Revenue from Other Sources - Income Tax Deductions and Exemptions

Recent Updates 2021 Union Union Budget Result a. Exemptions from completing the ITR for adults 75 years and older, who only receive a pension and interest benefit. b. The Income Tax Department has introduced the completed ITRs with additional details to make the repayment process easier. c. The deadline for submission deadlines is late and has been reduced by 3 months. This also means that the IT department will have to work to restore and send a notice under section 143 (1) by 31 December.

Updated on:  
19min

Contents

  1. Heads of Revenue

1. Heads of Revenue

The Revenue Department divides revenue into five main revenue categories for the purpose of reporting income: Income from Salary Revenue from House Property Revenue from Capital Gains / Loss Income From Business And Work Revenue From Other Sources Revenue from Other Sources includes income that does not fall below any other revenue head.

Frequently Asked Questions

Q- I made a profit from an Indian company this year. Is this taxable as income from other sources?

Yes, dividend income is taxable as "Income from other sources". Government abolished Dividend Distribution Tax (DDT) from FY 2020-21. Therefore, the investor must pay dividend interest tax. A taxpayer can claim interest on up to 20% of dividend income. Taxes will be paid at the normal tax rates applicable to you. Also, if the total share price exceeds Rs 5,000, the company deducts TDS from 10% while paying dividends.

 

CEO Krishna Gopal

Krishna Gopal Varshney is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Myitronline.com. Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

Krishna Gopal Varshney
Co-founder & CEO