Are you a businessman or self employed person??

If you are a businessman or a self employed person then you should aware of the income which is chargeable to tax as per Income tax act, 1961

Following are the incomes which are chargeable to income tax

1.  the profits or gains of any business or profession which was carried on at any time during the previous year

2.  profit on sale of license granted under import (control) order under scheme of exports

3.  cash assistance received or receivable against exports under any scheme of government

4.  duty draw back against exports under scheme of the government

5.  the value of any benefit or perquisite, whether convertible into money or not, arising from any business or profession

6.  any interest, salary, bonus, commission or remuneration by whatever name received by a partner of firm from such firm

7.  any sum received under a key man insurance policy including the sum allocated by way of bonus on such policy

8.  any sum, whether received or receivable in cash or in kind, on account of nay capital asset being demolished, destroyed, discarded or transferred, if whole of the expenditure on such capital asset has been allowed as a deduction under section 35AD

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