Business income inclusion expanded to capture specified receipts and broadened recapture for assets with previously allowed capital allowances.
Section 26 charges income under the head Profits and gains of business or profession by an inclusive list that captures receipts such as compensation for termination or modification of management/agency/contract, profits on sale of import licences and export incentives, partner remuneration, sums for non competition or withholding of know how, Keyman insurance proceeds, fair market value on inventory treated as capital asset, and recapture receipts where whole expenditure was previously allowed as a deduction under specified statutory provisions.