Income definition as value of benefits and perquisites governs tax treatment and includes non-cash and corporate payments. Income denotes the value of any benefit or perquisite, convertible into money or not, accruing from a company (including sums paid by the company in discharge of obligations otherwise payable by the person) and broadly includes periodical receipts from profession, trade, calling, lands or investments; benefits taken into account for income-tax or profession-tax are treated as income even if specific elements are exempt by statute.