{"id":5830,"date":"2023-11-24T14:35:08","date_gmt":"2023-11-24T09:05:08","guid":{"rendered":"https:\/\/simplemyfiling.com\/?p=5830"},"modified":"2023-11-24T14:37:22","modified_gmt":"2023-11-24T09:07:22","slug":"section-28-of-income-tax-act-profits-gains-of-business-or-profession","status":"publish","type":"post","link":"https:\/\/simplemyfiling.com\/index.php\/2023\/11\/24\/section-28-of-income-tax-act-profits-gains-of-business-or-profession\/","title":{"rendered":"SECTION 28 OF INCOME TAX ACT: PROFITS &amp; GAINS OF BUSINESS OR PROFESSION"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5830\" class=\"elementor elementor-5830\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a080083 e-flex e-con-boxed e-con e-parent\" data-id=\"a080083\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e301a2e eael-dual-header-content-align-center elementor-widget elementor-widget-eael-dual-color-header\" data-id=\"e301a2e\" data-element_type=\"widget\" data-widget_type=\"eael-dual-color-header.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\t\t        <div class=\"eael-dual-header\">\n\t\t\t\t<h2 class=\"title\"><span class=\"ez-toc-section\" id=\"SECTION_28_OF_INCOME_TAX_ACT_PROFITS_GAINS_OF_BUSINESS_OR_PROFESSION\"><\/span><span  class=\"lead solid-color\">SECTION 28 OF INCOME TAX ACT:<\/span> <span> PROFITS &amp; GAINS OF BUSINESS OR PROFESSION<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-69d3f2f24c6d0\" ><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input aria-label=\"Toggle\" aria-label=\"item-69d3f2f24c6d0\"  type=\"checkbox\" id=\"item-69d3f2f24c6d0\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/11\/24\/section-28-of-income-tax-act-profits-gains-of-business-or-profession\/#SECTION_28_OF_INCOME_TAX_ACT_PROFITS_GAINS_OF_BUSINESS_OR_PROFESSION\" title=\"SECTION 28 OF INCOME TAX ACT:  PROFITS &amp; GAINS OF BUSINESS OR PROFESSION\">SECTION 28 OF INCOME TAX ACT:  PROFITS &amp; GAINS OF BUSINESS OR PROFESSION<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/11\/24\/section-28-of-income-tax-act-profits-gains-of-business-or-profession\/#Provisions_of_section_28_of_Income_Tax_Act_1961\" title=\"Provisions of section 28 of Income Tax Act, 1961\">Provisions of section 28 of Income Tax Act, 1961<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/11\/24\/section-28-of-income-tax-act-profits-gains-of-business-or-profession\/#List_of_incomes_chargeable_to_income_tax_under_section_28_of_Income_Tax_Act_1961\" title=\"List of incomes chargeable to income tax under section 28 of Income Tax Act, 1961\">List of incomes chargeable to income tax under section 28 of Income Tax Act, 1961<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/11\/24\/section-28-of-income-tax-act-profits-gains-of-business-or-profession\/#Frequently_Asked_Questions_FAQs_on_Section_28_of_Income_Tax_Act_Profits_gains_of_business_or_profession\" title=\"Frequently Asked Questions (FAQs) on Section 28 of Income Tax Act: Profits &amp; gains of business or profession\">Frequently Asked Questions (FAQs) on Section 28 of Income Tax Act: Profits &amp; gains of business or profession<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/11\/24\/section-28-of-income-tax-act-profits-gains-of-business-or-profession\/#i_What_is_section_28_of_Income_Tax\" title=\"i.&nbsp; What is section 28 of Income Tax?\">i.&nbsp; What is section 28 of Income Tax?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/11\/24\/section-28-of-income-tax-act-profits-gains-of-business-or-profession\/#ii_What_is_Sec_28_to_Sec_44_of_Income_Tax\" title=\"ii.&nbsp; What is Sec 28 to Sec 44 of Income Tax?\">ii.&nbsp; What is Sec 28 to Sec 44 of Income Tax?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/11\/24\/section-28-of-income-tax-act-profits-gains-of-business-or-profession\/#iii_What_are_amendments_to_Section_28\" title=\"iii.&nbsp; What are amendments to Section 28?\">iii.&nbsp; What are amendments to Section 28?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/11\/24\/section-28-of-income-tax-act-profits-gains-of-business-or-profession\/#iv_Is_winning_from_lottery_taxable_under_section_28_of_the_Income_Tax_Act\" title=\"iv.&nbsp; Is winning from lottery taxable under section 28 of the Income Tax Act?\">iv.&nbsp; Is winning from lottery taxable under section 28 of the Income Tax Act?