3. Income chargeable with tax

For the purpose of this Act, “profits and income” or

“profits” or “income” means—

the profits from any trade, business, profession or vocation for however short a period carried on or exercised ;

the profits from any employment ;

the net annual value of any land and improvements thereon occupied by or on behalf of the owner in so far as it is not so occupied for the purposes of a trade, business, profession or vocation ;

the net annual value of any land and improvements thereon used rent-free by the occupier if such net annual value is not taken into account in ascertaining profits and income under paragraphs (a), (b) or (c) of this section, or where the rent paid for such land and improvements is less than the net annual value, the excess of such net annual value over the rent, to be deemed in each case the income of the occupier ;

dividends, interest or discounts ;

charges or annuities ;

rents, royalties or premiums ;

capital gains ; and

income from any other source whatsoever, not including profits of a casual and non-recurring nature.