The term “income” under the income-tax act is generally defined as 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.
The definition of the term income in section 2(24) of the income tax act 1961, is inclusive and not exhaustive. Therefore, the term income not only includes those things which are included in section 2(24) but also includes such things which the term signifies, according to its general and natural...
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