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/simplemyfiling.com\/index.php\/2023\/11\/24\/section-28-of-income-tax-act-profits-gains-of-business-or-profession\/#v_What_is_the_basis_of_charge_section_28_under_the_head_business_profession\" title=\"v.&nbsp; What is the basis of charge section 28 under the head business profession?\">v.&nbsp; What is the basis of charge section 28 under the head business profession?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n\t\t\t\t<span class=\"subtext\"><\/span>\n\t\t\t\t<\/div>\n\t\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-375a9e09 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"375a9e09\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-515d5dcd\" data-id=\"515d5dcd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6580e071 elementor-widget elementor-widget-text-editor\" data-id=\"6580e071\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><!-- wp:group {\"layout\":{\"type\":\"constrained\"}} --><\/p>\n<div>\n<figure style=\"text-align: left;\">\n<ol>\n<li>\n<div data-testid=\"conversation-turn-392\">\n<div data-message-author-role=\"assistant\" data-message-id=\"582b523c-e822-4e2b-be79-da4ffc6c45d1\">\n<div data-testid=\"conversation-turn-394\">\n<div data-message-author-role=\"assistant\" data-message-id=\"65235f10-e25e-4448-90a4-620e3fef2919\">\n<div data-testid=\"conversation-turn-414\">\n<div data-message-author-role=\"assistant\" data-message-id=\"d843bd79-54b2-4178-ab06-6dd3ac8ee6dd\">\n<div data-testid=\"conversation-turn-424\">\n<div data-message-author-role=\"assistant\" data-message-id=\"c61c1453-beb1-46aa-9e07-a81670c5e207\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-oalgv-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-oalgv-1n7m0yu\">\n<div class=\"flex flex-col text-sm gizmo:pb-9 dark:bg-gray-800 gizmo:dark:bg-transparent\">\n<div class=\"w-full text-token-text-primary border-b border-black\/10 gizmo:border-0 dark:border-gray-900\/50 gizmo:dark:border-0 bg-gray-50 gizmo:bg-transparent dark:bg-[#444654] gizmo:dark:bg-transparent\" data-testid=\"conversation-turn-428\">\n<div class=\"p-4 gizmo:py-2 justify-center text-base md:gap-6 md:py-6 m-auto\">\n<div class=\"flex flex-1 gap-4 text-base mx-auto md:gap-6 gizmo:gap-3 gizmo:md:px-5 gizmo:lg:px-1 gizmo:xl:px-5 md:max-w-2xl lg:max-w-[38rem] gizmo:md:max-w-3xl gizmo:lg:max-w-[40rem] gizmo:xl:max-w-[48rem] xl:max-w-3xl } group final-completion\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gizmo:w-full lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full gap-3 gizmo:gap-0\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"c42e6e3f-71ba-4a2b-b9d6-b180e6c4fef9\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-owdje-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-owdje-1n7m0yu\">\n<div class=\"flex flex-col text-sm gizmo:pb-9 dark:bg-gray-800 gizmo:dark:bg-transparent\">\n<div class=\"w-full text-token-text-primary border-b border-black\/10 gizmo:border-0 dark:border-gray-900\/50 gizmo:dark:border-0 bg-gray-50 gizmo:bg-transparent dark:bg-[#444654] gizmo:dark:bg-transparent\" data-testid=\"conversation-turn-448\">\n<div class=\"p-4 gizmo:py-2 justify-center text-base md:gap-6 md:py-6 m-auto\">\n<div class=\"flex flex-1 gap-4 text-base mx-auto md:gap-6 gizmo:gap-3 gizmo:md:px-5 gizmo:lg:px-1 gizmo:xl:px-5 md:max-w-2xl lg:max-w-[38rem] gizmo:md:max-w-3xl gizmo:lg:max-w-[40rem] gizmo:xl:max-w-[48rem] xl:max-w-3xl } group final-completion\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gizmo:w-full lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full gap-3 gizmo:gap-0\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"6e4c0efe-0358-446e-838c-9a78fcca5d64\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-rihwd-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-rihwd-1n7m0yu\">\n<div class=\"flex flex-col text-sm gizmo:pb-9 dark:bg-gray-800 gizmo:dark:bg-transparent\">\n<div class=\"w-full text-token-text-primary border-b border-black\/10 gizmo:border-0 dark:border-gray-900\/50 gizmo:dark:border-0 bg-gray-50 gizmo:bg-transparent dark:bg-[#444654] gizmo:dark:bg-transparent\" data-testid=\"conversation-turn-458\">\n<div class=\"p-4 gizmo:py-2 justify-center text-base md:gap-6 md:py-6 m-auto\">\n<div class=\"flex flex-1 gap-4 text-base mx-auto md:gap-6 gizmo:gap-3 gizmo:md:px-5 gizmo:lg:px-1 gizmo:xl:px-5 md:max-w-2xl lg:max-w-[38rem] gizmo:md:max-w-3xl