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of <h1>Section 26 narrows chargeable items and expands list of receipts treated as business or professional income</h1> The enacted Section 26 narrows the charging phrase to the items enumerated in subsection (2) and adopts an inclusive list of receipts treated as business or professional income, including compensation on termination or modification of contracts, profits on sale of import licences, partner remuneration, non-compete payments, Keyman insurance proceeds, and recapture receipts where capital asset expenditure was previously deducted. Key changes from the earlier bill: 'input licence' became 'import licence'; partner-payment deductions now reference a specific deduction provision; recapture was expanded to include assets whose costs were allowed under a named investment-linked deduction; several minor wording and rule-making clarifications were also made.
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