Portfolio Media

How are 'income from other sources' taxed?

Keerthi Sanagasetti | Updated on December 01, 2020 Published on December 01, 2020

Any income that are you have, but ist is not your salary, profits, capital gains or income from income from house properties will also be taxed. These incomes, like dividend income, an immovable property, income by way of winnings from lotteries, crossword puzzles, races including horse races, card games, gambling etc, are reported as 'income from other sources'.

 

However, if these incomes are earned as a part of your business or profession, the same need to be taxed under the head Profits and Gains from Business or Profession and not Income from Other Sources. It is also important to note that taxpayers can also avail certain deductions, while computing the income chargeable under the head income from other sources.

In this podcast, Keerthi Sanagasetti takes a look at income from other sources.

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Published on December 01, 2020