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Thursday, March 08, 2012

Direct Tax Law 2009 (Solved)

Under Sec. 28 of the income tax act 1961, the following incomes shall be chargeable to income-tax under the head "Profits and gains of business or profession":
(i)    The profits and gains of any business which was carried on by the assessee at any time during the previous year;
(ii)   Any compensation or other payment due to or received by,—
(a)    Any person in connection with termination/modification of his agreement for managing the whole or substantially the whole of the affairs of an Indian company or any other company;
(b)    Any person 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 or modification of the terms of the agency.
(c)     any person for or in connection with the vesting in the Government, or in any corporation owned by or controlled by the Government, under any law for the time being imposed, of the management of any property or business;
(iii)  Income derived by a trade, professional or similar association from specific services performed for its members.
(iv) Export incentives which include:
(a)    profits on sales of import licenses,
(b)    cash assistance, by whatever name called, received or receivable against export,
(c)     duty drawbacks of Customs and Central Excise duties;
(d)    any profit on the transfer of the Duty Entitlement Pass Book Scheme
(e)    any profit on the transfer of the Duty Free Replenishment Certificate.
(v)  the value of any benefit or perquisite, whether convertible into money or not, arising during the course of the carrying on of any business/profession.
(vi) any interest, salary, bonus, commission or remuneration due to or received by a partner of a firm from the firm in which he is a partner.
(vii)        any sum whether received or receivable in cash or in kind under an agreement for:—
(a)  not carrying out activity in relation to any business; or
(b)  not sharing any know-how, patent, copyright, trade-mark, license, franchise or any other business or commercial right of similar nature or information or technique likely to assist in the manufacture or processing of goods or provision for services.
(viii)       any sum received under a Keyman Insurance Policy including the sum allocated by way of bonus on such policy;
(ix) any sum, whether received or receivable, in cash or kind, on account of any capital asset (other than land or goodwill or financial instrument) being demolished, destroyed, discarded or transferred, if the whole of the expenditure on such capital asset has been allowed as a deduction under section 35AD.