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    106 views7 pages

    Income From Other Sources PDF

    Uploaded by

    Deepak Kumar

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    4oarzor9 ‘Tax Treatment of Income from Other Sources + Income Tx hp:itaxgurinistosorincome-lad) » Arcs (itositaguruintypelriles) ssiRaxgurainfauthorfdmin) | Income Tax (ttpe:axqurunveategoryincome-tax) - Articles (tps .Linwp-adminipost ph ?post=633348acton=edl) 26 Jun 2018 (hips:/Raxguruin/2018108/26)) @ 12 itpeftaxguraivincome-taxitax-treatmentincome-sources himitpeomments) (hips printionsh \tcles on Tax Treatment of income from Diferent Sources we ealer explained Provisions of fncame Income From Susiness & Pression and Capital. These can be accessed atthe follwing inks = \fincome from Salary in Bret (https:/taxguruinlincome-taxtax-treatment income-salary html) \s rom House Properties (https:/taxguru.inlincome-taxlincome-house-properties.htm)) 18 from Business and Profession (%20https:axguru.Invincome-tax/proits-gains-business-prt \llyou want to know (https:taxguru inincome-taxicapltal-gain html) 2 ofthe sores we have discussed brelly Different Provisions Applicable to INCOME FROM OTHER her Sources ‘hs not chargeable to tex under any other heads of income and which is net to be excluded from the total yoo w wk a6 r0Suary income under the head “Income from Other Sources 5.1 Basis of Charge (Sec. 56): Income chargeable to tax under the head “Income from other sources (https:/taxguru.ifincome-tax/expense-on-earning.income-trom- ‘other-sources-only-isallowablesi-e-57iLhtml" shal Include following: Nature of income taxable as esiduary income No. 1. Dien Didend receed tam comeate company shall be exempt rom tax under Secton 10) Ris chargeable to didend estbuton tax under Secon 116-0. Howovor, as per section 11SBBDA as isos by Finarce Ac, 2016), nthe ease of rast inéiual UF den shal 0 chargabl to taxa ho 2, Income by way of winnings rom fteries, crossword puzalos meas inking horse races, card games, galing or Seting of any form oF nate Compose rental nce om tng of plan, machinery or ume wn bung, where such tng neepaable ad auch Income ent tenable under ‘he hens Profs and Gans of Burnes or Profession 7. Any sum receves under Keyman ineurance Paley (neki bonus), nat txable under the ‘he hen Salaries 8. Inthsfelowing cass, any sum of monay or property recived by an indus or HUF fom any seson (xcept tom eatvss or mamtbar of HUF orn ven cumstances, see note 7) shal be able under the hed Income ram other surest 12) any sum s eceved whaut cnsiderton In excess of Rs 50000 dung ie prevaus your, the whol amount halle chargeable ox 2) Fan immovable propory i recvved witout cnsidaraton an the tamp ty vaio oxcoods Rs 0,00, the stamp uty vale of suc property shal be ©) I imovabe propeny i css for coniaraton wh eles tan the stamp duty value of propery by ghar af flowing amount he rence () We amount fe. 50,000 (i the aroun equa o 8% of conssaraton, 4) 1 movable propries is rceivad without consideration and te aggregate fair avkat valve of such propane exceeds Rs, 60,000, the whob of ‘grep fa mare! ves f such popertes shale chargeable ax <2) If movabo properties is received for consieraton which loss than he apgrogat fal mare vs of properts by an amount excading Rs 0,00, hitps:ftaxguru.infincome-taxtax-reatment-income-sources hil 4oarzor9 ‘Tax Treatment of Income from Other Sources 8. stares in costly rel company are received by afm or another chsly held company ftom any person witout conieraton ofr hadoquate consoraton, he aggogate fat market vale of such shares a reuced by th considrton pi, any. shal be chargeable oa oe: Naring would be cnargeabl to tx taxable aunt doesnt exceed Rs 50,00. — 10, ta dosely nels puble company ecahes ry consideration fr saul of shoes which exceed the far mart vali of such shore consideration raced fr such stares as roduces bys fa marot value shale chargeable ox. Note: This proviso sol applicable in the folowing casas 2) Where the consideration fo issue shares recalvedby a venture cepielundratng roma venture call company or vente cape 'b} Wher the consraton for issue of hares rosie by company fom caso lasses of arson a ntid y tre Goverment. 