Question

Solve any one example of income from business and profession?

Answer 1

Explanation:

The term 'Income from business and profession' means any income shown in profit and loss account after taking into account all the allowed expenditures by an assessee. The income also includes both positive (profit) and negative incomes (loss

Answer 2

Under Sec. 145, income under Business & Profession shall be computed in accordance with the method of accounting regularly followed by the assesses. The two recognized methods are Cash system and Mercantile system of accounting. Cash System: In this system,all expenses & income are booked when they receive