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Income-tax is levied on the income of every person. As per Income-tax Law, what constitutes income?

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Tarun Tarun
Answered on January 01,2020

Under the Income-tax Law, the word income has a very broad and inclusive meaning. In the case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as an income. For a businessman, his net profit will constitute his income. Income may also flow from investments in the form of Interest, Dividend, Commission, etc. Further, income may be earned on account of the sale of capital assets like building, gold, etc.

Income shall be computed as per relevant provision of Income-tax Act, 1961 which lays down detail condition for computation of income chargeable to tax under various heads of income?

 

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