The term ‘income’ is often conceptualised by reference to both negative propositions and positive propositions. Which of the following statements is incorrect ?

Question

The term ‘income’ is often conceptualised by reference to both negative propositions and positive propositions. Which of the following statements is  incorrect ?

Answer

Income generally exhibits recurrence, regularity and periodicity.

Answer

To be income, an amount must be beneficially derived.

Answer

Income is to be judged from the character it has in the hands of the payer.

Answer

Amounts received as substitutes or compensation for lost income are themselves income.

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The term ‘income’ is often conceptualised by reference to both negative proposit...

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