AIBE Prep › Papers › AIBE XVIII — December 2023 › Q.12
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Q.12
Taxation Law Medium Section in Options
Bare Act Income Tax Act, 1961 · Section 2(24)

Income is defined under which of the following provision of the Income Tax Act, 1961?

A Section 2(31)
✓ Section 2(24) Answer
C Section 2(9)
D Section 3
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Explanation & Strategy

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Section 2(24) is the inclusive (not exhaustive) definition of income. It covers salary, business profits, capital gains, dividends, lottery winnings, gifts above threshold, and virtually any accretion to wealth.

  1. 1 Pick up IT Act.
  2. 2 Go to Section 2 (Definitions).
  3. 3 Check 2(9) → 'assessment year'. Not this.
  4. 4 Check 2(24) → '"Income" includes...' ✓ Found it.
  5. 5 2(31) = 'person', Section 3 = 'previous year'.
The text reads: Section 2(24): 'Income' includes profits and gains, dividends, perquisites, capital gains, winnings from lotteries, and many other receipts.
At a Glance
Subject Taxation Law
Difficulty Medium
Act Income Tax Act, 1961
Section Section 2(24)
Answer (B) Section in Options
Paper AIBE XVIII — December 2023
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📖 Open Book — Reading Mode Income Tax Act, 1961