Five examples of Casual income
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Casual income is a non recurring income that is not likely to occur again in a year. It is an income which is earned by chance. Such income is neither anticipated nor provided for in any agreement. Such incomes are received at uncertain times.
If you receive money from winning the lottery, Online/TV game shows etc., it will be taxable under the head Income from other Sources. The income will be taxable at the flat rate of 30%which after adding cess will amount to 30.9%.Incomes from falling sources come under this category:
If you receive money from winning the lottery, Online/TV game shows etc., it will be taxable under the head Income from other Sources. The income will be taxable at the flat rate of 30%which after adding cess will amount to 30.9%.Incomes from falling sources come under this category:
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