The above defination of income is not conclusive. it include some other receipts also which are ordinarily treatedn as income.in fact , income means a monetary income which is derived from definite sources with some sort of regularity or expected regulerity.
These Definite source of income are.
(1) Salery
(2) Income From House Property
(3) Profit And Gains of Business
(4) Capital Gains
(5) Income From Other Sources
Besides this , there are some other important rules regarding income which are as under
(1) There should be definite source of income.
(2) an income earned , whether legally or illegally , is taxable under income tax act.
(3) It is not necessary that the income should be received regularly or parperiodicaly.
(4) Income should be recived by outside.
(5) It is not essential that the income must be received in the form of money.
(6) Temporary or parmanent income.whether the income is temparary or paemanent , it is immaterial from the tax point of viewe.
(7) If an assessee has earned income but has not actualy received it.it is treated the income of assessee.
Gross Total Income
The aggregate of income under the following heads is known as gross total income.
(1) Income from Salery
(2) Income from house property
(3) Income from gains of business and professions
(4) capital gains and
(5) Income from Other sources
the income under each head is computed after making deductions permissibly under that head.
further the brought forward losses shall be deducted to arrive atn the assessable income.
Total Income
Total Income mean the amount left after making the deductions under sections 80C to 80U from the gross total income.
Agricultural Income
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