Question:
The term "Income" is described in the Income Tax Act, 1961, under which section?
The term "Income" is described in the Income Tax Act, 1961, under which section?
Updated On: Dec 23, 2024
- Section 2 (24)
- Section 2 (40)
- Section 3
- Section 10E
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The Correct Option is A
Solution and Explanation
The term ”Income” is defined under Section 2(24) of the Income Tax Act, 1961. This section provides a comprehensive definition of income for the purposes of the Act, including various types of income such as salary, rent, profits, and capital gains.
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