INCOME FROM OTHER SOURCES
==========================
are stated as under:
1) Income from sub-letting of House Property
2) Director's sitting fees
3) Agricultural income from foreign land
4) Family pension received by family members of a deceased employee
5) Rental income from vacant land
6) Remuneration received from aby person, not being employer.
7) Interest on bank or post office deposits and loans including interest from compulsory deposit.
8) Insurance commission
9) Salaries payable to the members of parliament
10) Income from private tuition received by an individual not engaged in the profession.
11) Income from undisclosed sources.
12) Interest on income tax refund.
13) Interest on tax free securities
14) Mining rent & royalties.
15) Annuity payable under a will
16) Casual Income
17) Interest on securities issued by foreign government
18) Alimony for seperate maintenance, in a divorse settlement
19) Divident from co-operative societies.
20) Directors commision for underwriting shares of the company or for standing as a guarantor.
However,
DEDUCTION ALLOWED (Section 57)
============================
are as under
1.Any reasonable sum paid by way of commission or remuneration to a banker or any other person for the purpose of realizing dividends or any interest on securities on behalf of the assessee.
2.Interest on money borrowed for investment in securities.
3.In the case of income from letting of plant, machinery or furniture, together with building which is chargeable under this head the following deduction shall be allowed.
-Depreciation on plant, machinery, furniture and building
-Insurance premium paid for the above
-Expenditure incurred for current repairs, if the building is owned by the assessee.
-Expenditure incurred for both current as well as capital repairs, if the assessee does not own the building.
Increase of family pension, deduction allowed is one third of such income or Rs. 15000 whichever is less.
Rebate 87
Rebate under section 87(A) has been started from (A.Y. 2014-2015)
Rebate is applicable to you only if your Net Taxable Income is below Rs. 500,000
However Rebate is restricted to Rs. 2,000
Calculation of Rebate:
==================
Gross Total Income = 550,000
(-)Deduction 80C - 80U = 100,000
==================
Net Taxable Income = 450,000
Tax Payable = 25,000
Less Rebate = 2,000
Tax payable = 23,000
3% Cess & Excess = 690
=================
Final Tax = 23,690
==========================
are stated as under:
1) Income from sub-letting of House Property
2) Director's sitting fees
3) Agricultural income from foreign land
4) Family pension received by family members of a deceased employee
5) Rental income from vacant land
6) Remuneration received from aby person, not being employer.
7) Interest on bank or post office deposits and loans including interest from compulsory deposit.
8) Insurance commission
9) Salaries payable to the members of parliament
10) Income from private tuition received by an individual not engaged in the profession.
11) Income from undisclosed sources.
12) Interest on income tax refund.
13) Interest on tax free securities
14) Mining rent & royalties.
15) Annuity payable under a will
16) Casual Income
17) Interest on securities issued by foreign government
18) Alimony for seperate maintenance, in a divorse settlement
19) Divident from co-operative societies.
20) Directors commision for underwriting shares of the company or for standing as a guarantor.
However,
DEDUCTION ALLOWED (Section 57)
============================
are as under
1.Any reasonable sum paid by way of commission or remuneration to a banker or any other person for the purpose of realizing dividends or any interest on securities on behalf of the assessee.
2.Interest on money borrowed for investment in securities.
3.In the case of income from letting of plant, machinery or furniture, together with building which is chargeable under this head the following deduction shall be allowed.
-Depreciation on plant, machinery, furniture and building
-Insurance premium paid for the above
-Expenditure incurred for current repairs, if the building is owned by the assessee.
-Expenditure incurred for both current as well as capital repairs, if the assessee does not own the building.
Increase of family pension, deduction allowed is one third of such income or Rs. 15000 whichever is less.
Rebate 87
Rebate under section 87(A) has been started from (A.Y. 2014-2015)
Rebate is applicable to you only if your Net Taxable Income is below Rs. 500,000
However Rebate is restricted to Rs. 2,000
Calculation of Rebate:
==================
Gross Total Income = 550,000
(-)Deduction 80C - 80U = 100,000
==================
Net Taxable Income = 450,000
Tax Payable = 25,000
Less Rebate = 2,000
Tax payable = 23,000
3% Cess & Excess = 690
=================
Final Tax = 23,690
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