gizmo:lg:max-w-[40rem] gizmo:xl:max-w-[48rem] xl:max-w-3xl } group final-completion\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gizmo:w-full lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full gap-3 gizmo:gap-0\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"1e61b2d0-313b-4a97-9fab-d66d1d818699\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>In order to ascertain the tax liability of any taxpayer, the taxable income of the taxpayer is divided into five income categories i.e. \u2018Income from salary\u2019, \u2018Income from house property\u2019, \u2018Income from profits and gains of business or profession\u2019, \u2018Income from capital gains\u2019 and \u2018Income from other sources\u2019.<\/p>\n<p><\/p>\n<p>Provisions of section 28 of the Income Tax Act, 1961 specify the income chargeable to income tax under the taxable head \u2018Profits and gains of business or profession\u2019.<\/p>\n<p><\/p>\n<p>Importantly, other than normal income from business and profession, certain other specified incomes are also taxable under the head \u2018Profits and gains of business or profession\u2019.<\/p>\n<p><\/p>\n<p>The present article briefly covers and explains the provisions prescribed under section 28 of the Income Tax Act, 1961.<\/p>\n<p><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Provisions_of_section_28_of_Income_Tax_Act_1961\"><\/span>Provisions of section 28 of Income Tax Act, 1961<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Section 28 of the Income Tax Act, 1961 applies to incomes that is classified\/ classifiable under the head profits or gains from business or profession.<\/p>\n<p><\/p>\n<p>We usually take the definition of the terms business and profession as per common trade parlance. However, both the terms \u2018business\u2019 and \u2018profession\u2019 are defined under the Income Tax Act and the same is explained hereunder \u2013<\/p>\n<p><\/p>\n<p>Section 2(13) of the Income Tax Act defines the term \u2018business\u2019 as any trade, commerce or manufacture or any adventure\/ concern in the nature of trade, commerce or manufacture.<\/p>\n<p><\/p>\n<p>Section 2(36) of the Income Tax Act defines the term \u2018profession\u2019. Accordingly, it is simply stated that the profession includes vocation.<\/p>\n<p><\/p>\n<p>Income from the business or profession is taxable under the taxing head \u2018Profits and gains of business or profession\u2019. Provisions of section 28 specifically cover the list of incomes which are to be taxed under the taxing head \u2018Profits and gains of business or profession\u2019. The same is explained hereunder.<\/p>\n<p><\/p>\n<p><\/p>\n<h4><span class=\"ez-toc-section\" id=\"List_of_incomes_chargeable_to_income_tax_under_section_28_of_Income_Tax_Act_1961\"><\/span>List of incomes chargeable to income tax under section 28 of Income Tax Act, 1961<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Following incomes are chargeable to income tax under the taxable head \u2018Profits and gains of business or profession\u2019 (i.e. under section 28) \u2013<\/p>\n<p><\/p>\n<ol>\n<li>Profits and gains of any business or profession carried out at any time during the previous year (it covers all the business or profession undertaken by the assessee during the respective previous year).<\/li>\n<\/ol>\n<ol>\n<li>Compensation or other payments due to\/ received by any person under the following circumstances \u2013<\/li>\n<\/ol>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<ul>\n<li>&nbsp;<\/li>\n<\/ul>\n<table>\n<tbody>\n<tr>\n<td width=\"970\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<table>\n<tbody>\n<tr>\n<td width=\"424\">\n<p><strong>Compensation received by<\/strong><\/p>\n<\/td>\n<td width=\"346\">\n<p><strong>Circumstances thereof<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"424\">\n<p>Any person managing wholly or substantially the whole of the affairs of an Indian Company<\/p>\n<\/td>\n<td width=\"346\">\n<p>On termination of his management\/ modification of t conditions relating thereto<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"424\">\n<p>Any person managing wholly or substantially the whole of the affairs in India of any other company<\/p>\n<\/td>\n<td width=\"346\">\n<p>On termination of his office\/ modification of the term conditions relating