Comprehensive Guide to “Income from Other Sources” [Section 56 to 59]
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
