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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Understanding Gross Residuary Income: Includes Dividends, Interest, Keyman Insurance, and More; Certain Exceptions Apply</h1> The gross residuary income encompasses all income accruals or receipts not classified under special sources or specified income heads. It includes dividends not subject to dividend distribution tax, certain interest types, compensation-related interest, horse racing income, employee fund contributions, and income from hired machinery or furniture. Keyman insurance policy proceeds, inadequately compensated property transfers, and voluntary contributions also fall under this category. Additionally, various unexplained financial transactions, investments, or expenditures, along with family pensions and life insurance proceeds, are included. Exceptions apply for amounts received from relatives, on marriage, through inheritance, or from non-profit organizations.
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