Income-tax Act, 1961 · Chapter IV: Computation of Total Income · D.—Profits and gains of business or profession
Section 29: Income from profits and gains of business or profession, how computed
The Income-tax Act, 1961 was repealed by the Income-tax Act, 2025 from 1 April 2026. The text is kept here because the judgments below apply it.
In plain words
Business or professional income under section 28 is computed under the rules in the sections that follow, starting from section 30.
A simplified explanation, prepared with AI assistance from the official text below and checked automatically against it for numbers and cross-references. The official text is the law and prevails over this summary. Not legal advice.
Official text
The income referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to [43D].
Source: India Code (Legislative Department), the text of the Act as it stood before its repeal. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 29
- Commissioner of Income Tax, Delhi v. M/S Woodward Governor India P. Ltd.
- Homely Industries v. The Sales Tax Officer, Sector V, Kanpur
- Sahu Rajeshwar Nath v. Income-Tax Officer
- Kesoram Industries & Cotton Mills Ltd. v. Commissioner of Wealth Tax, (Central) Calcutta
- Dwarkanath, Hindu Undivided Family v. Income-Tax Officer, Special Circle, Kanpur Andanr.