SY.MCOM : TAXATION ( DIRECT TAX ) - INCOME FROM OTHER SOURCES

INCOME FROM OTHER SOURCES

D : DIVIDEND INCOME


DIVIDEND FROM INDIAN COMPANY (EXEMPT U/S 10(34)

DIVIDEND FROM FOREIGN COMPANY (TAXABLE)

DIVIDEND FROM CO-OP SOCIETY (TAXABLE)

W : WINNING INCOME (TAXABLE)

CASUAL INCOME
(E.G : CARD GAME, TV GAME, BETTING, RACE, COURSE, GAMBLING ETC)

R : RENTAL INCOME (TAXABLE)

RENT FROM ASSETS (OTHER THAN BUILDING)

RENT FROM SUB-LETTING

COMPOSITE RENT (RENT FROM BUILDING ALONG WITH OTHER ASSETS)

A : AGRICULTURAL INCOME

LAND IN INDIA (EXEMPT U/S 10(1)

LAND IN ABROAD (TAXABLE)

M : INCOME FROM MP/MLA/MLC

SALARY (TAXABLE)

DAILY ALLOWANCE / CONSTITUENCY ALLOWANCE (EXEMPT U/S 10(17)


INCOME FROM MINOR CHILD

TAXABLE IN THE HAND OF PARENTS, PARENTS WILL GET EXEMPTION U/S10(32)

MAX RS.1500 P.A PER MINOR CHILD

EXEMPTION: GENERALLY PARENTS ARE LIABLE TO PAY TAX ON THE INCOME EARNED BY MINOR CHILD . HOWEVER IN FOLLOWING CASES PROVISION OF CLUBBING OF INCOME WII NOT BE APPLICABLE

E.G MINOR CHILD HIMSELF IS LIABLE TO PAY TAX

1 - IF THE MINOR CHILD EARNS INCOME DUE TO HIS OWN SKILLS AND TALENT

2 - IF THE MINOR CHILD EARNS INCOME DUE TO MANUAL LABOUR

3 - IF THE MINOR CHILD IS SUFFERING FROM DISABILITY REFERRED TO U/S 80U



U : INCOME FROM UNITS OF UTI & MUTUAL FUNDS (EXEMPT U/S 10(35)

F1 : BOARD MEETING FEES RECEIVED BY A DIRECTOR FOR ATTENDING BOARD MEETING (TAXABLE)

F2 : FAMILY PENSION

TAXABLE SUBJECT TO STANDARD DEDUCTION

(STANDARD DEDUCTION)
1/3 OF FP RECEIVED

MAX RS15000WHICH EVER IS LESS


A : AWARD

(FROM GOVERNMENT ) EXEMPT U/S 10(17A)

(PRIVATE INSTITUTION) TAXABLE


K : KEYMAN INSURANCE POLICY AMOUNT RECEIVED ( TAXABLE )

NOTE : LIFE INSURANCE POLICY AMT RECEIVED ON MATURITY (EXEMPT U/S 10(10D)

PROCEEDS FROM LIFE INSURANCE POLICY RECEIVED ON MATURITY WILL BE TAXABLE

IF PREMIUM PAID DURING THE TENURE OF POLICY EXCEEDS 20% OF CAPITAL SUM

ASSURE IN ANY YEAR


I : INTEREST INCOME

INCOME FROM (GN3P3T PK RC)  (EXEMPT U/S 10(15)

OTHERS (TAXABLE)

G : GOLD DEPOSIT BOND / SCHEME

N : NATIONAL SAVING ANNUITY CERTIFICATE

N : NATIONAL PLAN CERTIFICATE

N : NATIONAL DEFENSE GOLD BOND

P : POST-OFFICE SAVING BANK ACCOUNT

p : POST-OFFICE CUMULATIVE TIME DEPOSIT ACCOUNT

p : POST-OFFICE CASH CERTIFICATE

T : TREASURY SAVING DEPOSIT CERTIFICATE

P : PUBLIC PROVIDENT FUND (EXEMPT U/S 10(11) 

