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Taxability of Capital Receipts

Statutory definition of term “Income”

You all are aware of the definition of term “Income”. The term “Income” has been defined under section 2(24) of the Act. This definition begins with the wordings “Income includes” and provides a huge list of various incomes. Therefore, it is an inclusive definition and not an exhaustive one. Such a definition does not confine the scope of income but leaves room for more inclusions within the ambit of term “Income”.

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