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Sunday, 16 April 2017

What is Income as per Income Tax Act 1961 ?

The concept of Income is different what commonly understood by the public, as defined under section 2(24) of Income Tax. It being as "Income Includes.........", the scope of income is not confined only to the income which are mentioned in section 2(24).

  • Casual income, like Lottery, Crossword puzzles etc,
  • Capital Gain on transfer of Assets,
  • Notional Income is treated as Income
Income Tax Act, 1961 has specific provisions including the income of One person in the hands of the other, In certain circumstances, like Income of Minor child in hands of the parents would be included.  

  

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