Question

The term "Income" is described in the Income Tax Act, 1961 under \(\underline{\hspace{1cm}}\).

• A. Section 2(24)
• B. Section 2(20)
• C. Section 3
• D. Section 10E

Hint:

Section 2(24) is a wide definition, not exhaustive.

Answer 1

The Correct Option is A

Section 2(24) of the Income Tax Act defines "Income" inclusively, covering profits, dividends, capital gains, winnings from lotteries, etc.