Income – Section 2(49) | Income-tax Act, 2025 vs 1961

§ 2(49) · Income-tax Act, 2025

Income

ITA 2025 · 2(49) ITA 1961 · 2(24)
Definition — Section 2(49)

An inclusive definition covering a wide range of receipts. Income includes: (a) profits and gains; (b) dividend; (c) voluntary contributions received by registered non-profit organisations, certain associations, universities, hospitals and electoral trusts; (d) value of perquisites and profit in lieu of salary; (e) special allowances for performance of duties; (f) personal expense allowances; (g) benefits or perquisites received from a company by a director or person with substantial interest; (h) benefits or perquisites received by a representative assessee or beneficiary; (i) sums chargeable under specified sections relating to business income; (j) capital gains; (k) profits of mutual insurance companies and co-operative banking societies; (l) winnings from lotteries, crossword puzzles, races, card games and other games or gambling; (m) employee contributions to provident, superannuation and welfare funds; (n) Keyman insurance policy receipts; and (o) through (w) subsidies, grants, cash incentives and various other specified receipts. The definition is inclusive — courts may recognise additional items as income based on their character.

Act Comparison
Income-tax Act, 2025
2(49)
Income
Income-tax Act, 1961
2(24)
Income
Key Points
  • Maps to Section 2(24) of the 1961 Act
  • The definition is inclusive, not exhaustive — courts can add items
  • Key expansions over the years: ESOP perquisites, gifts, virtual digital assets
💡 Practical Note

The word 'includes' in the definition of income means the list is not exhaustive — even receipts not mentioned can be income if they have the character of income.

Published by Simplified Tax India — Clear, section-wise comparison of Income-tax Acts. ← Back to Section 2 Definitions Table
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