Section 2(24) contains one of the widest definitions in Indian tax law — the word 'includes' makes it expansive, not restrictive. This means income encompasses far more than just salary or business profits: it covers capital gains, lottery winnings, gifts above threshold, agricultural income (for clubbing purposes), and virtually any accretion to wealth. The Supreme Court in Navinchandra Mafatlal held that the definition is of the widest amplitude.

1. 1 Pick up Income Tax Act, 1961.
2. 2 Go to Section 2 (Definitions).
3. 3 Check clause (20) → 'previous year'. Not this.
4. 4 Check clause (24) → '"Income" includes...' ✓ Found it.
5. 5 Section 3 = previous year definition. Section 10E = doesn't exist/different.

The text reads: Section 2(24) IT Act: 'Income' includes (i) profits and gains, (ii) dividend income, (iii) voluntary contributions to trusts, (iv) perquisites, (v) capital gains, (vi) winnings from lotteries... (and many more).