Profits and gains of business or profession cover broad business receipts, with residential house rent excluded from this head. Profits and gains of business or profession includes core business income, compensation for termination or modification of management, office, agency or contract, compensation on government takeover, association service income, export incentives, business benefits or perquisites, partner's remuneration, non-compete and non-disclosure receipts, keyman insurance sums, conversion of inventory into a capital asset, and certain recoveries on capital assets where deduction was earlier allowed. Speculation business is treated as distinct, and rent from letting out a residential house is excluded from this head and taxed only as 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 cover broad business receipts, with residential house rent excluded from this head.
Profits and gains of business or profession includes core business income, compensation for termination or modification of management, office, agency or contract, compensation on government takeover, association service income, export incentives, business benefits or perquisites, partner's remuneration, non-compete and non-disclosure receipts, keyman insurance sums, conversion of inventory into a capital asset, and certain recoveries on capital assets where deduction was earlier allowed. Speculation business is treated as distinct, and rent from letting out a residential house is excluded from this head and taxed only as income from house property.
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