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TMI BlogGross earningsX X X X Extracts X X X X X X X X Extracts X X X X ..... r payment, accrued or received, for- (a) termination or modification of a business agreement or agency; or (b) vesting of the management of any property or business (ii) any consideration, accrued or received under an agreement for noncompete; (iii) the value of any benefit or perquisite accrued to, or received by, a person, being a trade, professional or similar association, in respect of specific services performed for its members; (iv) the amount of profits on sale of any licence obtained in connection with the business; (v) the amount of profits on transfer of any right or benefit (by whatever name called) accrued or received under any scheme formulated by the Government, local authority or a corporation established und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and maintained under any provision of this Code or the Income-tax Act, 1961, for which deduction has been allowed, if the amount is not utilised for the purpose and within the period specified therein; (xvi) the amount accrued or received from his employees as their contribution to any fund for their welfare; (xvii) the amount accrued or received on sale of any business capital asset used for scientific research and development; (xviii) any income from a business, received after its discontinuance; (xix) any consideration accrued or received in respect of transfer of any business capital asset self generated in the course of the business; (xx) any amount accrued or received on account of the cessation, termination or forfeitu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The gross earnings from business shall not include the following, namely:- (a) dividend; (b) interest other than interest accrued to, or received by, a person being a permitted financial institution; (c) income from letting of any house property owned by the person, other than income from letting of any house property in the course of running a hotel, convention centre or cold storage; (d) income from the transfer of an investment asset; (e) the reduction or remission of any liability by way of loan, deposit or advance received by a person, being an individual, from his relative. (4) The amount of recovery from a trade debtor, referred to in clause (xiv) of subsection (1), shall be the amount determined in accordance with t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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