Salary Income Tax
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Income From Other Sources

Any Income which is not comes under any other head of Income will be charged under the head of Income from Other Sources.

What are the types of Income comes under this Head:

The following types of Income will come under Income from Other Sources.

  • Interest Received on Fixed Deposits, Savings bank A/c, Debentures.
  • Lease rent from vacant lands.
  • Commission earned by Insurance Agents, Mutual Fund Agents, Post Office Agents.
  • Dividend Income.
  • Hire charges for letting out furniture, plant or machineries.
  • Sitting fees received by Company Directors.
  • Salary received by MLAs/MPs
  • Winnings from lotteries, crossword puzzles, horse races etc.
  • Gifts.

Deductions for Income from Other Source:

Any expenditure expended wholly and exclusively for the purpose of earning the income is allowed as deduction except Capital in Nature.

Please Note:

  • Any sum of Money in aggregate of Rs. 50,000/- received by an individual from any other person as a gift, whole such amount will be taxable, except on specified occasions or from specified Persons.
  • If the Interest income on Fixed Deposits or Savings Bank A/c is exceeds Rs. 5,000/- the Banker must withhold tax compulsorily as Tax Deducted at Source (TDS), and provide Form 16A to Assessee, which shows the Details of tax deductions and net paid income.

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