Profits and gains of business or profession

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.... the termination of his management or the modification of the terms and conditions relating thereto; (b) any person, by whatever name called, managing the whole or substantially the whole of the affairs in India of any other company, at or in connection with the termination of his office or the modification of the terms and conditions relating thereto ; (c) any person, by whatever name called, holding an agency in India for any part of the activities relating to the business of any other person, at or in connection with the termination of the agency or the modification of the terms and conditions relating thereto ; ^1[(d) any person, for or in connection with the vesting in the Government, or in any corporation ow....

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.... ^16[(iv) the value of any benefit or perquisite arising from business or the exercise of a profession, whether- (a) convertible into money or not; or (b) in cash or in kind or partly in cash and partly in kind;] ^8[(v) any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from such firm: Provided that where any interest, salary, bonus, commission or remuneration, by whatever name called, or any part thereof has not been allowed to be deducted under clause (b) of section 40, the income under this clause shall be adjusted to the extent of the amount not so allowed to be deducted ;] ^9[(va) any sum, whether received or rec....

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.... the provision of services in connection with business of any industrial or commercial nature such as accounting, banking, communication, conveying of news or information, advertising, entertainment, amusement, education, financing, insurance, chit funds, real estate, construction, transport, storage, processing, supply of electrical or other energy, boarding and lodging;] ^10[(vi) any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy. Explanation.-For the purposes of this clause, the expression "Keyman insurance policy" shall have the meaning assigned to it in clause (10D) of section 10.] ^15[(via) the fair market value of inventory as on the date on which it ....

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....Inserted vide Section 3 of the Taxation Laws (Amendment) Act, 2005 w.e.f. 01-04-2001 7. Inserted vide Section 7 of the Finance Act, 1964 w.e.f. 01-04-1964 8. Inserted vide Section 11 of the Finance Act, 1992 w.e.f. 01-04-1993 Earlier, Inserted vide Section 9 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 And was Omitted vide Section 95 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as,  "(v) any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from such firm." 9. Inserted vide Section 13 of the Finance Act, 2002 w.e.f. 01-04-2003 10. Inserted vide Section ....