104, Any compansaton ceived by 8 parton in connection wi the ematon ot hi empl or modiation of ems and constant 11. Ineros recived on compansatn or erhancod compensation 12 _-yy sum of money ecewes as an aevance or cherie ine couse ot nagtatons fr vanster oa eapial asset shal be charged 0 =) c 1) Such um oft and 1) The negations do not esuhin weno of ucncaptal age. Movable property’ shall include shares, secures, jeweller, archaeological collection, drawings, paintings, sculptures, any wor ate CATS Cras Turbo Stars ohne Regist ‘Any sum of money of propery received by any person (on or after 0-04-2017] inthe folowing ckeumstances shall not be chargeable to tax: 8) Gis received from relatives; ') Gis received by an individual on occasion of hither marrage; 6) Git received by way of Inheritancotwi 4) Gis received in contemplation of death of he payer €) Gis received from ary local authory 1) its received from any fund, foundation, university, educatonal insttuton, hospital, medical instuton, any tus or insttutionroferod to in Secton 10230); 6) Gis received from any trust or insttution registered under section 12AV12AA, 1) Share received as a consequences of demerger or amalgamation of a company under clause (vd) or clause (vi) of section 47 respectively i) Share received as a consequences of business reorgarization of a co-operative bank under section 47(vcb) Relative! shall mean 41. Spouse ofthe individual 2. Broher or sister of ho indivdual 8. Brother or sister ofthe spouse ofthe indvidual 4. Brother or sister of ther ofthe parents of he individual ite wtb 5. Any lineal ascendant or descendant of the indvicual 6. Any lineal ascendant or descendant of spouse ofthe individual 7. Spouse of the person refered in point 2 above 5.2 Deductions [See. 57: “The following expenditures are alowed as deductions from income chargeable to tax under the head ‘Income from Other Sources ntps:axguruivincome-taxtaxctreatment-income-sources.htm| an 4oarzor9 SN. Section Nature of come or Diviand or ores on scart 2 57(3) Empleo conten towards Provider! Fund ‘Superannuation Fund, ESI Fund or any oer fund 2p forthe wole of seh empbaye0s 3 stm Reni incor tng of plas, machinery, ume or buléng 45103) Famly Porson 5 S10) Anyatherincome © 57{W) —_Iniereston compensation or enkanced compensation 7. Swa)Provo Income from actly of owning and maintaining race 5.3 Expenses not deductible [Section 58] ‘Tax Treatment of Income from Other Sources Deductions alowed ‘Ary reasonable sum pad by way of commission or romuneratian 5 banker oF ry other parson for pup of elzing dvdend other han ¢ tw nsezten 15-0) rinterest on secures employe the due date contutan creed to ei accoutin eleva Rent os, taxes, ropa, surance an depreciation st. 118%ofarty person subject o maximum of, 15000, ‘Any oor expensture (pot boing captal expenditure) expe lies or eaming tc income 0% of such rst subject corn constions) A expenditure relating to such act. SN Section Nature of ome 1. CTK—,) Persona expanses 2. 56(1KaxH) erst nargesbe to tax wrens payable ould Inds on when ex as notboen pao eave at source 3. S6(1a) “Saari pay ousite neon weno ak palo esta asorce 4 sa(1A)—— Weattox 5 sa spendtie of thera spied in secon 408 8 say spore connection wth winnings Hom ots, crossword pues. aces, games, ganbingo being “Togs Git (nips axgu naga), secon 86 (htpsRaxgun nagar) 2k MAE Coe 2 piel das Game fi ‘More Under Income Tax (hitps://taxguru.in/eategory/income-tax/) ‘No Ton Amount rev by pte on hi eferent an i (hp axguvincor xno namcunreceived-parter-eemen-e Nl) Emsloyoes Senet srovions allowable in bok prot compuiaton (hp:haxgirsnncome an/emplyese-beefis- provisions. sowata.bokepa compatstonnint) ‘No low berg Pavers to aw Remuneration rom mull Fs (htostarguruininceme-odne ow-baring-prtars-rawemuneraton multe Hn Penaty Ul 27,1) tiled on came aco uring suey Ppsaxgurinrcarestaxipenaly 8271 %esuafadincoretlosed. dusting suey in) Income Tox bones of ung sroperty oly (hips taxgusinncomedaxlncom-txcbona-Suynggroerysiny Mr) « Pravious Article (htps:/taxgurivincome-taxleapita-gain.ntml) Next Article» (hips:/Raxguruinlexcise-dulycestat-on nclson-of vat subsidyin-asse ntps:Raxguruivincome-taxtaxtreatment-income-sources.htm| 37 4oarzor9 ‘Tax Treatment of Income from Other Sources M7 Comments Canes says 11 Ite ncome received bythe rll as nconves fr sls target aciaved under wrien haad shoul bo recogize, and whats TDS Rate {8 octane 16, 2018 a 205 pm (sp ang vncome-tavtnsretmet Ren (rsenotnasseamanrcore suas Incame-sures hmfconman-2028729) BALOEY SINGH sys IAM RECEIVING THE RENTAL INCOME FROM SUBLETTING THE LEASED PROPERTY AND TREATING UNDER AS "NCOME FROM OTHE (GAN DEDUCT 