thereto<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"424\">\n<p>Any person<\/p>\n<\/td>\n<td width=\"346\">\n<p>In connection with vesting in the Government\/ Corpo (owned or controlled by the Government) of manage business or property<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"424\">\n<p>Any person<\/p>\n<\/td>\n<td width=\"346\">\n<p>On termination or modification of the terms &amp; condit contract relating to his business<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"424\">\n<p>Any person holding an agency in India<\/p>\n<\/td>\n<td width=\"346\">\n<p>In connection with the termination\/ modification of th conditions relating to the agency<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"770\">\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li>Income received via a trade or professional or similar association from specific services performed for its<\/li>\n<\/ul>\n<p>(For example \u2013 if an association provides any service to its members and in turn charges money for the same from its members. Then, such money received will be chargeable under the taxable head \u2018Profits and gains of business or profession).<\/p>\n<p><\/p>\n<ol>\n<li>Following export incentives \u2013<\/li>\n<\/ol>\n<p>Profit on sale of a licence which is granted under the Imports (Control) Order, 1955 [made under the Imports and Exports (Control) Act, 1947];<\/p>\n<p>Any duty of customs\/ excise which is re-paid or re-payable as \u2018drawback\u2019 to any person against exports undertaken under the Customs and Central Excise Duties Drawback Rules, 1971;<\/p>\n<p>Cash assistance received\/ receivable by any person against exports under any Government scheme; Profits earned on the transfer of the Duty Entitlement Pass Book (DEPB);<\/p>\n<p><\/p>\n<p>Profits earned on the transfer of the Duty Free Replenishment Certificate (DFRC).<\/p>\n<p><\/p>\n<ol>\n<li>Value of any benefit or perquisite (whether monetary or non-monetary) arising from business or profession.<\/li>\n<\/ol>\n<ol>\n<li>Amount (like interest\/ salary\/ commission\/ bonus\/ remuneration etc.) received by a partner of a firm from such firm. However, any such amount which is disallowed under section 40 clause (b), the same will not be taxable in the hands of the partner.<\/li>\n<\/ol>\n<ul>\n<li>Receipt of non-compete fees for \u2013<\/li>\n<\/ul>\n<p>Not undertaking any activity in relation to any business or profession; or<\/p>\n<p>Not sharing any Intellectual Property Rights (i.e. patent\/ know-how\/ trade-mark\/ copyright\/ franchise\/ licence\/ any other business or commercial rights of similar technic or nature or information) that are likely to assist in the manufacturing or processing of goods or rendering of services.<\/p>\n<p><\/p>\n<p>Non-compete fees receipt does not include \u2013<\/p>\n<p><\/p>\n<p>The amount that is received on transfer of right to manufacture\/ produce\/ process any article or thing or right to carry on any business\/ profession. Notably, the same is taxable under the head \u2018Capital Gains\u2019, Compensation that is received from the multilateral fund of Montreal Protocol on Substances that Deplete Ozone layer (under the United Nations Environment Programme which is in accordance with the terms of agreements entered with the Government of India).<\/p>\n<p><\/p>\n<ul>\n<li>The amount received (including the amount received by way of bonus) under a Keyman Insurance Policy.<\/li>\n<\/ul>\n<ol>\n<li>The fair market value of an inventory as on the date of conversion of inventory into capital assets.<\/li>\n<\/ol>\n<ol>\n<li>The amount received on capital assets sold\/ discarded\/ demolished, when the whole of the expenditure of the capital assets was allowed as a deduction under section 35AD of the Income Tax Act.<\/li>\n<\/ol>\n<h4><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQs_on_Section_28_of_Income_Tax_Act_Profits_gains_of_business_or_profession\"><\/span>Frequently Asked Questions (FAQs) on Section 28 of Income Tax Act: Profits &amp; gains of business or profession<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Some of the Frequently Asked Questions with regard to the provisions of section 28 of the Income Tax Act are highlighted hereunder \u2013<\/p>\n<p><\/p>\n<h4><span class=\"ez-toc-section\" id=\"i_What_is_section_28_of_Income_Tax\"><\/span>i.&nbsp; What is section 28 of Income Tax?