Page 372 - DCOM301_INCOME_TAX_LAWS_I

Unit 13: Income from Other Sources

3. Amount withdrawn from deposit in National Savings Scheme, 1987 on which deduction Notes
under Section 80CCA has been allowed including interest thereon.
4. Any annuity received under a Will. It does not include an annuity received by an employee
from his employer.
5. Any fees or commission received by an employee from a person other than his employer.
6. Casual income in excess of ` 5,000, or ( ` 2,500 in case of winning from horse race, etc.) as
the case may be.
7. Director’s commission for giving guarantee to bank.
8. Director’s commission for underwriting shares of a new company.

9. Director’s fees.
10. Family pension received by the widow of an employee of the U.N.O. is exempt. Similarly
the family pension of gallantry awardee is exempt.

11. Gratuity received by a director who is not an employee of the company.
12. Income from leasehold property.
13. Income from markets, ferries and fisheries, etc.
14. Income from undisclosed sources.

15. Income of a tenant from sub-letting the whole or a part of the house property.
16. Income of Royalty.
17. Interest received by an employee on his own contributions to an unrecognised provident
fund.
18. Interest received on securities of co-operative society.
19. Remuneration received by a teacher or a lawyer for doing examination work.
20. Remuneration received for writing articles in Journals.

21. Rent of land not appurtenant to any building.
22. Salary of a Member of Parliament, Member of Legislative Assembly or Council.
Further, under the provisions of Section 60 to 65 an assessee may be chargeable to tax in respect
of income arising to other persons, e.g. spouse or minor children. In such cases, the income in
question will be first computed under the appropriate head after allowing various deductions
and includible in the total income of the assessee under the head “income from other sources”.
In other words, wherever the assessee is taxable in respect of income of somebody else, the
income must be charged to tax in the hands of the assessee only under this head even if the
income is of a character which would otherwise fall for assessment under any other head of
income.

Self Assessment

Fill in the blanks:
1. ………………………….specifically provides certain items of incomes as being chargeable
to tax under the head Income from other sources.

2. Amount received under a …………………………, including bonus on each Policy, if it is
not taxable under any other head of income than is taxed under income from other sources.

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