Income Definition In Income Tax Act 1961
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Income definition in income tax act 1961. The term person includes. Definition of person u s 2 31 of the income tax act 1961. The income tax act 1961 is the charging statute of income tax in india it provides for levy administration collection and recovery of income tax. The term income is defined in section 2 24 of the income tax act 1961.
All human beings including minor and unsound mind. Income tax act 1961 is an act to levy administrate collect recover income tax in india. Jan 1 2020 income tax act 1961 kewal garg as per s 2 24 of the income tax act 1961 unless the context otherwise requires the term income includes i profits and gains. Individual means natural person you and me i e.
The government of india brought a draft statute called the direct taxes code intended to replace the income tax act 1961 and the wealth tax act 1957 however the bill was later scrapped.