How to claim expenses against Interest Income? | Hindi | 2020 | Taxpundit
Income from Other Sources is one of the heads of income chargeable to tax under the Income tax Act. 1961. Any income that is not covered in the other four heads of income is taxable under income from other sources, because of this, it is known as residuary head of income. All the incomes excluded from salary, capital gains, house property or business & profession are included in Income from other sources, except those which are exempt under the Income Tax Act.
Incomes taxable only in Income from Other Sources are -
1. Dividend Income;
2. Income earned from winning lotteries, crossword puzzles, races (including horse race), gambling or betting of any kind;
3. Money or movable/immovable property received without consideration or inadequate consideration during previous year;
4. Interest on compensation or enhanced compensation received;
5. Advance money received or money received in negotiation for transfer of a capital asset
Allowable Expenses -
As per Section 57(iii), a deduction is allowed for any other expense (which is not a capital expense) which has been spent wholly and exclusively for making or earning such income.
If any money or commission has been paid for realising a dividend, such expenses are allowed to be deducted from the dividend income which is taxed as income from other sources.
If the income is from a non-recurring source (or causal income) such as income from lottery, horse race etc, then a tax of 30% is directly applicable to the total income amount.
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Пікірлер: 21
Thanks sir
Very nice vedio...sir..
Sir, kisi individual se byaaj pe paise loan lena / dena gair kanuni hai na?
Sir, phichle 3 salo ka income from other sources maine itr 1 mai nehi dikhaya toh kiya mai iss saal dikha sakta hoon?, please say Sir.
Is amt received under prime minister veya vandana yojana, income from other sources?
Amazing video.
Can We claim expenditure to earn interest income , if yes in which section ?
Agar mai freelancing karati hu software field mai, aur maine laptop kharida jisaka estamal kar ke mai freelancing income earn kaeati hu, toh kya mai laptop ki poori amount section 57 me dikha ke relief le sakati hu?
If I borrow some money say 50 lakh, from a friend. Do I have to pay tax on that 50 lakh?
Can I claim loss on income from other sources (interest Received 50000- interest paid 60000)???
Please make a video exclusively for senior citizens' taxation. How they can invest and save tax better under present situation? Which investment option is best for 15-20 year period, for age group of 60 to 65 year age bracket.
Sir agar kisi ka vehicle repairing, T.V, fridge repairing, ya tent house service ka business hai to uske liye konsa form bharna hai aur konse section main 44AD, 44ADA please guide
I am senior citizen,having speculative income of 2500/- resident Indian. Total income upto 5 lacs. Also having STG and ltg. Which itr to fill
Sir sec 10(13A) allowance to meet expenture incurred on house rent Or 80gg rent paid. Ye dono var sakte Hain, ya dono main se koi ek
To my knowledge, all dividend income is added with other incomes and taxed as per ones' tax slab. (Whether the dividend income is Rs. 10 lakhs or otherwise.) Please correct me if I am wrong.