08/01/2019
* Profits and gains of any business or profession carried on by the assessee at any time during the previous year. Income earned from the exercise of any "profession" or "vocation", which involves the idea of occupation requiring either purely intellectual skill or any manual skill, is taxable under this head.
* Any compensation or other payment due to or received by any person Specified by section 28(ii).
* Income derived by a trade, profession or similar association from specific services performed for its members.
* Profit on sale of a licence granted under the Imports (Control) Order, 1955 made under the Imports & Exports (Control) Act, 1947.
* Cash assistance (by whatever name called) received/receivable by any person against exports under any scheme of the Government.
* Any duty of customs/excise repaid or repayable as drawback to any person against exports under the Customs and Central Excise Duties Drawback Rules, 1971.
* Value of any benefits or perquisitesi arising from a business or the exercise of a profession.
* Interest, salary, bonus, commission or remuneration due to or received by a partner of a firm from such firm.
* Any sum received for not carrying out any activity in relation to any business [or (with effect from the assessment year 2017-18) profession] or not to share any know-how, patent, copyright, trademark, etc.
* 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 (applicable from the assessment year 2019-20).
* Any sums received under a Keyman Insurance Policy including the sum by way of bonus on such policy.
* Any sum received (or receivable) in cash or kind, on account of any capital asset (other than [and or goodwill or financial instrument) being demolished, destroyed, discarded or transferred, if the whole of the expenditure on such capital asset has been allowed as a deduction under section 35AD (applicable from the assessment year 2010-11 onwards).
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