Skip to main content

Advanced Tax laws And Practice – Income Under Head Other Sources

Advanced Tax laws And Practice – Income Under Head Other Sources

Income Under Head Other Sources (IFOS)

Income from Other Sources is one of the 5 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.
  1. Dividend Income other than the dividend referred under section 10(34).
  2. Income earned from winning lotteries, crossword puzzles, races (including horse race), gambling or betting of any kind, even if the assessee claims to earn such income from the trade of such activities.
  3. Money or movable/immovable property received without consideration or inadequate consideration during the previous
  4. Interest on compensation or enhanced compensation received.
  5. Money received in Cash or in kind.
a)any sum of money received without consideration and the aggregate value of which exceeds Rs. 50,000 then the whole of the aggregate value of such sum shall be chargeable to tax under this head.
b) (i) any immovable property received without consideration, the stamp duty value of which exceeds Rs. 50,000, the stamp duty value of such property shall be taxable under income from other sources.


Takshila Learning offers CS online coaching classes for CS preparation. We aim to provide quality education to our students which differentiate us from others.
CS Executive online classes comprise of high quality recorded video lectures by qualified and experienced faculties, books, MCQs, and doubt session with faculties. Classes are available in online and offline mode both. For more details visit www.takshilalearning.com

For a Free Demo call @ +91-88009-99280

Comments

Popular posts from this blog

Magnetic and non-magnetic material Class 6 Science

Magnetic and non-magnetic material  Class 6 Science A magnet is a substance that is drawn to certain magnetic materials like iron, cobalt, and nickel. Magnets have the ability to draw iron to them. Natural magnets are rocks that naturally draw iron. Non-magnetic materials include things like wood, rubber, coins, feathers, leather, etc. that are not drawn to iron. Magnet characteristics It pulls magnetic materials, such as iron. The magnet's two ends are referred to as its poles. The magnet's diametrically opposed poles are drawn together. Heating, hammering, or dropping causes it to lose its characteristics. On the basis of properties types of Magnets Temporary magnets are those magnets that are magnetic for only a little duration. Typically, iron, cobalt, or nickel are used to make them. When they are close to the powerful magnet, they act like a magnet. When they are yanked away from the powerful magnet, they stop being magnetic. Permanent magnets are magnets that have magne...

Best Sample papers for Bank PO Exam Download

Sample papers for Bank PO Exam | Question Paper for Bank PO : Institute of banking Personnel Selection (IBPS) Department issued a Notification of IBPS PO 2017  exam announced in October month. IBPS Probationary Officer (PO) Online Application Form process will be begin from July 2017. This is a hard exam for all students so aware of its value. Large number of  candidates will participate in this exam. So all candidates should prepare well for it. Check out IBPS, Bank PO Sample papers, Question Paper Pattern, SBI  PO Syllabus ,   IBPS Syllabus  and other IBPS PO Preparation 2017 This paper is identical to any Bank PO Question Paper Pattern. Check whole IBPS Bank “PO question paper” subject wise. IBPS (PO) Paper Pattern Analysis with Syllabus and main topics of IBPS Exam 2017. PO Question Paper Pattern, Bank PO sample Papers for IBPS Bank Exam IBPS PO Exam will be conducted at three levels 1st- PO Preliminary Exam 2nd- PO Mains Exam 3rd- PO Common ...

Online/Offline CBSE Coaching Classes for class 9

CBSE Coaching Class 9 :-   In a move to make the digital India and Skill India dream into a reality, we are providing the best courses to our students in e-learning mode. Our program consists of entire 9th class syllabus in a fun learning method with various ways like sounds and animations. Our content is in 2-D & 3-D animation for better understanding of students. So That students will be understand every thing clearly and it makes the learning easy and entertaining. We are offering the following subjects for class 9th Standard:   Maths Class Physics Class Chemistry Class Biology Class Our E-learning provides the best and trained teachers with highly qualified for the respective subjects, they help to improve the students’ performance and to teach the every concept clear and easy in better way. Our main motive is to help students to learn well and gain more marks with making  their basic concept strong and good knowledge base ...