GENERAL KNOWLEDGE

Detailed explanation-1: -The definition given u/s 2(24) is inclusive and not exhaustive. According to English dictionary, the term income means “periodical receipts from one ‘s business, land, work, investments etc.” The term income simply means something which comes in. It is a periodical return with regularity or expected regularity.

Detailed explanation-2: -It means that Courts can decide what comes under Income and what not rather than following a list of things which ends after a certain limit of information. Therefore, the definition of the word ‘income’ given in Section 2(24) of the Income Tax Act, 1961 is not exhaustive but, inclusive in nature. References.