• Interest received from Govt. Securities
Rs. 18,000, Dividend from foreign company
Rs. 16, 000, received from royalty Rs.
50,000. What will be income from other
sources?
Answers
Answer:
interests rate ?
Explanation:
66000 total revenue
please make a brainlist first after I explain you question with step by step
Answer:
Incomes which are charged to tax under the head ‘Income from other sources’
‘Income from other sources’ is the residual head of income. Hence, any income which is not specifically taxed under any other head of income will be taxed under this head.
Further, there are certain incomes which are always taxed under this head. These incomes are as follows:
As per section 56(2)(i), dividends are always taxed under this head. However, dividends from domestic company other than those covered by section 2(22)(e) are chargeable to tax in accordance with the provisions of section 115BBDA. As per Section 115BBDA, Dividend received from Domestic Companies upto Rs 10 Lacs will be exempt from Tax and then any amount received above 10 lacs will be tax at 10%.
Winnings from lotteries, crossword puzzles, races including horse races, card game and other game of any sort, gambling or betting of any form whatsoever, are always taxed under this head.
Income by way of interest received on compensation or on enhanced compensation shall be chargeable to tax under the head “Income from other sources”, and such income shall be deemed to be the income of the year in which it is received, irrespective of the method of accounting followed by the However, a deduction of a sum equal to 50% of such income shall be allowed from such income. Apart from this, no other deduction shall be allowed from such an income.
Gifts received by an individual or HUF (which are chargeable to tax) are also taxed under this head.
Explanation: