1. What is
income?
Ans:
Income: Income is the monetary return
coming in with expected regularity from definite sources.
2. What are
the features of income?
Ans:
Features of income:
A. Revenue
receipt.
B. Recurrent
in nature.
C. Money or
money’s work.
D. External
source.
E. Definite
source.
F. Windfall
or unexpected or onetime occasional income.
G.
Irrelevant of pending dispute.
H. Actual
receipt.
I. Nature of
source.
J. No bar to
illegality.
K.
Compulsory or optional receivable.
L.
Receivable.
M. Imiginary
or planned income.
3. What are
the Sources of income?
Ans:
Sources of income:
1. Salary
income (20).
2. Interest
on security (22-23).
3. Income
from house property (24-25).
4.
Agricultural income (26-27).
5. Income
from business or profession (28-36).
6. Capital
gain (31-32).
7. Income
from other sources (33-34).
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