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Define casual income?
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Define casual income?
Casual income is a non recurring income that is not likely to occur again in a year. It is an income which is earned by chance. Such income is neither anticipated nor provided for in any agreement. Such incomes are received at uncertain times.
If you receive money from winning the lottery, Online/TV game shows etc., it will be taxable under the head Income from other Sources. The income will be taxable at the flat rate of 30%which after adding cess will amount to 30.9%.Incomes from falling sources come under this category:
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Define casual income?
Casual Income
Casual income refers to money earned from irregular or sporadic work, typically outside of a regular job or business. This type of income is not consistent and may vary from month to month depending on the amount of work done. Casual income is often associated with part-time jobs, freelance work, gigs, or side hustles.

Characteristics of Casual Income
- Irregularity: Casual income is not fixed and can fluctuate based on the amount of work done or the availability of opportunities.
- Flexibility: Casual income sources usually offer flexibility in terms of working hours and location, allowing individuals to work on their own terms.
- Independence: Casual income earners are often self-employed or work independently, giving them control over their work and income.
- Supplemental: Casual income is often used to supplement regular income from a full-time job or other sources.

Examples of Casual Income
- Ridesharing: Driving for services like Uber or Lyft on a part-time basis.
- Freelancing: Offering services such as writing, graphic design, or programming on a project basis.
- Event Staffing: Working at events or trade shows on a temporary basis.
- Renting Property: Earning income from renting out a property on a short-term basis through platforms like Airbnb.
Casual income provides individuals with additional financial opportunities and flexibility in managing their work-life balance. It can be a valuable source of income for those looking to supplement their earnings or pursue interests outside of traditional employment.
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Define casual income? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Define casual income? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Define casual income?.
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