Current Income

Tax Glossary Definition

Current Income

Current income refers to the income earned or accrued during a particular financial year, which is taxable in that same year under the Income Tax Act. It includes all earnings from salaries, business, capital gains, and other sources received or due in the year.

Example: Salary received for the financial year 2024–25 is considered current income and is taxable in FY 2024–25.

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