What are the types of Incomes chargeable under Business & Profession?
The following are
few examples of incomes which are chargeable under this head:-
- Profits or gains
of a business;
- Any compensation
or such payment due/received by any person in connection with
modification/termination of his management; etc.
- Income derived by
a trade, professional association from specific services for its members;
- Export
incentives;
- Value of any
benefit arising during carrying out of business;
- Any interest,
salary, bonus, commission or remuneration due / received by a partner from the
firm in which he is partner;
- Any sum received
under Keyman insurance Policy;
- Income from
speculation business, etc.