Section 28 ITA 1961 charges INCOME FROM BUSINESS OR PROFESSION. Which …

Question

Section 28 ITA 1961 charges INCOME FROM BUSINESS OR PROFESSION. Which is INCLUDED as business income?

Accepted Answer

C. Profits and gains of any business/profession carried on; compensation received; income from speculative transaction; export incentives; perquisites or benefits in business

1. Section 28 Income Tax Act 1961 enumerates incomes chargeable under 'Profits and gains of business or profession':
2. (i) Profits and gains of business or profession;
3. (ii) Compensation or other payment received on termination of agency, modification of agreement, or vesting of management;
4. (iii) Income derived by trade, professional or similar association from specific services performed for its members;
5. (iv) Profits on sale of import licence, cash assistance, customs duty drawback (export incentives);
6. (v) Value of any benefit or perquisite arising from business or profession;
7. (vi) Any sum received in cash or kind on account of any capital asset (other than land/goodwill/financial instrument) used for business and demolished/destroyed/discarded/transferred;
8. (vii) Speculation business income.
9. Sections 30-43D prescribe deductions (rent, repairs, depreciation, interest, etc.).
10. Hence option B is correct.
_Source: CS Executive Paper 4 Tax Laws (ICSI BoS) + Income Tax Act 1961 + CGST Act 2017 — Income Tax Act 1961, Section 28_

Answer

only stock-in-trade (cf. Income Tax Act 1961, Section 28) (cf. Income Tax Act 1961, Section 28) (cf. Income Tax Act 1961, Section 28) (cf. Income Tax Act 1961, Section 28)

Answer

only employee salary (cf. Income Tax Act 1961, Section 28) (cf. Income Tax Act 1961, Section 28) (cf. Income Tax Act 1961, Section 28) (cf. Income Tax Act 1961, Section 28)

Answer

only dividend (cf. Income Tax Act 1961, Section 28) (cf. Income Tax Act 1961, Section 28) (cf. Income Tax Act 1961, Section 28) (cf. Income Tax Act 1961, Section 28)