definition of real income

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Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2010 Dear sir

What is the definition of real income under Income Tax Act 1661

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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16 January 2010 Please read Sec.2(24)

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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17 January 2010 Real income has not been defined by the Income Tax Act.

Even the word "Income" is not properly defined.

It says - income includes .....

So the definition of the income is very wide.

Even deemed income is taxable under the Income Tax Act.

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