Income from Other Sources

1.  [Section 56(2)]: List of Incomes included under ‘Income from Other Sources’ There are many incomes which are taxable under the head ‘Income from Other Sources’. However, section 56(2) enlists certain specific incomes which shall be chargeable to Income-tax under the head ‘Income from other sources’. These are: (i)         Dividend Income : dividends [including […]

There are many incomes which are taxable under the head ‘Income from Other Sources’. However, section 56(2) enlists certain specific incomes which shall be chargeable to Income-tax under the head ‘Income from other sources’. These are: (i)         Dividend Income : dividends [including deemed dividend referred to in section 2(22)] Prior to 1.4.2020, the company

Understanding of Section 56(2)(i) In India, the taxation of dividends is governed by the provisions of the Income Tax Act, 1961. Section 56(2)(i) of the Act specifically deals with the taxability of dividends received by individuals and other entities. It is important for taxpayers to understand the implications of this section in order to comply

Under Section 56(2)(ib) of the Indian Income Tax Act, 1961, income from winnings is subject to taxation. This includes income from lotteries, crossword puzzles, horse races, and card games. In this article, we will explore the taxability of such income and the relevant provisions under the Income Tax Act. Section 56(2)(ib) of the Income Tax

Interest income is one of the common sources of income for individuals and businesses alike. When it comes to the taxability of interest on securities, Section 56(2)(id) of the Indian Income Tax Act, 1961 plays a significant role. This section deals with the taxation of interest income earned from certain specified securities. In this article,

Under the Indian Income Tax Act, 1961, the taxability of income from letting out of machinery, plant, or furniture is governed by Section 56(2)(ii). This section provides the provisions related to the taxation of income from such sources. income from machinery, plant or furniture, belonging to the assessee and let on hire, is chargeable as

The Indian Income Tax Act, 1961, governs the taxation of various sources of income in India. One such source is income from other sources, which includes the taxability of gifts of money and property. In this blog post, we will explore the provisions of Section 56(2)(x) of the Income Tax Act, which deals with the

While the income from other sources is taxable, there are certain amounts that are not deductible while computing this income. In this blog post, we will explore the different amounts that are not deductible in computing income from other sources. 1.  Any of the Following Payments The following payments shall not be deductible in computing