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TMI BlogIncome under head “Profits and gains of business or profession”X X X X Extracts X X X X X X X X Extracts X X X X ..... eable to income-tax under the head "Profits and gains of business or profession". (2) The income under sub-section (1) shall include-- (a) the profits and gains of any business or profession carried on by the assessee at any time during the tax year; (b) any compensation or other payment, due to, or received, by any person by whatever named called,-- (i) wholly or substantially managing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stance against export, duty drawback or duty remission or any other export incentive, received or receivable; (f) the value of any benefit or perquisite arising from business or the exercise of a profession, whether- (i) convertible into money or not; or (ii) in cash or in kind or partly in cash and partly in kind; (g) an amount being interest, salary, bonus, commission or remuneration, by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into with the Government of India; or (ii) under an agreement for not sharing any know-how, patent, copyright, trade-mark, licence, franchise or any other business or commercial right of similar nature, or information or technical know-how likely to assist in the manufacture or processing of goods or provision for services; (i) any sum received under a Keyman insurance policy including the sum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f it by the owner shall not be included in income under sub-section (1) and shall be chargeable only under the head "Income from house property". - Clause 26 of the Bill seeks to provide charging of income-tax on income under the head "Profits and gains of business or profession". It further seeks to provide inclusive definition of income under the head "Profits and gains of business or profess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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