{"id":8977,"date":"2013-04-13T10:36:38","date_gmt":"2013-04-13T10:36:38","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=8977"},"modified":"2024-04-12T14:14:33","modified_gmt":"2024-04-12T08:44:33","slug":"income-from-other-source-2","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/income-from-other-source-2\/","title":{"rendered":"Business Accounting Tutorial | Income from other source"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a ref=\"magnificPopup\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/MEANING-AND-SCOPE-OF-ACCOUNTING-39.png\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"400\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/MEANING-AND-SCOPE-OF-ACCOUNTING-39.png\" alt=\" Income from other source topic details\" class=\"wp-image-92392\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/MEANING-AND-SCOPE-OF-ACCOUNTING-39.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/MEANING-AND-SCOPE-OF-ACCOUNTING-39-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><\/figure><\/div>\n\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/business-accountant\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go back to Tutorial<\/a><\/p>\n\n\n<h3><strong>Income from other source<\/strong><\/h3>\n<p>Sections 56 to 59 deal with the provisions for computation of income under the head &#8216;income from other source&#8217;. This is a residuary head covering all incomes which do not specifically fall under any of the heads mentioned earlier. Some of the types of income which are assessable under this head are mentioned below:<\/p>\n<ul>\n<li>Dividends or income from units of mutual fund.<\/li>\n<li>Interest including &#8216;interest on securities&#8217; if it is not taxable under the head &#8216;Profits and gains of business or profession&#8217;.<\/li>\n<li>Income such as<\/li>\n<\/ul>\n<p><strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1.<\/strong> Ground rent or rent received or sub-letting a property.<br \/><strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2.<\/strong> Winning from lotteries, cross-word puzzles, races including horse races, card games or from gambling or betting etc.<br \/><strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.<\/strong> Income from hiring of machinery, plant or furniture unless such a hiring is the business of the taxpayer.<\/p>\n<ul>\n<li>Family pension.<\/li>\n<\/ul>\n<p>In computing the taxable income under this head, deduction is allowable for expenditure (other than capital expenditure) which is incurred by the tax payer wholly and exclusively for the purpose of earning such income. Besides, in assessing dividend income, any remuneration or commission paid for realizing such income is allowed as deduction. In assessing income from letting the machinery, plant or furniture on hire, the depreciation on the value of such assets calculated in the same manner as in respect of assets used in a business or profession is allowable as a deduction. No deduction is, however, allowed in respect of-<\/p>\n<ul>\n<li>Any personal expenditure of the tax payer;<\/li>\n<li>Any salaries or interest payable outside India from which tax is deductible at source under the Act but has not been deducted.<\/li>\n<\/ul>\n<div class=\"apply\">\n<h3><a href=\"https:\/\/www.vskills.in\/practice\/business-accountant\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-92060 aligncenter\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Add-a-subheading.png\" alt=\"certified business accountant free practice test\" width=\"960\" height=\"150\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Add-a-subheading.png 960w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Add-a-subheading-300x47.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/h3>\n<\/div>\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/business-accountant\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go back to Tutorial<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Go back to Tutorial Income from other source Sections 56 to 59 deal with the provisions for computation of income under the head &#8216;income from other source&#8217;. This is a residuary head covering all incomes which do not specifically fall under any of the heads mentioned earlier. Some of the types of income which are&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[3333],"tags":[2922],"class_list":["post-8977","page","type-page","status-publish","hentry","category-business-accounting","tag-income-from-other-source"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Business Accounting Tutorial | Income from other source - Tutorial<\/title>\n<meta name=\"description\" content=\"Income from other source is an important part of accounting. practice and validate your skills to become a Certified Business Accountant!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/income-from-other-source-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Accounting Tutorial | Income from other source - 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