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of <h1>Legal manual defines income broadly including benefits, perquisites from companies for directors and substantial interest holders</h1> A legal manual defines income as the value of any benefit or perquisite, whether convertible into money or not, obtained from a company by directors or persons with substantial interest, including payments made on their behalf. Income signifies 'what comes in' and encompasses periodical receipts from work, lands, investments, and other sources beyond just business receipts. The term is broadly interpreted to include benefits considered for income tax or profession tax purposes, regardless of whether specific elements are taxable or exempt under statutory provisions. This comprehensive definition extends beyond monetary receipts to include various forms of benefits and perquisites.
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