THAKUR COLLEGE OF SCIENCE & COMMERCE

(AUTONOMOUS)
INCOME FROM OTHER SOURCES
INCOME

IFS IFHP IFBP IFCG IFOS

DW RAMU FAKIR G. ETC

1. D – DIVIDEND ON SHARES

Indian Company Foreign Income Co-operative Society

Fully Exempt Taxable (Deduct Expenses)

2. W - WINNINGS & CASUAL INCOMES

Fully Taxable (ignore Expenses)

Eg. Gambling, Betting, Lottery, Card games, Puzzle games, TV games etc.

3. R - RENT INCOME

Taxable
 Rent of Assets other than building (eg. Rent from open plot of Land, Machinery etc.)
 Composite rent (Inseparable letting) – Rent from building along with Assets
 Rent from subletting

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4. A - AGRICULTURAL INCOME

Land in India Land in Abroad

Exempt U/S 10(1) Taxable

5. M1 - Income earned by MP/MLA/MLC

Salary Daily & constituency Allowance (area from where they are selected)

Taxable as IFOS Exempt U/S 10(17)

6. M2 - Income earned by MINOR CHILD

i. Income of a minor child is taxable in the hands of the parents (either mother or father whose
total income is higher)
ii. Such a parents gets an exemption u/s 10(32) of Maximum ₹1500/- p.a. per minor child.
iii. Once the income is clubbed in the hands of a parent it will continued to clubbed into the
income of parent upto to the age of minor turning 18 years .

In the following cases clubbing will not take place:

a. If the minor child earns income through own skill & talent.
b. If the minor child earns income through manual labour.
c. If the minor child suffers from some disability referred to u/s 80 (U).

7. Income from units of UTI & Mutual Funds

Exempt U/S 10(35)

8. F1- FEES- DIRECTORS BOARD MEETING

TAXABLE

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9. F2 - FAMILY PENSION

Normally Received by the family members of a deceased armed force employee

Who dies in operation of duties under prescribed circumstances.

Taxable
Subject to standard Exempt U/S 10 (19)
Deduction The arm force employee who got
gallantry award after retirement they get
Standard deduction exemption on their family pension and
 1/3rd of Family pension received after their death family member will also
get exemption. U/S 10 (18)
 Actual Amount received

10. A – AWARD

Private Institute Received from Government in Public interest

Taxable Exempt u/s 10(17A)

11. K- KEYMAN INSURANCE POLICY AMOUNT RECEIVED

Taxable

12. INTEREST INCOME

GNPT PK RC Others

Exempt U/S 10(15) Taxable

 G – Gold Deposit Bonds/ Schemes
 N – National Defence Gold Bonds
- National Saving Annuity Certificate
- National Plan Certificate
 P – Post office Savings, Banks A/c (maximum ₹3,500 p.a. per account holder)
– Post Office Cumulative time Deposit A/c

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– Post Office Cash Certificate

 T – Treasury saving Deposit Certificate
 P – Public Provident Fund (PPF)
 K – Konkan Railway Corporation Bonds
 R – Relief Bonds (National, Sate, RBI)
 C – Capital Investment Bonds
13. R1- Royalty Income – Taxable

14. R2 - Remuneration from Non- Employer – Taxable

(eg. Paper setting fees received from university, other college)

15. G – GIFT

Sr. no. Nature of Assets Taxable Value

1. Money The Whole Amount if the taxable value exceeds ₹50,000.
2. Immovable i. Without Consideration: The stamp value of the
Property if , it exceeds ₹50,000.
ii. Inadequate Consideration: The Difference between
stamp duty value & the consideration if such stamp
duty exceeds higher of ₹50,000 or 10% of
consideration.

3. Movable i. Without Consideration: The aggregate fair market

value of the property, if exceeds ₹50,000.
ii. Inadequate Consideration: The difference between
the aggregate fair market value and the consideration,
if such difference exceeds ₹50,000.

16. SUMS RECEIVED BY A MEMBER FROM HUF – Exempt U/S 10 (2) Subject to certain
Conditions

17. DISASTER COMPENSATION FUND – Exempt U/S 10(10BC)

 Such fund must be granted by Central or State Government or Local Authority
 Disaster means- catastrophe, mishap, calamity, or grave occurrence in any area arising
from natural or manmade cause.

18. PAYMENT FROM SUKANYA SAMRIDDHI ACCOUNT- Exempt U/S 10 (11A)

19. SCHOLARSHIPS – Exempt U/S 10 (16)

 Entire amount would be exempt.

 Scholarship may be for a Course not leading to a Degree.
 Cost of Education not only covers tuition fees but all other incidental expenses.

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