HomeArticlesFAQs 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 | Updated On Tuesday, September 11,2018, 10:27 AM
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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
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Mr. C.S. Sudheer
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