AdvocateKhoj
Login : Advocate | Client
Home Post Your Case My Account Law College Law Library
    

Report No. 12

D-Profits and gains of business, profession or vocation

28. Profits and gains of business, profession or vocation.-

The following income shall be chargeable to income-tax under the head "Profits and gains of business, profession or vocation"-

(i) the profits and gains of any business, profession or vocation which was carried on by the assessee at any time during the previous year;

[Section 10(1), part]

(ii) any compensation or other payment due to or received by,-

[Section 10(5A); opening line and last para, earlier half]

(a) a managing agent of an Indian company, at or in connection with he termination or modification of his managing agency agreement with the company;

[Section 10(5A)(a)]

(b) a manager of an Indian company at or in connection with the termination of his office or modification of the terms and conditions relating thereto;

[Section 10(5A)(b)]

(c) any person, by whatever name called, managing the whole or substantially the whole affairs of "any other company in India, at or in connection with the termination of his office or the modification of the terms and conditions relating thereto;

[Section 10(5A)(c)]

(d) any person, by whatever name called, 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 of the agency or the modification of the terms and conditions relating thereto;

[Section 10(5A)(d)]

(iii) income derived by a trade, professional or similar association from specific services performed for its members for remuneration definitely related to those services........

[Section 10(6)]

Explanation 1.-The profits and gains of business shall include the profits and gains of managing agency.

Explanation 2.-Where speculative transactions carried on by an assessee are of such a nature as to constitute a business, the business (hereinafter referred to as "speculation business") shall be deemed to be distinct and separate from any other business.

[Section 24(1), Expin. 1]



Income-Tax Act, 1922 Back




Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered and driven by neosys