 "digital, wallet, cashless, transaction, online, digital, payment")
The manner in which an individual’s taxable income is calculated depends on how he earns. The salaried class does not have too many opportunities to claim deductions, as their scope is limited to a few allowances and reimbursements. On the other hand, for those who are self-employed or run their own business or profession, there is plenty of scope. In their case, business expenses can be deducted from the gross income to arrive at the taxable income.
Capital and revenue expenses
Expenses incurred for the purpose of business or profession become eligible for deduction in two ways. One, they
