The Income Tax Act, 1961 is the primary legislation that governs the taxation of business profits in India.

The Net Profit Method is generally used to compute the taxable business profits under the Income Tax Act, where the net profit is calculated by deducting all allowable expenses from the gross receipts.

The standard rate of corporate income tax applicable to domestic companies in India is 30%.

Depreciation on Assets is an allowable deduction in the computation of taxable business profits, as it represents the wear and tear of assets used in the business.

The purpose of the Minimum Alternate Tax (MAT) in the Indian tax system is to ensure a minimum level of tax liability for companies, even if they claim substantial deductions or exemptions.

Self-Assessment is not a method of tax assessment under the Income Tax Act, as it involves the taxpayer's own estimation of tax liability.

The time limit for filing an income tax return for a company is 31st October of the assessment year.

Partnership Firms are not subject to corporate income tax in India, as they are not considered separate legal entities.

Set-off allows losses to be adjusted against current year's profits, while carry forward allows losses to be carried forward to future years, subject to certain conditions.

The purpose of the 'Advance Tax' system in the Indian tax system is to collect tax in installments throughout the year, ensuring a steady flow of revenue to the government.

Imprisonment is not a type of penalty that can be imposed by the tax authorities for non-compliance with tax laws, although it may be imposed in cases of serious tax evasion or fraud.

The purpose of the 'Tax Audit' process under the Income Tax Act is to verify the accuracy of the taxpayer's income and tax computation, ensuring compliance with tax laws.

Interest Income from Fixed Deposits is not exempt from corporate income tax in India, although it may be subject to a lower tax rate.

Transfer Pricing refers to the pricing of goods and services between related parties in different countries, which can be used to optimize tax liability or shift profits to more favorable jurisdictions.