Whether My Every Income will be taxable under Income tax Act ?

For getting the better understanding about the Applicability of Income tax first we need to understand the Basics of Income:

Income Includes :

• Profits and gains;
• Dividend;
• Voluntary contributions received by a trust which is created wholly or partly for charitable or religious purposes; or by educational institutions, hospitals or electoral trust;
• The value of any perquisite or profit in lieu of salary taxable u/s 17;
• Any special allowance granted to the assessee to meet expenses wholly, necessarily and exclusively for the performance of office or employment duties;
• The value of any benefit or perquisite, whether converted into money or not, obtained from a company either by a director or by a person who has 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, otherwise, would have been payable by the director or other person aforesaid;
• The value of benefit or perquisite to a representative assessee like a trustee appointed under a trust;
• Any sum chargeable to income-tax under clauses (ii) and (iii) of sec. 28 or sec. 41 or sec. 59;
• Any sum chargeable to income-tax under clauses (iiia), (iiib), (iiic), (iv), (v), (va) and (via) of sec. 28;
• Any capital gains chargeable u/s 45;
• The profits and gains of any insurance business carried on by a mutual insurance company or by a co-operative society, computed in accordance with section 44 or any surplus taken to be such profit and gains by virtue of provisions contained in the First Schedule;
• The profits and gains of any of banking business (including providing credit facilities) carried on by a co-operative society with its members;
• Winnings from lottery, crossword puzzles, races (including horse races), card games or other games of any sort or from gambling or betting;
• Any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under Employees’ State Insurance Act, 1948 or any fund for the welfare of such employee; [Sec. 2(24)(x)]
• Any amount received under the Keyman insurance policy including the sum allocated by way of bonus; [Sec. 2(24)(xi)]
• Any sum chargeable to income-tax u/s 56(2)(v), (vi);
• Any sum of money or specified movable or immovable properties received without consideration or inadequate consideration as provided u/s 56(2)(vii), (via);
• Any consideration received for issue of shares as exceeds the FMV of shares referred to in section 56(2)(viib);
• Any sum of money received as advance in the course of negotiation for transfer of a capital asset, if such sum is forfeited as the negotiation do not resulted in transfer of the asset 56(2)(ix);
• Any sum chargeable to income-tax u/s 56(2)(x);
• Any compensation or other payment referred to in Sec. 56(2)(xi);
• Income shall include assistance received in the form of a subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement (by whatever name called) from the Central Government or a State Government or any other authority or body or agency in cash or kind to the assessee other than:

(a) the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43,

(b) 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 the State Government, as the case may be.