HomeGuide - Who is Liable to Pay Income Tax? - Other Sources
Other Sources
Every type of income comes under a specified heads. But there are few incomes, which don't come under any of following heads:
Salary
House Property
Profit In Business/ Profession
Capital Gains
So under Section 56(2) of Income Tax Act,1962 all such income comes in this heads of income. There are following incomes which are taxed under this heads
Income coming as a dividend paid by a company to an assessee
Income coming from winning in lottery, crossword puzzles, races, card games, gambling or other such sports
Income coming as an amount received by assessee from his employer as a fund for welfare of employee
Income as an interest on securities
Income coming by letting on hire machinery, plant, furniture, building or other goods Income coming from insurance policy
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