Income From Other Sources

Income from other sources is a residual category used to classify income that is not classified taxed under any other head of income. Income from other sources must be calculated by the taxpayer based on the mercantile system used by the taxpayer, i.e cash basis or accrual basis.

Items Classified as Income From Other Sources

Apart from income that cannot be classified under any other heads, there are certain types of incomes which are always taxed under income from other sources. Such incomes are as under:

The following types of income can be classified as Income from Other Sources, if it is not taxed under the head “Profits and gains of business or profession”:

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