[Section 2(24)] – ‘Income’ Under Income Tax Act.– Concept & Definition

 

Table of Contents

o    (i) Regularity of Income:

o    (ii) Form of Income:

o    (iii) Tainted/Illegal Income:

o    (iv) Application of Income v Diversion:

o    (v) Disputed Income:

o    (vii) Basis of Income:

o    (viii) Personal Gifts:

o    (ix) Composite Income:

o    (x) Pin Money:

o    (xi) Lumpsum Receipt:

o    (xii) Income must come from outside:

o    (xiii) Revenue Receipt v Capital Receipt:

o    (xiv) Income Received or Deemed to be Received in India [Section 7]

o    (xv)  Incomes which accrue or arise in India or are deemed to accrue or arise in India [Section 9]

 

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