https://www.taxtmi.com/acts?id=51557 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. en-us Wed, 13 Aug 2025 18:41:06 +0530 Tue, 26 Aug 2025 14:18:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51557 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. Act-Rules Income Tax Wed, 13 Aug 2025 18:41:06 +0530 https://www.taxtmi.com/acts?id=51557