Following incomes shall be included under this head specifically [Sec. 56(1)]
(i) Dividends
(ii) Winning from Lotteries, Crossword Puzzles, Races, etc.
(iii) Any sum received from employees as a contribution to P.F.
(if not charged as business income) (Deduction thereof can be claimed later when
the amount is deposited into the employees account within the due date)
(iv) Interest on securities – if not taxed under the head ‘Income from Business’.
(v) Rental Income of machinery, plant or furniture, if not taxed under the head ‘Income
from Business’.
(vi) Any sum received under a keyman insurance policy, if not taxed under the head
‘Income from Business’.
(vii) Aggregate amount exceeding ` 50,000 received without consideration by an
individual or HUF from any person / persons.
What are the Income from other sources?
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