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of <h1>Amendment to Section 28 of Income-tax Act: Includes Non-Monetary Benefits in Business Profits, Effective April 2024.</h1> Clause 11 of the Finance Bill, 2023, proposes an amendment to section 28 of the Income-tax Act concerning profits and gains from business or profession. The amendment revises clause (iv) to include the value of any benefit or perquisite from business or professional activities, whether convertible into money or not, and whether provided in cash, kind, or a combination thereof. This change will be effective from April 1, 2024, applicable to the assessment year 2024-2025 and subsequent years.
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