Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 56 – Income Tax Act, 1961

Income Tax Act, 1961

 

Section 56- INCOME FROM OTHER SOURCES.

 

(1) Income of every kind 860 which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income-tax under any of the heads specified in section 14, items A to E.

 

(2) In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes shall be chargeable to income-tax under the head “Income from other sources”, namely :- (i) Dividends;

 

(ia) Income referred to in sub-clause (viii) of clause (24) of section 2; 

 

(ib) Income referred to in sub-clause (ix) of clause (24) of section 2;

 

(ic) Income referred to in sub-clause (x) of clause (24) of section 2, if such income is not chargeable to income-tax under the head “Profits and gains of business or profession”;

 

(id) Income by way of interest on securities, if the income is not chargeable to income-tax under the head “Profits and gains of business or profession”;

 

(ii) Income from machinery, plant or furniture belonging to the assessee and let on hire, if the income is not chargeable to income-tax under the head “Profits and gains of business or profession”;

 

(iii) Where an assessee lets on hire machinery, plant or furniture belonging to him and also buildings, and the letting of the buildings is inseparable from the letting of the said machinery, plant or furniture, the income from such letting, if it is not chargeable to income-tax under the head “Profits and gains of business or profession”;

 

(iv) Income referred to in sub-clause (xi) of clause (24) of section 2, if such income is not chargeable to income-tax under the head “Profits and gains of business or profession” or under the head “Salaries”.

 

Related Judgements

 

COMMISSIONER OF INCOME-TAX v. S. R. V. PRESS & PUBLICATIONS (P) LTD.

 

P. J. EAPEN v. COMMISSIONER OF INCOME-TAX.

 

COMMISSIONER OF INCOME-TAX v. J. V. GUPTA & SONS (HUF).

 

COMMISSIONER OF INCOME-TAX v. COCHIN SHIPYARD LTD.

 

COMMISSIONER OF INCOME-TAX v. SMT. P. ANDAL AMMAL. (CIT v. SMT. P.

YAMUNA BAI.)

 

COMMISSIONER OF INCOME-TAX v. VAIKUNDAM RUBBER CO. LTD.

 

COMMISSIONER OF INCOME TAX v. PETRO-FILS CO-OPERATIVE LTD.

 

 

Previous | Next

 

Income Tax Act, 1961 

 

Indian Laws – Bare Acts

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2018 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help just WhatsApp Away

MyNation HELP line

We are Not Lawyers but No Lawyer will give you Advice like We do

Please to read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registrationJOIN WELCOME GROUP HERE

We handle Women centric biased laws like False 498A, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307,312, 313,323 376, 377, 406, 420, 506, 509; and also TEP, RTI etc

Web Design BangladeshWeb Design BangladeshMymensingh