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Pls tell me what is meaning of ‘Casual Income’? Is it chargeable for income tax
Latika Nayar
#1 Posted : Wednesday, April 3, 2013 3:30:26 PM(UTC)
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Pls tell me what is meaning of ‘Casual Income’? Is it chargeable for income tax and if yes then under which head it should be included?
Varun Advani
#2 Posted : Wednesday, April 3, 2013 4:40:08 PM(UTC)
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Man
Location: Mumbai

Casual income as defined in the Income Tax Act, means Income earned from -

Winning from lotteries, Winning from races, Winning from crossword and puzzles, Winning from card games and other games of any sort & Winning from Gambling or betting of any type or nature.

This income is chargeable under the income head - Income from other sources when computing income tax.
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