Advanced Tax laws And Practice Income Under Head Other Sources Income Under Head Other Sources (IFOS) One of the five heads of income payable under the Income-tax Act 1961 is income from other sources. Any income not covered by the other four heads of revenue is taxable on the basis of income from other sources and is also known as the residual head of revenue. All wages, capital gains, household property or company & occupation (PGBP) excluded profits are included in IFOS, except those exempted under the Income Tax Act. Profits of a dividend other than the dividend referred to in section 10 (34). Money gained from winning lotteries, crossword puzzles, races, gambling or betting of some sort (including horse races), even though the assessee claims to gain such profits from dealing in such activities. Money or movable/immovable property obtained during the previous period without consideration or insufficient consideration Interest earned on compensation or increased co...
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