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Tax upon Income from other sources |
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Income of different types, which are not chargeable to income tax under the heads of salary,income from house property, profits and gains of business and profession, and capital gains can be taxed under the separate category called : income from other sources. But it is to be noted that such income should also not come under income not forming part of total income under the Income Tax Act.
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Mentioned below are the different types of income which are chargeable to income tax under the head Income from other sources. They are:
- Dividend
- Any annuity due or commuted value of any annuity paid under section 280D.
- Any case of winning from lotteries, crossword puzzles, various races including horse races, card games and other games of any sort or from gambling or betting of any form or nature.
- Any sum of money received by the individual from his employees as contributions to any provident fund or Superannuation fund or any other kind of fund set up under the provisions of the
Employees State Insurance Act.
- Income tax is charged under Income from machinery, plant or furniture belonging to the assessee and if they are let on hire.
- Where an assessee lets on hire machinery, plant or furniture belonging to him and also the buildings, and the belongings of the buildings is inseparable from the machinery, plant or furniture, the income from such letting is taxable.
- Any amount of money received under a Keyman insurance policy, including the sum received by way of bonus on such policy is liable to come under income tax. Keyman insurance policy means a life insurance policy taken by a person on the life of another person who is/ was the employee of the 1st mentioned person or who has/ had connection in any manner with the business of the 1st mentioned person.
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