Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Other Sources

Income under the Head ” Income from Other Sources”

Taxability – Income from Other Sources [Sections 56 to 59]

1.   Section wise Table – Income from Other Sources Sections Particulars 56 Income from Other Sources 56(1) Chargeability 56(2) Specific incomes included under income from other sources 56(2)(i) Taxability of dividend 56(2) (ib) Winnings from lotteries, crossword punks. etc. 56(2) (id) Interest on securities 56(2)(ii) Income from kiting out of machinery, plant and furniture 56(2)(iii) …

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[Section 56(2)(id)]- Income Tax in case ‘Interest on Securities’

Income, by way of interest on securities, is chargeable under the head “income from other sources”, if such income is not chargeable to income-tax under the head. “Profits and Gains of Business or Profession”. According to section 2(28B) “Interest on securities” means: (i)            interest on any security of the Central Government or a State …

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[Section 64]- Clubbing of Income of an Individual with income of Spouse, Minor Child, etc.

1.   [Section 64(1)(ii)]- Remuneration of Spouse from a Concern in which the Other Spouse has Substantial Interest: In computing the total income of an individual, there shall be included all such sums as arise directly or indirectly’ to the spouse, of such individual by way of salary, commission, fees or any other form of …

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