Income Definition According To Income Tax Act
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It is included in the definition of the term per son under section 2 31.
Income definition according to income tax act. 2 dividends the definition of dividend has been given in sec. 1 profits and gains this is one of the major sources of income and will be discussed in detail. In this act unless the context otherwise requires 3 1 advance tax means the advance tax payable in accordance with the provisions of chapter xvii c. The levy of income tax is on every person.
Ie apart from the items listed in the definition any receipt which satisfies the basic condition of being income is also to be treated as income and charged to income tax accordingly. 2 22 which expands the meaning of the term. 4 5 1a 6 agricultural income 7 means 8. Income includes profits or gains from business or profession including any benefit amenity perquisite obtained in.
9 a any rent 10 or revenue 10 derived 10 from land 10 which is situated in india and is used for agricultural purposes b any income derived from such land 10 by. Therefore income tax is payable by a huf. Ii huf under the income tax act 1961 a hindu undivided family huf is treated as a separate entity for the purpose of assessment.