Income Taxes

The definition of income as per the Income Tax Act, 1961 begins with the word “Income includes”. Therefore, it is an inclusive definition and not an exhaustive one. This definition does not confine the scope of income but leaves room for more inclusions within the ambit of the term. Section 2 (24) of Income Tax Act, … Read more

There’s actually more to your return of income than what meets your eye. A return of income is:  A) a declaration of your income in the prescribed format. The Department and the Country need to know where is this money coming from. Don’t they? Imagine, if there were no returns, then I’d always say I … Read more