Check sibling questions

We know that there are 5 heads of Income under Income tax

  • Income from Salaries- [Salary from job]
  • Income from House Property -[Income from house like Rent]
  • Profits and Gains of Business and Profession -[Business Income]
  • Income from Capital Gains- [Income from sale of Assets]
  • Income from Other Sources- [All other type of Income like Interest or Dividend]

Hence those income which are not falling under first 4 heads are taxable under Income from Other Sources

 

Example

Dividend Income

Interest Income

Winning from Lotteries/Cross world puzles/Game Shows etc

 Some of these Incomes are exempt,while others are taxable.

 

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 12 years. He also provides Accounts Tax GST Training in Delhi and Kerala.