Understanding the head of Income from Other Sources is residuary in nature. It includes incomes which are not taxable in other heads of income.
Income from Other Sources is one of the heads of income chargeable to tax under the Income tax Act. 1961. Any income that is not covered in the other four heads of income is taxable under income from other sources, because of this, it is known as residuary head of income. All the incomes excluded from salary, capital gains, house property or business & profession (PGBP) are included in IFOS, except those which are exempt under the Income Tax Act.
U/s 56(2) Income chargeable to tax under this head which are specifically stated are: -
1) Dividend.
2) Any winnings from lottery, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature whatsoever.
3) Any sum received by assessee from his employees by way of contribution to P.F., Super Annuation fund or any other fund if it cannot be charged under head profits and gains of business profession.
4) Income by way of interest on securities if it cannot be charged under the head profits or gains from business or profession.
5) Income from machinery, plant or furniture belonging to the assessee and let on hire if such income is not chargeable under head profit or gains from business or profession.
6) Where machinery, plant or furniture is let out along with building & letting of building is inseparable from letting of other assets, then income from such assets shall be treated as income from other sources if it is not chargeable under head income from business or profession.
7) Any sum received under a Keyman Insurance Policy, if such income is not chargeable to tax under the head ‘Profits & Gains of Business or Profession’ or ‘Salary’.
8) Any sum of money exceeding ` 50,000 received without consideration by an individual or HUF from any person.
1) Dividend.
2) Any winnings from lottery, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature whatsoever.
3) Any sum received by assessee from his employees by way of contribution to P.F., Super Annuation fund or any other fund if it cannot be charged under head profits and gains of business profession.
4) Income by way of interest on securities if it cannot be charged under the head profits or gains from business or profession.
5) Income from machinery, plant or furniture belonging to the assessee and let on hire if such income is not chargeable under head profit or gains from business or profession.
6) Where machinery, plant or furniture is let out along with building & letting of building is inseparable from letting of other assets, then income from such assets shall be treated as income from other sources if it is not chargeable under head income from business or profession.
7) Any sum received under a Keyman Insurance Policy, if such income is not chargeable to tax under the head ‘Profits & Gains of Business or Profession’ or ‘Salary’.
8) Any sum of money exceeding ` 50,000 received without consideration by an individual or HUF from any person.
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