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As per the Income Tax Act,1961
The word "Income includes-
(i) profits and gains
(ii) dividend on shares / debentures
(iii) the value of any perquisite or profit in lieu of salary
(iv) any sum chargeable to Inome tax (House Property Income, Salaries income, Capital Gains Income, Business or profession income and Income from Other sources like any winnings from lotteries)
(v) any sum received under a Key man insurance policy including the sum allocated by way of bonus on such policy etc
Hope it's use full to you
Regards
V Srikanth
Wiki User
∙ 11y ago
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