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PROFITS AND GAINS OF BUSINESS OR PROFESSION (Section 28 – Income Tax Act, 1961) 🌿 Meaning of Business or Profession Under the Income Tax Act, the term “Business” means any trade, commerce, or manufacture carried on with the motive of earning profit. The term “Profession” means activities that require intellectual or specialized skills , such as those of a doctor, lawyer, engineer, or chartered accountant. So, income earned through carrying on any business or profession is taxed under the head: 👉 “Profits and Gains of Business or Profession (PGBP)” 🧾 Section 28 – Basis of Charge Section 28 lists out what types of incomes are chargeable under the head “Profits and Gains of Business or Profession.” Let’s understand them one by one in simple language 👇 🏢 1. Profits from Any Business or Profession (Sec. 28(i)) The profits earned from carrying on any business or profession during the previous year are taxable. ✅ Example: Mr. A runs a textile shop and earns ₹5,00,000...