Question
What do you understand by casual income? How are they treated under the
Income Tax Act?
Answer :
Word Count : 509
___ _____ ____ ________ _______.
___ _________ _____ ______ ________ _____ _____ ____ ____.
_____ __________ _____ __________ _____ _______ ________ ______ __________ ___.
_____ ______ _________ _________ __________ _______ _______ ________.
_______ ____ __________ ____ _________ ______ ___ _________ _____ ______ ____.
__________ __________ ________ __________ __________ ___ _____ ____ _____ _______.
_____ _________ ___ ___ __________ __________ ____ ________.
_______ _______ _____ ______ _______ _____ ________ ___ _________ ____ ____.
_____ _____ ________ ____ _________ _________ _______ ____ ______.
__________ ______ _______ _________ ______ _______ ___ ________ __________ ____.
_______ ____ ________ ________ _________.
____ ____ ____ _______ _______ ________ _______ ______.
_______ _________ ________ ________ ______ _______.
_____ ___ ____ _______ ______ ______ ___ __________ ___ __________ ________.
_____ _______ ___ ________ ____ ________ _______.
_______ ______ _________ ________ _____ _____ ____ _____ _______ _____ _____.
_______ ___ ______ _____ _____ _______ ___ ______ _________.
____ _________ _____ _________ _____ _________ ___.
____ _______ __________ _______ _________ ______ ____ ________ ________.
______ ________ ___ ____ ____ ______.
________ _________ ____ ____ __________ __________ _________ ________ _________.
_______ _____ _____ ____ ___ ______ _________ ___.
___ _______ _________ ____ ________ ___ _______ __________ ____ _____.
_______ ___ _________ ___ ________ __________ _____ ___.
_________ _____ ____ ______ ____ ___ _______ _________ ___ _________ ___.
_______ ____ _______ ______ ________ __________ __________ ________ ___.
_________ __________ __________ ___ _________.
_________ ________ ________ ________ ______.
________ ___ ____ ___ _____ _______ __________ ______ _____ _____ __________.
___ ________ ____ ______ _____ ________.
__________ ____ ________ ______ ____ ____ __________ ___ __________ ___ ______.
_________ ____ _____ __________ _____ ________ ____ ___ _________ _______.
_________ _____ _____ ___ _________ ______ ____ __________ _____ _____ _________ ___.
__________ _________ _________ __________ ______ _________ ___ ________ ___ _____ ______.
_____ ________ _____ ____ ______ __________ ______ ________ __________.
_________ _____ ____ ______ _________ ________ ________ _____ _________ __________ ______.
_________ ____ ____ _____ ______ _______ ____ _______ ______ ______.
_______ _______ _________ ______ ____ ______ ______ _____ ______.
Skip in 10
Casual income refers to income that is received occasionally, unexpectedly or without any regular or systematic source. It is generally earned by chance rather than through a continuous business, profession, employment or investment activity. Examples include winnings from lotteries, crossword puzzles, races including horse races, card games, gambling, betting and certain other games or contests. Such income is specifically dealt with under the Income-tax Act, 1961. Under the Income-tax Act, casual or occasional receipts are not necessarily exempt merely because they are irregular. If a receipt falls within the taxable categories specified under the Act, it is included in the total income of the assessee and is subject to tax. The most important category of casual income is income from winnings. Section 115BB provides a special rate of taxation for certain winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort, or gambling or betting of any form or nature. Winnings from lotteries, crossword puzzles, horse races, card games, gambling and
________ _______ __________ ________ ______ _______.___ _____ ____ ________ _______.
___ _________ _____ ______ ________ _____ _____ ____ ____.
_____ __________ _____ __________ _____ _______ ________ ______ __________ ___.
_____ ______ _________ _________ __________ _______ _______ ________.
_______ ____ __________ ____ _________ ______ ___ _________ _____ ______ ____.
__________ __________ ________ __________ __________ ___ _____ ____ _____ _______.
_____ _________ ___ ___ __________ __________ ____ ________.
_______ _______ _____ ______ _______ _____ ________ ___ _________ ____ ____.
_____ _____ ________ ____ _________ _________ _______ ____ ______.
__________ ______ _______ _________ ______ _______ ___ ________ __________ ____.
_______ ____ ________ ________ _________.
____ ____ ____ _______ _______ ________ _______ ______.
_______ _________ ________ ________ ______ _______.
_____ ___ ____ _______ ______ ______ ___ __________ ___ __________ ________.
_____ _______ ___ ________ ____ ________ _______.
_______ ______ _________ ________ _____ _____ ____ _____ _______ _____ _____.
_______ ___ ______ _____ _____ _______ ___ ______ _________.
____ _________ _____ _________ _____ _________ ___.
____ _______ __________ _______ _________ ______ ____ ________ ________.
______ ________ ___ ____ ____ ______.
________ _________ ____ ____ __________ __________ _________ ________ _________.
_______ _____ _____ ____ ___ ______ _________ ___.
___ _______ _________ ____ ________ ___ _______ __________ ____ _____.
_______ ___ _________ ___ ________ __________ _____ ___.
_________ _____ ____ ______ ____ ___ _______ _________ ___ _________ ___.
_______ ____ _______ ______ ________ __________ __________ ________ ___.
_________ __________ __________ ___ _________.
_________ ________ ________ ________ ______.
________ ___ ____ ___ _____ _______ __________ ______ _____ _____ __________.
___ ________ ____ ______ _____ ________.
__________ ____ ________ ______ ____ ____ __________ ___ __________ ___ ______.
_________ ____ _____ __________ _____ ________ ____ ___ _________ _______.
_________ _____ _____ ___ _________ ______ ____ __________ _____ _____ _________ ___.
__________ _________ _________ __________ ______ _________ ___ ________ ___ _____ ______.
_____ ________ _____ ____ ______ __________ ______ ________ __________.
_________ _____ ____ ______ _________ ________ ________ _____ _________ __________ ______.
_________ ____ ____ _____ ______ _______ ____ _______ ______ ______.
_______ _______ _________ ______ ____ ______ ______ _____ ______.
IGNOU ACADEMY
Your IGNOU journey, made easier.
- Solved Assignments
- Study Notes
- Guess Papers
- Question Papers
Continue Reading — It's Free
Sign in with Google to unlock more of this answer.
✓ Free access
✓ Unlock up to 60% of the answer
✓ No payment required
✓ Unlock up to 60% of the answer
✓ No payment required
Quick Google sign-in. No separate registration form.