Question

Mention the different kinds of incomes under the head income from
other sources, Deemed incomes?​

Answer 1

Explanation:

The Income Tax Department classifies income into five categories for streamlining the process of income tax reporting. They are:

Income from Salary

Income from House Property

Income from Capital Gains/Loss

Income from Business and Profession

Income from Other Sources

Therefore, ‘Income from Other Sources’ can be defined as income that is not included in any of the other listed categories. Besides, there are certain other incomes that are always taxed under this category.

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Answer 2

The incomes computed under “income from other sources are: Interest on bank deposits and securities. Dividend. Income from sub-letting a house property by a tenant.

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