K : KONKAN RAILWAY CORPORATION CORPORATION BOND

R : RELIEF BONDS (NATIONAL - STATE - RBI)

C : CAPITAL INVESTMENT BONDS

R : ROYALTY INCOME (TAXABLE) (EXPENSES WILL BE DEDUCTED & NET AMT TAXABLE)


G : GIFT INCOME ( CASH / MOVABLE PROPERTY / IMMOVABLE PROPERTY )

1 : CASH GIFT

IM DR HUT LO (EXEMPT AND IGNORE)

OTHERWISE

(AGGREGATE AMT UPTO RS 50000 EXEMPT AND IGNORE)

(AGGREGATE AMT ABOVE RS 50000 FULLY TAXABLE)

I : INHERITANCE / WILL


M : MARRIAGE


D : DEATH CONTEMPLATION

R : RELATIVE *

H : HOSPITAL / MEDICAL INSTITUTION

U : UNIVERSITY / EDUCATION INSTITUTION 

T : TRUST / CHARITABLE INSTITUTION

L : LOCAL AUTHORITY 

* RELATIVE 

ASSESSEE  FATHER / MOTHER AND THEIR BOTHER/SISTER 

ASSESSEE BROTHER / SISTER

ASSESSE SON / DAUGHTER

ASSESSEE SPOUSE AND THEIR ( S/D) (F/M) (B/S)

L.D LINEAL DECENDENT

NOTE : SPOUSE OF ALL RELATIVE AS MENTIONED ABOVE ARE ALSO RELATIVE

2 : MOVABLE PROPERTY

DJ S2AAP WILL BE EXEMPT UNDER IM DR HUT LO ( EXEMPT AND IGNORE)

BUT OTHER ARE TAXABLE (E.G WRIST WATCH/MOBILE/CAR/COMPUTER ETC)

OTHER

AGGREGATE FMV UPTO RS 50000 WILL BE EXEMPT AND IGNORE

AGGREGATE FMV ABOVE RS 50000 WILL BE FULLY TAXABLE

D : DRAWING

J : JEWELLERY / BULLION

S : SHARES AND SECURITIES

S : SCULPTURE

A : ART WORK

A : ARCHEOLOGICAL COLLECTION

P : PAINTING

3 : IMMOVABLE PROPERTY (LAND AND BUILDING)

IM DR HUT LO (EXEMPT AND IGNORE)

OTHER

STAMP DUTY VALUE UPTO RS 50000 (EXEMPT AND IGNORE)

STAMP DUTY VALUE ABOVE RS 50000 (FULLY TAXABLE)

* INCOME FROM OTHER SOURCES - EXPENSES

DEDUCTION U/S 57

EXPENSES OF EXEMPT INCOME WILL BE IGNORED

EXPENSES OF WINNING INCOME WILL BE IGNORED

EXPENSES ON FAMILY PENSION WILL GET THE STD DEDUCTION

OTHER TAXABLE INCOME WILL GET DEDUCTION ONLY ON RELATED EXPENSES


* DIVIDEND INCOME

SHARE HELD AS INVESTMENT  (IFOS)
SHARE HELD AS STOCK IN TRADE (IFOS)

* INTEREST ON DEBENTURES

DEBENTURES HELD ON INVESTMENT (IFOS)
DEBENTURES HELD AS STOCK IN TRADE (IFB)

* SHARE RELATED INCOME RECEIVED BY MEMBER OF HUF (EXEMPT U/S 10(2)

* OTHER FAMILY PENSION

RECEIVED BY FAMILY MEMBER OF GALLANTRY AWARD WINNER (EXEMPT U/S 10(18)

RECEIVED BY FAMILY MEMBER OF DECEASED ARMED FORCES EMPLOYEE (U/S 10(19)