List any five incomes that shall be chargeable under head ‘Profit and gains of Business or profession’.

 Under the Income Tax Act, 1961, the following five types of incomes are chargeable under the head 'Profit and Gains of Business or Profession':

1. Income from Business: Income earned by an individual or a company from any business or commercial activity carried on by them is taxable under this head. It includes any income earned from the sale of goods or services, rent, royalties, commission, etc.

2. Income from Profession: This includes income earned by an individual from his/her profession or vocation, such as doctors, lawyers, architects, engineers, accountants, etc. Income earned from practicing a profession or by rendering services related to the profession is taxable under this head.

3. Income from Capital Gains: Any profit or gain arising from the sale of a capital asset is chargeable under this head. It includes short-term capital gains (STCG) and long-term capital gains (LTCG) arising from the sale of securities, immovable property, etc.

4. Income from Speculative Business: Income earned from speculative transactions in commodities or shares, where the contracts for purchase and sale of such commodities or shares are settled without the actual delivery or transfer of such commodities or shares, is chargeable under this head.

5. Income from Other Sources: Any income that does not fall under the above heads and is earned by the taxpayer from any other source is chargeable under this head. It includes income from dividends, interest, royalties, winning from lotteries, etc., which are not earned as part of any business or profession.

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