clarification on sec 28 chargeability in business n professi

This query is : Resolved

Tima (Querist)
Follow

06 October 2008 sirs

sec 28 - chargeability in business n profession have the following clauses

if he is an exporter
(iiia) profit on sale of import entitlement or exim scrip. - "what is meant by it"?

(iiib) cash assistance - "what is meant by it"?

(iiid) profit on transfer of "duty entitlement pass book scheme" - "what is meant by this"?

(iiie) profit on transfer of "duty replinshment certificate" - "what is meant by this"?

if explained with examples it will be a great help.

thanks

tima

PIYUSH JAIN

PIYUSH JAIN (Expert)
Follow

07 October 2008 Dear Tima,
1- profit on sale of Import lic - Under Import control order act, on fulfillment of certain conditions like export, Import licence is issued to the concern, its a right to Import, which he can sell to other, that Income will be included in Business Income.

2- Cash Assistance- If exporter gets assisstance ( Aid ) for that export under govt. scheme that Income ( Aid )is business Income.

3&4 - Same as Point 1.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Mahesh Balanthimugaru

Sridhar h s

Ashok Kumar Garg

RAJ SANKLECHA

Amit Chaturvedi

Subscribe Now

clarification on sec 28 chargeability in business n professi

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA