Income classification: amendment excludes specified receipts from business income when not chargeable as business profits. An amendment inserts a new clause into section 56(2) treating receipts identified by a definitional provision as non-business income where such receipts ... Summary
Income classification: amendment excludes specified receipts from business income when not chargeable as business profits.
An amendment inserts a new clause into section 56(2) treating receipts identified by a definitional provision as non-business income where such receipts are not chargeable under the head Profits and gains of business or profession, thereby reclassifying those items for the purposes of head-of-income allocation and taxability assessment.
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