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Taxation of Income from Other Sources Under Income Tax Law

Taxation of Income from Other Sources Under Income Tax Law

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Author: Ram Dutt Sharma

Year: May 2022

Income from Other Sources” is one of the heads of income chargeable to tax under the income tax Act 1961. Any income that is not covered in the other four heads of income is taxable under income from other sources, because of this, it is known as residuary head of income. All the incomes excluded from salary, capital gains, house property or business & profession are included in Income from other Sources, except those which are exempt under the Income Tax Act. The basic idea of taxation of income from other sources is as indicated by its name. Section 56 of the Income-tax Act, 1961 (the’ Act’) corresponds to section 12 of the 1922 Act is covered under the heading ‘F’ -_. Income from Other Sources in the ‘Chapter IV Computation of Total Income’ of the income Tax Act, 1961. ‘the said section is a residuary section which deals with the incomes which are generally not taxable under the other heads of the Income. ‘1’he language of the earlier section “12(1) was stated as the tax shall be payable under the head “Income from other sources in respect of income, profits and gains of every kind which may be included in his total income (if not included under any of the preceding heads).

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