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Incentives on sales, target etc

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(Querist)
09 September 2014 will it be taxable received by JCB machine dealer for sales of spare parts, achieving target
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
10 September 2014 Section 28(iv) provides that the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession shall be chargeable to income-tax under the head “Profits and gains of business or profession”

Accordingly incentive received for achieving sales target shall be taxable as business income.
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