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Profits and gains of business or profession: specified compensatory receipts, perquisites and inventory valuation treated as business income. The provision defines taxable receipts under the head Profits and gains of business or profession, including profits from any business or profession carried on during the tax year; compensation or payments on termination or modification of management, agency or contracts; receipts for vesting management in the Government; association income from member services; sale of import licences and export incentives; business perquisites in cash or kind; partner remuneration to the extent allowable as a firm deduction; restraint and non sharing agreements (with specified exclusions); Keyman insurance receipts; fair market valuation of inventory converted to capital asset; and sums on demolition or transfer of capital assets whose expenditure was wholly deducted. Speculative transactions constituting business are treated as a separate speculation business, and income from letting a residential house by its owner is excluded from this head and charged under Income from house property.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Profits and gains of business or profession: specified compensatory receipts, perquisites and inventory valuation treated as business income.
The provision defines taxable receipts under the head Profits and gains of business or profession, including profits from any business or profession carried on during the tax year; compensation or payments on termination or modification of management, agency or contracts; receipts for vesting management in the Government; association income from member services; sale of import licences and export incentives; business perquisites in cash or kind; partner remuneration to the extent allowable as a firm deduction; restraint and non sharing agreements (with specified exclusions); Keyman insurance receipts; fair market valuation of inventory converted to capital asset; and sums on demolition or transfer of capital assets whose expenditure was wholly deducted. Speculative transactions constituting business are treated as a separate speculation business, and income from letting a residential house by its owner is excluded from this head and charged under Income from house property.
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