Income chargeable under the head “Income from other sources” (Sec. 56)
- Dividends
- Winnings from lotteries, crossword puzzles, horse races, card games, other games of any sort, gambling, betting of any form or nature
- Income from sub-letting of a House property
- Casual income and non- recurring income
- Family pension
- Director’s sitting fee
- Interest on loans
- Income from undisclosed sources
- Remuneration received by members of parliament
- Examiner ship fees from non-employer
- Interest from URPF on employees contribution
- Rent from a vacant piece of plot of land
- Agricultural income from and situated outside India
- Interest on Income tax refunds
- Guarantee commission to directors
- Director’s commission for underwriting shares
- Gratuity received by a director not as an employee
- Any sum of money exceeding Rs.50,000, received by an individual or a HUF from any person during the previous year without consideration on or after 01/04/2006, then the whole of aggregate of such sums will be taxable.
- W.e.f. 01/10/2009, any sum of money or value of property as defined u/s 56(2)(vii)
- Interest received on compensation or enhanced compensation.
The following income will be considered under “Income from other sources”, only if they are not considered as profits and gains from “Business or profession”
- Recovery of PF and welfare fund contributions from employee by employer
- Interest on securities
- Income from machinery, plant or furniture and let on hire
- Sum received from Keyman insurance policy
- Insurance commission
- Interest on bank deposits/ deposits with companies
- Income from royalty, not taxed under business or profession.
