What is Income From Other Sources?
The Income-tax Act, 1961 divides an individual income into five heads. The last head is - 'Income from other sources. Widely, income that cannot be considered for income tax from salary, house property, profits from business or capital gains come under this head.
All the shares and other financial instrument dividends are considered under this head for computation of income tax. Fixed deposits and bonds gains also fall under the purview of this head.
Income that you earn from lotteries or other one-time sources is also included in this head for purpose of computation of income tax.
If you receive gifts and other similar things, then they would also come under income from other sources for income tax purposes.
Income Tax for Other Income Pricing
We have a single package for filing income tax from other income:
- Computation of tax
- Documents Preparation
- Online Filing
- Handling queries
Frequently Asked Questions (FAQs)
Here is the answers to the most commonly asked questions regarding Income tax filing for income from other sources:
I have received a car from my brother as a gift do I have to pay tax on it?
Well, frankly speaking, any gifts received will be deemed as a source of income under this slab. However, it would be better to discuss this with our tax experts.
Is income from FD’s and other term deposits under the purview of income from other sources?
Yes, it is, to know more about it feel free to give us a call at our help line number.