Section 28 Income Tax Act
13 1 before amendment by the act the provisions of section 28 of the income tax act provided that certain types of compensation receipts shall be taxable under the head profits and gains of business or profession.
Section 28 income tax act. Ii any compensation or other payment due to or received by. Section 28 of income tax act 1961 2017 profits and gains of business or profession chapter iv sections 14 59 of income tax act 1961 deals with provisions related to computation of total income. Section 28 of income tax act 1961 2017 provides special provision for profits and gains of business or profession.
It is an insurance policy made for key managerial personnel of companies. 77the following income shall be chargeable to income tax under the head profits and gains of business or profession. Profits and gains of business or profession 1the following income shall be chargeable to income tax under the head profits and gains of business or profession i the profits and gains of any business or profession which was carried on by the assessee at any time during the previous year.
Section 28 in the income tax act 1995 28. The following income shall be chargeable to income tax under the head profits and gains of business or profession i the profits and gains of any business or profession which was carried on by the assessee at any time during the previous year. Subsection 28 vi under income tax act covers the term keyman insurance policy.