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of <h1>Income Tax Act Amended: New Clause in Section 28 Includes Non-Monetary Benefits from Business or Professional Activities.</h1> In the Finance Act of 1964, section 28 of the Income-tax Act is amended to include a new clause. This clause specifies that the value of any benefit or perquisite, whether or not it can be converted into money, arising from business or the exercise of a profession, is to be considered. This insertion occurs after clause (iii) and before Explanation 1 in section 28.
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