Definition of Income

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Ravi Jain

Ravi Jain (Querist)
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16 June 2008 whether windfall income is taxable under Income tax act?
If yes, plz tell me under which head

CA BHARATH KUMAR

CA BHARATH KUMAR (Expert)
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16 July 2012 Windfall Means:

"a sudden happening that brings good fortune (as a sudden opportunity to make money"

So a Windfall Income would mean basically the same thing.
An example from the article that was recently in The Mail On Sunday :

Property Owners Can Reap A Windfall From Taxman

This means property owners have an opportunity to make money from the taxman.

Article can be found here for reference: www.portaltaxclaims.com/claiming-capital-allowances/property-owners-can-reap-a-windfall-from-taxman

Read more: http://wiki.answers.com/Q/What_does_Windfall_Income_mean#ixzz20mbrFAKm