Definition of Income
This query is : Resolved
16 June 2008
whether windfall income is taxable under Income tax act?
If yes, plz tell me under which head
If yes, plz tell me under which head
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
"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
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