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Compensation Received as Business Income [Section-28(ii)]

Any compensation or other payment due to or received by the following persons is assessable as business Income :

  1. any person, by whatever name called, managing the whole or substantially the whole of the affairs of an Indian company, at or in connection with the termination of this management or the modification of the terms and conditions relating thereto.

  2. any person, by whatever name called, managing the whole or substantially the whole of the affairs of a company in India or any other company, at or in connection with the termination of the office or the modification of the terms and conditions relating thereto.

  3. 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.

  4. any person for or in connection with vesting in the Government or in any corporation owned or controlled by the Government under any law for the time being in force, of the management of any property or business.

 

Topics...on ‘Profits and Gains of Business or Profession’

Define … ‘Profits and Gains of Business or Profession’ and its Computation (Section 28)
Method of Accounting for Computing Business Income (Section 145)
Principles for Allowing Business Deductions / Allowances from Profits and Gains of Business or Profession.
Expenses Allowed as Deductions against Profits and Gains of Business or Profession [Section-30-37]
[Section 37(1)] : General Or Allowable Deductions under Business or Professions
Business Losses Deductible under the head  'Profits and Gains of Business or Profession'.
Expenses Not Deductible under the head 'Profits and Gains of Business or Profession (Section 40, 40A, 43B)
DEEMED PROFITS Chargeable to Tax as Business Income Under Profits and Gains of Business or Professions [Section 41]
Taxation of Undisclosed Business Income/Investments from Undisclosed Sources
Deduction in respect of Expenditure incurred on setting up of a Specified Business [Section-35AD] :
When Maintenance of Books of Accounts becomes Compulsory (Section 44AA)
Compulsory Audit of Books of Accounts by Chartered Accountant (Section 44AB)
Computation of Income On Estimated Basis Under Sections 44AD, 44ADA and 44AE



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