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of <h1>New Clause Added to Section 56 of Income-tax Act: Income Not Taxable as Business Profits to be Included.</h1> In the Finance Act of 1987, an amendment was made to section 56 of the Income-tax Act. Effective from April 1, 1988, a new clause (ic) was added to sub-section (2). This clause specifies that income referred to in sub-clause (x) of clause (24) of section 2, which is not taxable under the category 'Profits and gains of business or profession,' should be included under section 56.
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