Business Studies, asked by harshithanagaraj2, 1 year ago

write a short note on Casual income

Answers

Answered by rahulragini
18
A casual income is a non-recurring windfall gain that is unlikely to occur in a given period, i.e. normally during the year. This type of income is earned by chance. Casual income is neither a part of any agreement nor anticipated and comes at uncertain times. Examples of casual income are monetary prizes won from lotteries, card games, races, quiz programmes etc. For computation of income tax, these incomes are classified under 'income from other sources'. 
Answered by AbhinavRocks10
1

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