Explain five items of income from source
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There are 5 sources stipulated under the Income Tax Act, 1961, like salary, business or profession, house property, capital gains and other sources. While the nature of income is quite evident for the four sources of income, income under other sources consists of income from residual sources.
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One-time income: Income from lotteries, crossword puzzles, horse races, games, gambling or betting.
Interest on securities if it is not taxable under “Profits and Gains of Business or Profession”.
Income from machinery, plant or furniture belonging to taxpayer and let on hire.
Explanation:
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