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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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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

 

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Mr. C.S. Sudheer

Mr C.S.Sudheer is a management graduate. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.

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