Income From Other Sources

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  LEGAL ASPECT ANDTAXATION TOPIC : INCOME FROMOTHER SOURCES NAME – jINEN SOLANKI ROLL NO –2016234 DIV - D  CONTENTS  Introduction  Income from other sources – charging section  Incomes specified in section 56  Incomes not specified in section 56  Dividends and interests  Taxabiit! of dividends  iring of pant and machiner!  #innings from otteries $ card games $ cross%ord etc – sec 56&'(&ib(  )rossing of otter! $ race$card incomes  Interest on securities sec 56&'(&id(    Chargeabiit! of interest*  Deductions from interest on securities u$s 5+  Exempted incomes from securities* sec ,-&,5(  Taxabiit! of gifts  )ifts on the foo%ing occasions$ sources sha not be taxabe  Shares received b! a firm or compan! – sec 56&'(&viia(  Deductions – section 5+  .mounts not deductibe – section 5/  0udicia decisions  Concusion  1ibiograph!  T.12E O3 C.SES  .44 Enterprises vs .CIT  .CIT vs 2uc! 7amnani  .CIT vs atan Industries &74( 2td    .utomann India &74( 2td4 8s ITO  C4I4T4 v4 )4 !att  CIT vs amnath )oena  CIT vs4 Ta9 Internationa 0e%eers  Dr4 Sri4 4S4 )our v4 C4I4T  :4 8enata Subbaiah vs ITO  :ahara9adhira9 of Durbhanga v4 C4I4T4  :c ;enna v4 herih!  Orient ospita 2td4 8s DCIT  7urve< .4 7oona%aa vs ITO  a9a 1ahadur ;amash!a Narain Singh v4 C4I4T  INTOD=CTION =nder the Income Tax act> income of ever! ind %hich is not to be excuded from thetota income sha be chargeabe to income tax under the head ?Income from other sources?> if it is not chargeabe to income tax under an! of the other heads of income4 Thus> income fromother sources is a residuar! head of income i4e4 income not chargeabe under an! other headis chargeabe to tax under this head4 . income other than income from saar!> house propert!> business and profession or capita gains is covered under ?Income from other sources?4Income that cannot be taen to the first four heads of saar!> house propert!> businessand profession or capita gains> is to be taen to the head> @other sourcesA4 The first four heads are specific4 Saar! arises on! in reation to empo!ment4 Income from house propert!can arise on! on o%nership and renta of a buiding and$or ad9acent and4 Capita gainreBuires o%nership and transfer of an asset4 The head of income from business and profession is the broadest of the four heads4 o%ever> this aso appies on! if there issubsisting business or profession4 .n intended business or a business %hich has ceased doesnot Buaif! under the head4 Thus> most of the sources of income isted above %oud faunder the head of income from other sources4This head of income is a residua head4 If an income does not fa under the four specific heads> it %oud fa under this head4 Section 56&,( expresses the genera idea4Section 56&'( ists the sources of income %hich have to be treated under this head4 Section56&'(&ii( and &iii( reate to businesses that have been discontinued4 If a business iscontinuing> the income from hiring out of pant and machiner! %i go under the head of income from business4 If a person gets into the ver! business of hiring out pant andmachiner!> it %i be a ne% business4 The income %i again go to the head of income from business4 If the business> ho%ever> has ceased> hiring of pant and machiner!> %ith or %ithoutthe buiding> %i be treated under the head of income from other sources4
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