TMI BlogGross earningsX X X X Extracts X X X X X X X X Extracts X X X X ..... nt of any compensation or other payment, accrued or received, for- (a) termination or modification of a business agreement or agency; or (b) vesting of the management of any property or business (ii) any consideration, accrued or received under an agreement for noncompete; (iii) the value of any benefit or perquisite accrued to, or received by, a person, being a trade, professional or similar association, in respect of specific services performed for its members; (iv) the amount of profits on sale of any licence obtained in connection with the business; (v) the amount of profits on transfer of any right or benefit (by whatever name called) accrued or received under any scheme formulated by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... extent determined under sub-sections (4) and (5); (xv) the amount withdrawn from any special reserve created and maintained under any provision of this Code or the Income-tax Act, 1961, for which deduction has been allowed, if the amount is not utilised for the purpose and within the period specified therein; (xvi) the amount accrued or received from his employees as their contribution to any fund for their welfare; (xvii) the amount accrued or received on sale of any business capital asset used for scientific research and development; (xviii) any income from a business, received after its discontinuance; (xix) any consideration accrued or received in respect of transfer of any business capital asset self ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n any financial year preceding the relevant financial year; and (b) the amount is shared during the relevant financial year, either wholly or in part, with a recognised stock exchange or recognised commodity exchange. (3) The gross earnings from business shall not include the following, namely:- (a) dividend; (b) interest other than interest accrued to, or received by, a person being a permitted financial institution; (c) income from letting of any house property owned by the person, other than income from letting of any house property in the course of running a hotel, convention centre or cold storage; (d) income from the transfer of an investment asset; (e) the reduction or remission of any l ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
