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explain Income under income tax act india

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

1. Profits and gains 2. Dividend 3. Voluntary contributions received by a trust 4. Perquisites in the hands of employee 5. Any special allowance or benefit 6. City compensatory allowance/dearness allowance 7. Any benefit or perquisite to a director 8. Any benefit or perquisite to a representative assessee 9. Any sum chargeable under section 28,41 and 59 10. Capital gains

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**INCOME UNDER INCOME TAX ACT INDIA** Income – As generally understood – income is a periodical monetary return with some sort of regularity. It may be recurring in nature. It may be broadly defined as the true increase in the amount of wealth, which comes to a person during a fixed period of time. Extended meaning given under section 2(24) – Under section 2(24), the term ‘’income” specifically includes the following : 1. Profits and gains 2. Dividend 3. Voluntary contributions received by a trust 4. Perquisites in the hands of employee 5. Any special allowance or benefit 6. City compensatory allowance/dearness allowance 7. Any benefit or perquisite to a director 8. Any benefit or perquisite to a representative assessee 9. Any sum chargeable under section 28,41 and 59 10. Capital gains 11. Insurance profit 12. Banking income of co-operative society 13. Winnings from lottery 14. Employees contribution towards provident fund 15. Amount received under keyman insurance policy 16. Amount exceeding Rs.50,000 by way of gift received by an individual or a Hindu undivided family Thanks

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