Taxation Examples - My Tax Support

December 12, 2024December 12, 2024
CA HARSH GARG
Leave a Comment on Practical Examples of Income Taxed Under ‘Income from Other Sources’

Practical Examples of Income Taxed Under ‘Income from Other Sources’

The category of Income from Other Sources under the Income Tax Act, 1961 serves as a residual head to tax incomes that do not fall under specified categories like salary, business income, or capital gains. This head covers a

December 11, 2024
CA HARSH GARG
Leave a Comment on “What You Need to Know About Taxing Interest on Compensation Under Section 56(2)(viii)”

“What You Need to Know About Taxing Interest on Compensation Under Section 56(2)(viii)”

Interest on compensation or enhanced compensation is a unique income category under the Income Tax Act, 1961. This type of income typically arises when a court or authority awards compensation for compulsory acquisition of property or increases the amount

December 11, 2024December 11, 2024
CA HARSH GARG
Leave a Comment on What Are the Conditions for Chargeability Under Section 56(1)?

What Are the Conditions for Chargeability Under Section 56(1)?

Section 56(1) of the Income Tax Act, 1961, is part of the residuary head of income titled 'Income from Other Sources.' It mandates the taxation of income not chargeable under other specific heads of income. This ensures comprehensive tax

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Practical Examples of Income Taxed Under ‘Income from Other Sources’

“What You Need to Know About Taxing Interest on Compensation Under Section 56(2)(viii)”

What Are the Conditions for Chargeability Under Section 56(1)?

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Tag: Taxation Examples

Practical Examples of Income Taxed Under ‘Income from Other Sources’

“What You Need to Know About Taxing Interest on Compensation Under Section 56(2)(viii)”

What Are the Conditions for Chargeability Under Section 56(1)?

Explore

Contact

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