INCOME FROM BUSINESS
OR PROFESSION
en a
ax
i maS
r. Ash
D
,Income from Business or
Profession
• Income from any business or profession is
taxable under this head.
• Business includes any trade, commerce or
manufacture or any venture or concern in the
same nature of trade, commerce or
manufacture.
• Profession involves an exercise of intellect and
skill based on learning and experience like work
of lawyer, doctor, CA etc. It includes vocation
also.
, Chargeability: Section
28
The following incomes shall be chargeable under this
head:
Profits of any business or profession which was carried by
assessee at any time during P/Y.
Compensation due or received –
for termination or modification of agreement for managing
a company.
for termination or modification of terms of agency.
Profit on sale of license
Cash assistance
Duty draw back of customs & central excise
OR PROFESSION
en a
ax
i maS
r. Ash
D
,Income from Business or
Profession
• Income from any business or profession is
taxable under this head.
• Business includes any trade, commerce or
manufacture or any venture or concern in the
same nature of trade, commerce or
manufacture.
• Profession involves an exercise of intellect and
skill based on learning and experience like work
of lawyer, doctor, CA etc. It includes vocation
also.
, Chargeability: Section
28
The following incomes shall be chargeable under this
head:
Profits of any business or profession which was carried by
assessee at any time during P/Y.
Compensation due or received –
for termination or modification of agreement for managing
a company.
for termination or modification of terms of agency.
Profit on sale of license
Cash assistance
Duty draw back of customs & central excise
