TaxTMI 
TaxTMI 
Chargeable Income Under Income from Other Sources - (New) Section 92(1) and (2) / (Old) Section 56(1) and (2)
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....It must be "Income" (i.e., a real accretion to wealth, not a capital receipt unless specifically included). • It must not be covered by the four specific heads. Some income taxable under section 92(2) under the head "IOS" are: • Dividends: • Any dividend received is taxable under this head. • Winnings from lotteries, betting, etc. • Income from lotteries, crossword puzzles, horse races, card games, gambling, or betting. • Employees' contributions received by employer • Amounts received by an employer from employees as contributions to welfare funds, where such amounts are not taxed under business income. • Keyman Insurance Policy:....
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....le property (land/building), Shares/Securities, Jewellery, Archaeological collections, Drawings, Paintings, Sculptures, Works of Art, Bullion, and Virtual Digital Assets. Deductions Allowed The income chargeable under the head "Income from other sources" shall be computed after making the deductions specified under Section 93. [ Refer this Chapter ] Deductions Not Allowed The specified amounts shall not be deductible in computing the income of any assessee chargeable under the head "Income from other sources" specified under Section 94. [ Refer this Chapter ] The "Deemed" Income Rule It states that if you previously claimed a deduction for a loss or expenditure and then later received money back for it (a ....
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....mpt, but foreign agricultural income is taxed under Sec 92). • Exam Remuneration: Received by a teacher for evaluating papers (if not part of their regular salary contract). Under Section 56 of the Income Tax Act, 1961 [ Upto 31.03.2026 ] Section 56(1):- This is the residual head of charge of income. A source of income which does not specifically fall under any one of the four heads of income (i.e. Salaries, Income from House Property, PGBP or Capital gains) is to be computed under Section 56 under the head "INCOME FROM OTHER SOURCES". Some income taxable under section 56(2) under the head "IOS" are: • Dividend Income • Taxable in the hands of shareholders. • I....
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....erson on or after the 1st day of September, 2004 but before the 1st day of April, 2006. • Any sum of money, the aggregate value of which exceeds fifty thousand rupees, is received without consideration, by an individual or a Hindu undivided family, in any previous year from any person or persons on or after the 1st day of April, 2006 but before the 1st day of October, 2009. • Where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 but before the 1st day of April, 2017, any sum of money, immovable property or a property other than immovable property. [subject to many restrictions]. • Gifts and Deem....
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....on or after the 1st day of April, 2017, a sum of money, immovable property or any other property [subject to conditions]. • Compensation on Termination of Employment • If paid by an employer, it is taxable as salary. • If paid by any other person, it is taxable under other sources. • Income from Business Trusts • Taxable unless it is dividends, interest from SPVs, or rental income from REITs. • Life Insurance Payouts • Amounts received under high-premium life insurance policies exceeding aggregate premiums paid are taxable. • Family Pension • Standard deduction: Lower of 1/3rd of pension or Rs.15,000 under the old tax regime ....