20% OF THE AMOUNT TO ARRIVE AT TAXABLE PART AS APPLICABLE IN CASE OF "INCOME FROM HOUSE PROPERTY” £8 January 11,2018 99:22 a hosftgginincome-nxctentment ea Vicente tucen acon incas-eouces hnttconmen-1991656) ‘GOVIND AGRAWAL says No, Deductn of SOs alowabl only fom income om house open (8 .une 77, 201601293 pm ipsitaxgcuintncometantaxsteatmant- {Ren Vinsenetnwan rumen suaanntonoconst Income-outces hnltconmen20%2238) Ramands Narva Dat ays have rcaved Re.14,000 pa fom LIC ot Ini as persion urder pension scheme unde secon BOCCC sk axa incor? foscanters 2178608 Hortaginacmeisictesiant [fh tn Income-sourcas heiconmen-1987813) ANI. KUMAR JINDAL sys: (COMPANIES LIKE ANBAY OR MODI CARE OR INeoRM TR? {uty 25, 201731228 pm ntpsnaxginincomet sratmentincome- [Rep freensinnrasmeninane sauces rapacn= SGH meson) sours eomant 1968503) Moat Sambasivars sys: MY DEALER IN APIS TOT DEALER, HE PURCHASES GOODS FROM OS, DEALER, THE BILLS WERE FOUND AT THE TIME INSPCTION ON 10:4-208, 11.5% ON THE ENTIRE TURNOVER OF THE DEALER IT JUSTIFIABLE TO LEVY TAX FROMBIFERICATION OF STATE FROM 24.20% AS VAT DEALER, REPLY AS SOON AS POSSIBLE {8 Oatober30, 2016 7:14 am (pe argu nincome-tautaxszeaiment Rep (rss ean reetrcore sien trnyacon=istskaend incame-sures hm conmani-191944) ‘Aakash Sain ay "have wo queres |My brother Having Blood relator s working in USA, He ranted 1.5 ack n my account fom USA te py fois pening home an [Now sth amount wil be considered as” my income om other sources “ab was depstod in my accu: &naodt pay ax? ntps:axguruivincome-taxtaxtreatment-income-sources.htm| 4azor9 ‘Tax Treatment of Income from Other Sources Wat Shoal do To mois taxes in sch tution ? 2h brine transfers mana rom USA secoun tos naan Account than He rnsfrs mona rm hs ndan account omy acount han what axes wl appled over at 7s "my income rom ober sources" 7 Do Ind o ako Pay Git ax? — ‘A september 10, 2016 25:22 om tsiRaxquaiatincometantaxtvatmant- [Rep Uhsanesaavesierenameasuin Rnepvons Income-surcas hebtconman40791) Leave a Comment Your emalladross wil not bs publhod, Required felis are markod* a Nene 2 Ena” ote 2 Latest Pose ‘Ne Taxon Amount ecehed by 2 penne’ on his etemant fom (nips taxgnincome-taxnox-emouresewoe-parne-reement-frm inl) Employees Benois provisions atonal n book oft conputaton (ips: Ranguruinincone axemglayeesteneis-rovsions-alawabletookprfi- camputtion hin) No ow being Parnas raw Remuneraon tom mull Fie (hip axgurincora tao aw bang parnersrensemunaratn multiples.) [New ITC Sot Of ules unde 8A | Relaxation from sisting taconian proviso tps Raxgulgeads-and-sricetate-st-uesHa-laxaton sxisng draconian. provsasra) 5, Paty Ul. 2717) uses on income dlceses dung suey (ntps:taxgusinincometaxiponaly-27 caused rcome-srlosod. curing suvoyhinl 6. Changes in tsaton of Works contac service under Real Estate (ips: axpurnlgood- andere aanatin-works-contrat services 7. Allabout EP Series (tips:haxqu incorporate lawl sorest hn) 4 lncome Tax beats of buying axoperty ein (pe shaxgu saincomeraxncometax bent buyin pepe) 85 Things Evary CA Must Oo To Got More Gln (hs taxquuincharsred.accouran-e-cents hn} 10.€ Farm INC20A (Commencement of Business Cena) pstaxguriiconpany lawlefomne-22-commancemar-business-caris Mn ‘iow Al Latst Posts htpaxgurnipage2) ntps:Raxgurivincome-taxtaxtreatment-income-sources.htm| 57 4oarzor9 ‘Tax Treatment of Income from Other Sources dy Popular Poss 1. Presumptive atten Ul. 44AD, A4ADA,AAAE htosiaxgutuinincane-txincane-axarovsons-elated-opresumplveaxaomandsr-secton ‘ati ‘cay Forward ana Set Of of Losses wih FAQS (htpsitaxgur income tal abcucaryorwart-and-stf-tsse 1 Pena forte Non flog of TOS Retr tp taguinincome-taubusge-2012 ne ing ing e-satrent-coat ry) Income tax benais aval to Salaried Persons for AY. 2020-21 tps:Raguru.n ncome-tas's-ncome ax beneis-salied persons) Penalties ane Prosecutors UnceIncre tnx Act, 981 (hp:axgurinncors-xjperatis-poseculons income axe.) {HUF for AY, 2010-20 (htpeaxgurincams-texincoms-oxbenetsnaviduale- hu.) Course Wihtokingtaxrales / Char a per DTAK (ips axgurivineametadeounywisn-wihhoksng tacleesho-tanh) a 4. TDS Seo. 19414 Payment on rans of Inmmovable property (xp:axgur income axs-sectS-payment-anstrsmmovsblepropery. nn Jn 4 dy Course on GST by MSM. wih Cerfcabon (tips ingur.ivgoos-and-seroetafoin-4-dayge-oed practioner coure-by-m nin 10. Update Penay Char under nme Tax Act 1961 (ps axguinincome-takipenahy

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