AIBE XI — December 2017 — Q.100 (Income Tax Act, 1961)

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Q.100

Taxation Law Medium Act + Section Given

Bare Act Income Tax Act, 1961 · Section 2(24)

‘Income’ is defined under Section 24* of the Income Tax Act, as:

A Profits and gains

B Dividend

C V oluntary contribution received by a Trust for charitable Purpose

✓ All of the above Answer

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Explanation & Strategy

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The question incorrectly references 'Section 24' — it should be Section 2(24). Income under S.2(24) includes: profits and gains, dividends, voluntary contributions to charitable trusts, perquisites, capital gains, winnings, and virtually any accretion to wealth.

1 Look up the referenced provision in Income Tax Act, 1961 to verify the answer.

At a Glance

Subject Taxation Law

Difficulty Medium

Act Income Tax Act, 1961

Section Section 2(24)

Answer (D) Act + Section Given

Paper AIBE XI — December 2017

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