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of <h1>Income Broadly Defined Under Section 2(24) of Income-tax Act: Includes Profits, Gains, Dividends, and Various Contributions</h1> The Income-tax Act, 1961 defines 'income' expansively under clause (24) of section 2. It includes profits, gains, dividends, and voluntary contributions to charitable or religious trusts. It also encompasses perquisites, allowances, and benefits received by directors or individuals with substantial company interests. Income includes sums chargeable under various sections, capital gains, insurance business profits, and winnings from gambling or betting. Additionally, it covers employee contributions to welfare funds, sums from Keyman insurance policies, and various compensations or payments under section 56. Government subsidies, grants, or incentives, except those affecting asset cost or trust corpus, are also considered income.
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