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of <h1>Income from business activities, partnerships, non-compete payments, and more taxable under 'Profits and gains of business or profession.'</h1> Income from any business or profession conducted by an assessee during the tax year is taxable under 'Profits and gains of business or profession.' This includes profits from business activities, compensation for management termination, income from professional associations, export incentives, and benefits from business activities. It also covers interest, salary, or remuneration from partnerships, payments for non-compete agreements, Keyman insurance policy proceeds, and inventory conversion to capital assets. Speculative transactions are treated as a separate business. Income from renting out residential property is not included and is taxed under 'Income from house property.'
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