Category: Income from Other Sources

1. Chargeability of Incomes As per Section 56(1), income of every kind, which is not to be excluded from the total income under this Act, shall be chargeable to income-tax under the head “Income from Other Sources” if it is not chargeable to Income-tax under any of the first four […]

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: 1. Taxability of Dividend income [Section 56(2)(i)] Under section 2(22), the following payments or […]