What does Income mean Sec.2(24)


 

There are certain items which are listed under the head income. These items include those heads also which normally will not be termed as income but for taxation we consider them as income. These items are included under section 2(24) of the Income Tax Act, 1961.

 As per section 2(24), the term income means and includes

  • Profits and gains
  • Dividends
  • Voluntary contributions received by a trust created wholly or partly for charitable or religious purposes or by an institution established wholly or partly for such purposes
  • The value of any perquisite or profit in lieu of salary taxable under clause (2) and (3) of section 17 of the act
  • Any special allowance or benefit, other than those included above
  • Any allowance granted to the assessee either to meet his personal expenses at the place where the duties of his office or employment of profits are ordinarily performed by him or at a place where he ordinarily resides or to compensate him for the increased cost of living
  • Capital gains.
 
 
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