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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2016 amends Income-tax Act Section 28 to tax non-compete agreements in business and profession income.</h1> Clause 12 of the Finance Bill, 2016 amends section 28 of the Income-tax Act concerning 'Profits and gains of business or profession.' The amendment modifies clause (va) to include sums received or receivable under agreements for not engaging in any activity related to a profession, in addition to business, as taxable income under the same category. This change, effective from April 1, 2017, applies to the assessment year 2017-2018 and subsequent years, ensuring that income from agreements related to both business and profession is chargeable to tax.
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