Casual Income

Tax Glossary Definition

Casual Income

Casual income refers to income that is irregular, unexpected, or non-recurring in nature, often arising from chance or windfall gains. Such income does not come from a regular source or business activity and is taxed at special rates under the Income Tax Act.

Example: Lottery winnings, crossword puzzle prizes, or game show rewards are treated as casual income and are taxed at a flat rate of 30% under Section 115BB.

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