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Section 2 24 of the act defines income to include the following items.
Income tax definition of income. Definition of income sec 2 24 of the income tax act 1961. Whether income is an accurate measure of taxpaying ability depends on how income is defined. 1 profits and gains this is one of the major sources of income and will be discussed in detail. Income tax is a certain percentage of your income that you have to pay regularly to the.
2 22 which expands the meaning of the term. 2 dividends the definition of dividend has been given in sec. Meaning pronunciation translations and examples. The only definition that has been found to be completely consistent and free from anomalies and capricious results is accrued income which is the money value of the goods and services consumed by the taxpayer plus or minus any change in net worth.
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