Income from other sources - any 10 items - Coggle Diagram
Income from other sources - any 10 items
Dividends are taxable as income from other sources depending on the residential status of the company that paid them out.
Dividend from an Indian company
Under section 115BBDA of the income tax act, if a resident individual/HUF/firm received dividends in excess of ₹ 10 lakhs from Indian companies, then the amount exceeding ₹ 10 lakhs is taxable at 10%.
If the company has paid Dividend Distribution Tax on this receipt, the dividend is exempted from tax
Dividend from a foreign
Dividend received from foreign companies is subject to tax as income from other sources.
One-time incomes like winnings from lotteries, crossword puzzles, horse races, card games and other games of any sort, or gambling or betting of any form or nature are covered under income from other sources.
Interest on compensation
Interest received by an assessee (tax payer) on the amount of compensation or reimbursement given in situations like compulsory acquisition is taxable under this head of income.
Gifts such as any sum of money and movable or immovable property that’s received without consideration are also taxable.
Some examples of other receipts that automatically fall under this category.
Income from subletting of a house property by a tenant
Insurance commissions received by the assessee
Family pension payments received by the legal heirs of dead employees
Interest on bank deposits and deposits with companies
Interest on loans given
Remuneration received by Members of Parliament
Rent earned from a vacant plot of land
Agricultural income from agricultural land situated outside India
Interest paid by the Government on excess payment of advance tax
Any fees or commission received by an employee from a person other than his employer
All interest other than interest on securities
Income from royalty
Interest received on foreign securities