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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.
Income definition in income tax act. Definition of person u s 2 31 of the income tax act 1961. The term person includes. Income tax is a charge on income so its important to understand the meaning of the term income under s. 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.
Individual means natural person you and me i e. In this act unless the context otherwise requires 1 agricultural income means a any rent or revenue derived from land which is used for agricultural purposes and is either assessed to land revenue in india or is subject to a local rate assessed and collected by officers of the government as such b any income derived from such land by. However since income has a very broad scope it is not possible to attribute some characteristics to the term and define it exhaustively. All human beings including minor and unsound mind.
It is included in the definition of the term per son under section 2 31. Ii huf under the income tax act 1961 a hindu undivided family huf is treated as a separate entity for the purpose of assessment. Income includes profits or gains from business or profession including any benefit amenity perquisite obtained in. The levy of income tax is on every person.
Therefore income tax is payable by a huf. In this act unless the context otherwise requires 1 advance tax means the advance tax payable in accordance with the provisions of chapter xvii c 1a agricultural income means a any rent or revenue derived from land which is situated in india and is used for agricultural purposes b any income derived from such land by. There are various important case laws on interpretation of the term income which also needs to be reviewed. 20 march 2008 the definition of income under the income tax act is of an inclusive nature.
4 5 1a 6 agricultural income 7 means 8. The term income is defined in section 2 24 of the income tax act 1961. 2 24 of the income tax act.
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