Income Tax Act, 2025
Section 4: Clauses (iv) and (v) omitted by Act 14 of 2001, s. 20 (w.e.f. 12002).
4. Clauses (iv) and (v) omitted by Act 14 of 2001, s. 20 (w.e.f. 12002).
148
(b) any person, by whatever name called, managing the whole or substantially the whole of
the affairs in India of any other company, at or in connection with the termination of his office or
the modification of the terms and conditions relating thereto;
(c) any person, by whatever name called, holding an agency in India for any part of the
activities relating to the business of any other person, at or in connection with the termination of
the agency or the modification of the terms and conditions relating thereto ;
1[(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 management of any property or business;]
2[(e) any person, by whatever name called, at or in connection with the termination or the
modification of the terms and conditions, of any contract relating to his business;]
(iii) income derived by a trade, professional or similar association from specific services
performed for its members ;
3[(iiia) profits on sale of a licence granted under the Imports (Control) Order, 1955, made under
the Imports and Exports (Control) Act, 1947 (18 of 1947);]
4[(iiib) cash assistance (by whatever name called) received or receivable by any person against
exports under any scheme of the Government of India;]
5[(iiic) any duty of customs or excise re-paid or re-payable as drawback to any person against
exports under the Customs and Central Excise Duties Drawback Rules, 1971;]
6[(iiid) any profit on the transfer of the Duty Entitlement Pass Book Scheme, being the Duty
Remission Scheme under the export and import policy formulated and announced under section 5 of
the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);]
7[(iiie) any profit on the transfer of the Duty Free Replenishment Certificate, being the Duty
Remission Scheme under the export and import policy formulated and announced under section 5 of
the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);]
8[(iv) the value of any benefit or perquisite, whether convertible into money or not, arising from
business or the exercise of a profession;]
9[(v) any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or
received by, a partner of a firm from such firm:
Provided that where any interest, salary, bonus, commission or remuneration, by whatever name
called, or any part thereof has not been allowed to be deducted under clause (b) of section 40, the
income under this clause shall be adjusted to the extent of the amount not so allowed to be deducted;]
10[(va) any sum, whether received or receivable, in cash or kind, under an agreement for—
(a) not carrying out any activity in relation to any business 11[or profession]; or
and
omitted by Act 14 of 2001, s. 20 (w.e.f. 12002).
148
any person, by whatever name called, managing the whole or substantially the whole of
the affairs in India of any other company, at or in connection with the termination of his office or
the modification of the terms and conditions relating thereto;
any person, by whatever name called, holding an agency in India for any part of the
activities relating to the business of any other person, at or in connection with the termination of
the agency or the modification of the terms and conditions relating thereto ;
1[
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 management of any property or business;]
2[
any person, by whatever name called, at or in connection with the termination or the
modification of the terms and conditions, of any contract relating to his business;]
income derived by a trade, professional or similar association from specific services
performed for its members ;
3[
profits on sale of a licence granted under the Imports
Order, 1955, made under
the Imports and Exports
Act, 1947 (18 of 1947);]
4[
cash assistance (by whatever name called) received or receivable by any person against
exports under any scheme of the Government of India;]
5[
any duty of customs or excise re-paid or re-payable as drawback to any person against
exports under the Customs and Central Excise Duties Drawback Rules, 1971;]
6[
any profit on the transfer of the Duty Entitlement Pass Book Scheme, being the Duty
Remission Scheme under the export and import policy formulated and announced under section 5 of
the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);]
7[
any profit on the transfer of the Duty Free Replenishment Certificate, being the Duty
Remission Scheme under the export and import policy formulated and announced under section 5 of
the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);]
8[
the value of any benefit or perquisite, whether convertible into money or not, arising from
business or the exercise of a profession;]
9[
any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or
received by, a partner of a firm from such firm:
Provided that where any interest, salary, bonus, commission or remuneration, by whatever name
called, or any part thereof has not been allowed to be deducted under clause
of section 40, the
income under this clause shall be adjusted to the extent of the amount not so allowed to be deducted;]
10[
any sum, whether received or receivable, in cash or kind, under an agreement for—
not carrying out any activity in relation to any business 11[or profession]; or