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><strong>&nbsp;<\/strong><\/p>\n<p>Section 28 of the Income Tax Act deals with the incomes that is taxable under the head \u2018Profits and gains from business or profession\u2019.<\/p>\n<p><\/p>\n<h4><span class=\"ez-toc-section\" id=\"ii_What_is_Sec_28_to_Sec_44_of_Income_Tax\"><\/span>ii.&nbsp; What is Sec 28 to Sec 44 of Income Tax?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><strong>&nbsp;<\/strong><\/p>\n<p>Section 28 to Section 44 covers the provisions relating to the computation of income under the taxable head \u2018Profits and gains of business or profession\u2019.<\/p>\n<p><\/p>\n<h4><span class=\"ez-toc-section\" id=\"iii_What_are_amendments_to_Section_28\"><\/span>iii.&nbsp; What are amendments to Section 28?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><strong>&nbsp;<\/strong><\/p>\n<p>Amendment to section 28 is proposed vide <strong>Finance Bill 2023<\/strong>. Accordingly, clause (vi) to section 28 is amended which clarify that the clause applies to cases, wherein, benefit\/ perquisite is in cash or in kind or partly in cash\/<\/p>\n<p><\/p>\n<p>partly in kind. Notably, the amendment will be effective from 1st April 2024.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"iv_Is_winning_from_lottery_taxable_under_section_28_of_the_Income_Tax_Act\"><\/span>iv.&nbsp; Is winning from lottery taxable under section 28 of the Income Tax Act?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><strong>&nbsp;<\/strong><\/p>\n<p>No, winning from the lottery is not taxable under the provisions of section 28 of the Income Tax Act.<\/p>\n<p><\/p>\n<h4><span class=\"ez-toc-section\" id=\"v_What_is_the_basis_of_charge_section_28_under_the_head_business_profession\"><\/span>v.&nbsp; What is the basis of charge section 28 under the head business profession?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><strong>&nbsp;<\/strong><\/p>\n<p>As per charge section 28, any profit or gain from business or profession, including the specified ones, will be taxable under the taxing head \u2018Profits and gains from business or profession\u2019.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ol>\n<\/figure>\n<\/div>\n<p><!-- \/wp:paragraph --><!-- wp:post-date \/--><!-- wp:post-author \/--><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>SECTION 28 OF INCOME TAX ACT: PROFITS &amp; GAINS OF BUSINESS OR PROFESSION In order to ascertain the tax liability of any taxpayer, the taxable income of the taxpayer is divided into five income categories i.e. \u2018Income from salary\u2019, \u2018Income from house property\u2019, \u2018Income from profits and gains of business or profession\u2019, \u2018Income from capital [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5764,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_joinchat":[]},"categories":[416],"tags":[420,516],"blocksy_meta":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SECTION 28 OF INCOME TAX ACT: PROFITS &amp; GAINS OF BUSINESS OR PROFESSION | simplemyfiling<\/title>\n<meta name=\"description\" content=\"Explore Section 28 of Income Tax Act, unraveling insights into taxation of business or profession profits. 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GAINS OF BUSINESS OR PROFESSION In order to ascertain the tax liability of any taxpayer, the taxable income of the taxpayer is divided into five income categories i.e. \u2018Income from salary\u2019, \u2018Income from house property\u2019, \u2018Income from profits and gains of business or profession\u2019, \u2018Income from capital&hellip;","_links":{"self":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts\/5830"}],"collection":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/comments?post=5830"}],"version-history":[{"count":4,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts\/5830\/revisions"}],"predecessor-version":[{"id":5834,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts\/5830\/revisions\/5834"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/media\/5764"}],"wp:attachment":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/media?parent=5830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/categories?post=5830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/tags?post=5830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}