Method of accounting [Section 145] : Income chargeable under the head “Income from other sources” has to be computed in accordance with the cash or mercantile system of accounting regularly employed […]
All posts by Lavish Dey
"I would like to electrocute everyone who uses the word 'fair' in connection with income tax policies." - William F. Buckley, Jr.
Deemed income chargeable to tax [Section 59] – Income Tax
Deemed income chargeable to tax [Section 59] : The provisions of section 41(1) are made applicable, so far as may be, to the computation of income under this head. Accordingly, where […]
Deductions not allowable [Section 58] – Income Tax
Deductions not allowable [Section 58] : No deduction shall be made in computing the “Income from other sources” of an assessee in respect of the following items of expenses: (i) In […]
Deductions allowable [Section 57] – Income Tax
Deductions allowable [Section 57] : The income chargeable under the head “Income from other sources” shall be computed after making the following deductions: (i) In the case of dividends (other than […]
Applicable rate of tax in respect of casual income [Section 115BB] – Income Tax
Applicable rate of tax in respect of casual income [Section 115BB] : (i) This section provides that income by way of winnings from lotteries, crossword puzzles, races including horse races or card […]
Bond washing transactions and dividend stripping [Section 94] – Income Tax
Bond washing transactions and dividend stripping [Section 94] : (i) A bond-washing transaction is a transaction where securities are sold some time before the due date of interest and reacquired after […]
Income are chargeable under “Income from other sources” only if such income are not chargeable under the head “Profits and gains of business or profession” – Income Tax
Income are chargeable under “Income from other sources” only if such income are not chargeable under the head “Profits and gains of business or profession” : The following income are chargeable under […]
Incomes chargeable under Income from other sources [Section 56] – Income Tax
Incomes chargeable under Income from other sources [Section 56] : The following income shall be chargeable only under the head “Income from other sources‟ are as follows – (1) Dividend income [covered […]
Income from Other Sources – Meaning- Income Tax
Introduction on Income from Other Sources : Any income, profits or gains includible in the total income of an assessee, which cannot be included under any of the preceding heads of income, […]
Exemption of long term capital gains on sale of equity shares/ Units of an equity oriented fund [Section 10(38)] – Income Tax
Exemption of long term capital gains on sale of equity shares/ Units of an equity oriented fund [Section 10(38)] : (i) Section 10(38) exempts long term capital gains on transfer of […]