Define Income that is charged to tax under section 2 9-02015

Business Defined Section 2(9)

Business includes any trade, commerce, manufacture, profession, vocation but doesn't include employment
Following incomes (except exempt income) shall be charged to tax under the head 'Income from Business'.

1. Profits & Gains from any business in a tax year.
2. Income derived from any trade, profession, sale of goods or provision of any services.
3. Income from hire or lease of tangible movable property.
4. FMV of Perquisites derived by a person by virtue of business relationships.
5. e) Management Fee derived by a management company.

Income from Business also includes:

1. Any profit on debt derived by a person. (it is only applicable to such person, whose is business is to derive such income. e.g.; a banking company)
2. Any amount received by schedule bank from mutual fund, as share of profit.
3. Profit earned on debts in course business shall be chargeable to 'income from business'.
4. Income on leasing by lessor, being banks, leasing companies etc.
5. Income derived from any trade, profession, sale of goods or provision of any services.
6. Income from hire or lease of tangible movable property
7. FMV of Perquisites derived by a person by virtue of business relationships.
8. Management Fee derived by a management company