depreciation for your business assets to optimize tax planning.

• Computation of Income from Business:

  • A step-by-step approach to calculate profits and losses, with a focus on preparing accurate profit & loss accounts.

• Computation of Income from Profession:

  • Detailed instructions on calculating income from profession, with clear explanations of the relevant provisions.

Join us in this educational journey to master the intricacies of PGBP under the Income Tax Act and ensure compliance while maximizing your financial efficiency. Whether you're a business owner, a chartered accountant, or simply looking to expand your tax knowledge, this course will provide you with the tools and knowledge necessary to navigate the complexities of income tax for businesses and professionals.

Enroll now and transform your understanding of PGBP under the Income Tax Act! 📚➡️🎓