Definition of the Term Income

Definition of the Term Income

Definition of the Term Income Ans. According to Sec. 2 (24) the term income includes: 

1. Profit and gains. 

2. Dividend.

 3.- Voluntary contribution received by a trust created wholly or partly for charitable or religious purposes or by an institution established wholly or partly such religious purposes. 

4. The value of any perquisite or profit in lieu of salary taxable under Sec. 17(2) and (3). 

5. Any special allowance granted to the assessee either to meet the personal expense at the place where the duties of his office or employment of profit are ordinarily performed by him or at a place where he ordinarily resides or to compensate him for the increased cost of 

6. Any allowance or benefit specifically granted to the assessee to meet expenses wholly, necessary and exclusively for the performance of his duties.

 7. The value of any benefit or perquisite obtained from a company by a director or by a person who has a substantial interest in the company or by a relative of the director or of such person.

 8. Any sum paid by company in respect of any obligation which, if the company would not have paid, would have been payable by the director or the person having substantial interest in the company.

 9. The value of any benefit or perquisite obtained by any representative assessee. 10. Any sum paid by representative assessee in respect of any obligation which, if the representative assessee would not have paid would have been payable by the beneficiary. 

11. Profit or gains from business or profession. 12. Compensation received for past losses, expenses or obligation already allowed as deductions. 13. Balancing charge. 14. Recovery of bad debts already allowed as deduction in previous years. 15. Any benefit or perquisite received during the operation of any business or profession. 16. Any salary, bonus, commission or remuneration, by whatever name called, received or receivable by a partner from the firm.