alexa

Search in Indianmoney's WealthPedia

Home Articles FAQs on ITR form V - Income from Profit/Gains from Business/Profession

FAQs on ITR form V - Income from Profit/Gains from Business/Profession

Mr. C.S. Sudheer | Posted On Thursday, January 15,2009, 06:07 PM

5.0 / 5 based on 1 User Reviews

FAQs on ITR form V - Income from Profit/Gains from Business/Profession

 

 

1. Please explain Income under the head Profit/gains from Business/ Profession?

According to Income Tax Act, 1961 income under this head is defined as the income earned by assessee as a profit or gain in his business or profession. Income under this head must follow these conditions :

  • there must be a business/ profession
  • Business/ profession is being carried by assessee
  • Business/ profession have been carried out by assessee in assessment year for which income tax is filling

2. What is chargeable under the head of Profit/gains?

  • Profits from any business or profession during assessment year
  • Profits on sale of a license granted under the Imports (Control) Order, 1955, (EXIM control Act, 1947)
  • Cash received or due by any person against exports under government schemes
  • Any benefit whether it is not in cash coming from business/ profession
  • Any profit, salary, bonus or commission received by company partners

What is your Credit Score? Get FREE Credit Score in 1 Minute!

Get Start Now!
CIBIL Meter
Get It now!
Attention!

This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.