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Casual income refers to income that is received occasionally, unexpectedly or without any regular or systematic source. It is generally earned by chance rather than through a continuous business, profession, employment or investment activity. Examples include winnings from lotteries, crossword puzzles, races including horse races, card games, gambling, betting and certain other games or contests. Such income is specifically dealt with under the Income-tax Act, 1961. Under the Income-tax Act, casual or occasional receipts are not necessarily exempt merely because they are irregular. If a receipt falls within the taxable categories specified under the Act, it is included in the total income of the assessee and is subject to tax. The most important category of casual income is income from winnings. Section 115BB provides a special rate ______ _____ _________ ___ ______ __________ _______ _____ _______ ________ ______ ____.
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