Surfindia » Finance » Income Tax » Heads of Income » Profit In Business/ Profession

Heads of Income: Profit in 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

What Income Comes Under Head of Profit in Business
  • Profits and gains of assessee from any business or profession during assessment year
  • Any payment or compensation due or received by a person for his services to organization as a part of his business
  • Making profit in trade Income of professional or organization against services provided by that professional/ organization
  • 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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