The term Income means the periodical monetary return coming in with some sort of regularity or expected regularity from definite source . Apart from this Act has given the definition of Income U/S 2(24) of the Income tax act which includes the various items of receipts as Income.
Any thing which can reasonably and properly be described as income is taxable under this Act unless specifically exempted under the various provisions of this Act. The term income includes not only what is received by using the property but also the amount saved by using it himself.
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