What are the sources of income
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A source of income in simple terms is a source from which income gets generated or arises. The word “source” means a place from which something is obtained. A source means an origin. A source of a river would the place from where it originates. ... The source of income could be his clients who pay him fees.
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There are 5 sources stipulated under the Income Tax Act, 1961, like salary, business or profession, house property, capital gains and other sources. Income from other sources includes income from residual sources.
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