Income

 The definition of term ‘Income’ as given above does not explain what income is ? It only tells that the above mentioned receipts are also included in the meaning of term income. 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. It’s nowhere mentioned that income refers to only monetary return. It includes value of benefits and perquisites. Any thing which can reasonably and properly be described as income is taxable under this Act unless specifically exempted under the various provisions of this Act.

The term income includes not only what is received by using the property but also the amount saved by using it himself. Any thing which is convertible into income can be regarded as source of accrual of income.