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Section 28 charging PGBP does NOT include:
ASpeculative business income (per relevant Section)
BProfits of business
CSalary as employee
DCompensation on termination of agency (per relevant Section)
Answer & Solution
Correct answer: C. Salary as employee
1. Section 28 lists incomes chargeable under PGBP: profits, compensation, gifts/perquisites from business, speculative income, etc.
2. Salary as employee is taxable under 'Salaries' (Section 15), not PGBP.
3. Partner's remuneration from firm IS taxable under PGBP.
_Source: ICAI BoS CA Final Paper 7, Ch 3 "Profits and Gains of Business or Profession"_
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