(49)"income" includes—(a)profits and gains;(b)dividend;(c)voluntary contributions received by––(i)a registered non-profit organisation; or(ii)an association referred to in Schedule III (Table: Sl. No. 23); or(iii)any University or other educational institution or any hospital or other institution referred to in Schedule VII (Table: Sl. No. 19); or(iv)an electoral trust;(d)the value of any perquisite or profit in lieu of salary taxable under sections 17 and 18;(e)any special allowance or benefit, other than perquisite included under sub-clause (d), specifically granted to the assessee to meet expenses wholly, necessarily and exclusively for the performance of the duties of an office or employment of profit;(f)any allowance granted to the assessee either to meet his personal expenses at the place where the duties of his office or employment of profit are ordinarily performed by him or at a place where he ordinarily resides or to compensate him for the increased cost of living;(g)the value of any benefit or perquisite, whether convertible into money or not, obtained from a company, either by a director or by a person who has a substantial interest in the company, or by a relative of the director or such person, and any sum paid by any such company in respect of any obligation which, but for such payment, would have been payable by the director or that person;(h)the value of any benefit or perquisite, whether convertible into money or not, obtained by any representative assessee mentioned in section 303(1)(c) or (d) or by any person on whose behalf or for whose benefit any income is receivable by the representative assessee (such person being herein referred to as the beneficiary), and any sum paid by the representative assessee in respect of any obligation which, but for such payment, would have been payable by the beneficiary;(i)any sum chargeable to income-tax under—(A)section 26(2)(b) or (c) or (d) or section 38 or 95;(B)section 26(2)(e) or (g);(j)the value of any benefit or perquisite taxable under section 26(2)(f);(k)any capital gains chargeable under section 67;(l)the profits and gains of any business of insurance carried on by a mutual insurance company or by a co-operative society, computed as per section 55 or any surplus taken to be such profits and gains as per Schedule XIV;(m)the profits and gains of any business of banking (including providing credit facilities) carried on by a co-operative society with its members;(n)any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature;(o)any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the Employees' State Insurance Act, 1948, or any other fund for the welfare of such employees;(p)any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy;(q)any sum referred to in section 26(2)(h);(r)the fair market value of inventory referred to in section 26(2)(j);(s)any sum referred to in section 92(2)(k) or (l);(t)any sum of money referred to in section 92(2)(h);(u)any sum of money or value of property referred to in section 92(2)(m);(v)any compensation or other payment referred to in section 92(2)(j);(w)assistance in the form of a subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement (by whatever name called) by the Central Government or a State Government or any authority or body or agency, in cash or kind, to the assessee other than—(i)the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset as per section 39(1)(d) and (3); or(ii)the subsidy or grant by the Central Government for the purpose of the corpus of a trust or institution established by the Central Government or a State Government,where,––(A)"card game and other game of any sort" includes any game show, an entertainment programme on television or electronic mode, in which people compete to win prizes or any other similar game;(B)"Keyman insurance policy" shall have the meaning assigned to it in Schedule II (Note 1);(C)"lottery" includes winnings from prizes awarded to any person by draw of lots or by chance or in any other manner, under any scheme or arrangement, called by any name;
