India - Income Tax Act 2010 - Saarc

S. 28 I.T. ACT, 1961 1.162(i) the profits and gains 56 of any business or profession 56 which wascarried on by the assessee at any time during the previous year ;(ii) any compensation 56 or other payment due to 56 or received by 56 ,—(a) any person, by whatever name called, managing the whole orsubstantially the whole of the affairs of an Indian company, at orin connection with the termination of his management or themodification of the terms and conditions relating thereto;(b) any person, by whatever name called, managing the whole orsubstantially the whole of the affairs in India of any othercompany, at or in connection with the termination of his office orthe modification of the terms and conditions relating thereto ;(c) any person, by whatever name called, holding an agency inIndia for any part of the activities relating to the business of anyother person, at or in connection with the termination of theagency or the modification of the terms and conditions relatingthereto ;57[(d) any person, for or in connection with the vesting in the Government,or in any corporation owned or controlled by the Government,under any law for the time being in force, of the managementof any property or business ;](iii) income derived by a trade, professional or similar 58 association fromspecific services 58 performed for its members ;59[(iiia) profits on sale of a licence granted under the Imports (Control) Order,1955, made under the Imports and Exports (Control) Act, 1947 (18 of1947) ;]60[(iiib) cash assistance (by whatever name called) received or receivable byany person against exports under any scheme of the Government ofIndia ;]61[(iiic) any duty of customs or excise re-paid or re-payable as drawback toany person against exports under the Customs and Central ExciseDuties Drawback Rules, 1971 ;]62[(iiid) any profit on the transfer of the Duty Entitlement Pass Book Scheme,being the Duty Remission Scheme under the export and import policyformulated and announced under section 5 of the Foreign Trade(Development and Regulation) Act, 1992 (22 of 1992);]56. For the meaning of the terms/expressions “profits and gains”, “profession”, “compensation”,“due to” and “received by”, see Taxmann’s Direct Taxes Manual, Vol. 3.57. Inserted by the Finance Act, 1973, w.r.e.f. 1-4-1972.58. For the meaning of the terms/expressions “similar” and “specific services”, see Taxmann’sDirect Taxes Manual, Vol. 3.59. Inserted by the Finance Act, 1990, w.r.e.f. 1-4-1962.60. Inserted, ibid., w.r.e.f. 1-4-1967.61. Inserted, ibid., w.r.e.f. 1-4-1972.62. Inserted by the Taxation Laws (Amendment) Act, 2005, w.r.e.f. 1-4-1998.