Category: Income from Other Sources

Computation of Income under the head ‘Income from Other Sources’ under Section 56 for the Assessment Year 2020-21

Scope of Income under Income from Other Sources (Section-56)

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 […]

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Taxable Incomes from Other Sources [Section 56(2)]

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 […]

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