TMI BlogProfits and gains of business or professionX X X X Extracts X X X X X X X X Extracts X X X X ..... nation of his management or the modification of the terms and conditions relating thereto; ( b ) any person, by whatever name called, managing the whole or substantially the whole of the affairs in India of any other company, at or in connection with the termination of his office or the modification of the terms and conditions relating thereto ; ( c ) 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 ; 1 [ (d ) any person, for or in connection with the vesting in the Government, or in any corporation owned or controlled ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of any benefit or perquisite arising from business or the exercise of a profession, whether (a) convertible into money or not; or (b) in cash or in kind or partly in cash and partly in kind; ] 8 [ ( v ) any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from such firm: Provided that where any interest, salary, bonus, commission or remuneration, by whatever name called, or any part thereof has not been allowed to be deducted under clause ( b ) of section 40, the income under this clause shall be adjusted to the extent of the amount not so allowed to be deducted ; ] 9 [ ( va ) any sum, whether received or receivable, in cash or kind, under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l or commercial nature such as accounting, banking, communication, conveying of news or information, advertising, entertainment, amusement, education, financing, insurance, chit funds, real estate, construction, transport, storage, processing, supply of electrical or other energy, boarding and lodging ;] 10 [ ( vi ) any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy. 15 [(via) the fair market value of inventory as on the date on which it is converted into, or treated as, a capital asset determined in the prescribed manner;] Explanation .- For the purposes of this clause, the expression Keyman insurance policy shall have the meaning assigned to it in clause ( 10D ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Inserted by the Finance Act, 1992, w.e.f. 1-4-1993. Earlier clause (v) was inserted by the Direct Tax Laws (Amdt.) Act, 1987, w.e.f. 1-4-1989 and was omitted by the Direct Tax Laws (Amdt.) Act, 1989, with effect from the same date. 9. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 10. Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-10-1996. 11 . Inserted vide Finance (No. 2) Act, 2009 with effect from 1-4-2010 12. Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 13. Inserted vide THE FINANCE ACT, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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