'Income' is defined under Section 24 of the Income Tax Act, as
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- Profits and gains
- Dividend
- Voluntary contribution received by a Trust for charitable Purpose
- All of the above
The Correct Option is D
Solution and Explanation
Step 1: Understanding the Definition of Income under Section 24.
Section 24 of the Income Tax Act defines the term "Income" to include profits and gains from business, dividends, and voluntary contributions received by a trust for charitable purposes.
Step 2: Explanation of Other Options.
- (a) Profits and gains are indeed included in the definition of income.
- (b) Dividends are considered income under Section 24 as well.
- (c) Voluntary contributions received by a charitable trust also qualify as income under this section.
Step 3: Conclusion.
Therefore, the correct answer is (d), as all the mentioned types of income are included under Section 24 of the Income Tax Act.
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\[\begin{array}{|l|l|} \hline \textbf{List-I} & \textbf{List-II} \\ \hline \text{(A) Sale of jewelry} & \text{(I) Income from Salary} \\ \hline \text{(B) Pension from former employer} & \text{(II) Capital gain/loss} \\ \hline \text{(C) Salary received from a partnership firm} & \text{(III) Income from other sources} \\ \hline \text{(D) Income from sub-letting of property} & \text{(IV) Profits and gains from business or profession} \\ \hline \end{array}\]
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