Description
Commercial Law Publishers India Pvt Ltd Taxation of Income from Other Sources by Ram Dutt Sharma
“Income from Other Sources” is one of the heads of income chargeable to tax under the Income-tax Act, 1961. Any income that is not covered in the other four heads of income is taxable under income from other sources, because of this, it is known as residuary head of income. Section 56 of the Income-tax Act,1961 corresponds to section 12 of the 1922 Act is covered under the heading ‘F’ – Income from Other Sources in the ‘Chapter IV – Computation of Total Income’ of the Income Tax Act, 1961. The said section is a residuary section which deals with the incomes which are generally not taxable under the other heads of the Income.
The most important purpose of this book is to give a bird’s eye view of taxation of income which is not covered in the other four heads of income in Income Tax Act at present. This is expected to serve as a background to understand the subsequent chapters.
We have not inserted bare sections here to increase the size of book, but it is written keeping in mind to provide less, solid and crux content about the matter. It includes gist of case laws on relevant sections. Incomes which are taxable under the head. The amendments made by the Finance Act, 2022 have been incorporated at appropriate places in this book.