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INCOME FROM OTHER SOURCES - Coggle Diagram
INCOME FROM OTHER SOURCES
HEAD ‘INCOME FROM OTHER SOURCES
Dividends [Section 56(2)(i)]
Keyman Insurance policy
Winnings from lotteries [Section 56(2)(ib)]
Contribution to Provident fund
Income by way of interest on securities
Income from hiring of machinery, etc. [Section 56(2)(ii)]
Hiring out of building with machinery etc. [Section 56(2)(iii)]
Money Gifts
Section 56(2)(vi)
Shares as gift
Share premiums in excess of the fair market value to be treated as income [Section 56(2) (viib)]
CASUAL INCOME [SECTION 56(2)(IB)]
Lottery held at stock in trade
Income of jockey
Winning from a motor car rally
INCOME FROM FAMILY PENSION
section 57(iia)
gallantry award as may be notified is also exempt from tax
TAXATION OF DIVIDENDS
Section 10(34) exempts dividend as defined in Section 115-O
Meaning of the term “Dividend” [Section 2(22)]
The term “dividend” is ordinarily used to refer to any distribution made by a company to its shareholders out of its profits in proportion to the number of shares held by the shareholder concerned in the company
DEDUCTIONS ALLOWABLE IN COMPUTING INCOME FROM OTHER SOURCES
From interest on securities [Section 57(i) and (iii)]
From the contributions received by employer from employees towards P.F./Superannuation/other funds:[Section 57(ia)]
Income derived from letting [Section 57(ii)]
Income in the nature of family pension [Section 57(iia)]
Interest on compensation or enhanced compensation [Section 56(2)(viii)]
Other deductions [Section 57(iii)]
AMOUNTS NOT DEDUCTIBLE [SECTION 58]
personal expenses
interest chargeable under the Income-tax Act
payment which is chargeable under the head “Salaries
expenditure referred to in Section 40A of Income-tax Act