Basic Concepts of Income and Important Definitions | Heads of Income | {CH-1}

Hi everyone,
I am Shruti Sharma
Welcome to my channel - COMMTUTS
This is the Tutorial -1 of Income Tax CHAPTER - 1.
In this tutorial, you will understand -
What is Income in general sense ?
Meaning of Income as per Income Tax Act, 1961
Concept of Income
Sources of Income
Main Heads of Income
Gross Total Income
Total Income
Agricultural Income
Casual Income
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Im a law student and first time studying tax, and you made it really easy

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@subho9225 will u please help me ? Please provide me notes of taxation ......

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Madam meri kl ( 26 nov 2023) hi xm hein 3rd sem ki aur mein AJ (11pm) dekh Rahi hu . apki video mei bohot Clear krke describe Kiya gya hein aur mujhe personally isse behtar aur koi bhi video mei explanation accha nhi laga mei aur bhi videos dekhe in respect aur bhi sare teachers ki but apki video mei bohot hi clear karke aur acche se samjya gya hein which I like so much ❤ thank you so much ma'am for helping us 🙏☺️

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Mam thank you so much you really explained very well i have exam tomorrow of bba 3rd semester

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Thank u so much mam....Apne bahot hi ache tareeke se saare concepts clear or diye, wo bhi itni jaldi...and itne ache and easy examples bhi diye.....Mera paper kal hai iska 23/12/2023....and I'm very happy ki mujhe ye video mili....😊thank u so much mam once again✨💚

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Best
No words to your speech

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And u explained very well .
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[@Arbish21]

Nice explanation ❤

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[@goldyyadav1085]

define income tax as per income tax act 1961 or meaning of income tax as per income tax act is same
Please 🙏 reply mam

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Yes ..

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[@maruthikumar0608]

maam you said income in general sense is the money recieved in regular basis. but capital receipts are not regular right?? they happen once a 3yrs or 4 yrs

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Thankyou ma'am

[@Ax-fq8zc]

Are casual income and income from other sources the same thing???

[@commtuts]

"Casual income" and "income from other sources" are not the same terms. They refer to different types of income in the context of taxation.
1. Casual Income: Casual income generally refers to income earned from irregular or occasional work, often in addition to a regular job. This could include earnings from part-time or temporary jobs, freelancing, odd jobs, or sporadic gigs. Casual income is often considered supplementary and may not be a person's primary source of income.
2. Income from Other Sources: Income from other sources is a broader category defined under tax laws in many countries. It includes income that does not fall under other specific categories like salary, business profits, capital gains, etc. Income from other sources might encompass interest earned from savings accounts, dividends from investments, rental income, gifts, prizes, royalties, and more.

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Thank you so much ma'am

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gross total income calculate krte tym bhi deductions ki jaati hai under each head... fr uska aggregate gross total income hota hai

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supermadam