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 the head “Income from other sources” only if such income are not chargeable under the head “Profits and gains of business or profession” –

(1) Any sum received by an employer-assessee from his employees as contributions to any provident fund, superannuation fund or any other fund for the welfare of the employees

(2) Interest on securities

(3) Income from letting out on hire, machinery, plant or furni ture.

(4) Where letting out of buildings is inseparable from the letting out of machinery, plant or furniture, the income from such letting.

(iii) Any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy is chargeable under the head “Income from other sources” if such income is not chargeable under the head “Profits and gains if business or profession” or under the head “Salaries” i.e. if such sum is received by any person other than the employer who took the policy and the employee in whose name the policy was taken.

(iv) Any income chargeable to tax under the Act, but not falling under any other head of income shall be chargeable to tax under the head “Income from other sources” e.g. Salary received by an MPs/MLAs will not be chargeable to income-tax under the head ‘Salary‘ but will be chargeable as “Income from other sources” under section 56.