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Chargeable Income Under Income from Other Sources - Sec 56(2)

Chargeable Income Under Income from Other Sources - Sec 56(2) - Income Tax - Income from Other Sources - 01 - SECTION 56(1):- INCOME FROM OTHER SOURCES This is the residual head of charge of income. A source of income which does not specifically fall under any one of the four heads of income (i.e. Salaries, Income from House Property, PGBP or Capital gains) is to be computed under Section 56 under the head INCOME FROM OTHER SOURCES . Some income taxable under section 56(2) under the head IOS are .....

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transfer of a capital asset to be taxed u/h Income from other sources 1..Interest on securities -Interest on securities is taxable under the head ' Income from other sources ' if the same is not taxable as business income under section 28 .If books of account in respect of such income are maintained on 'cash basis ',then the interest is taxable on receipt basis '.If, however, books of account are not maintained or are maintained on the basis of mercantile on the basis of merc .....

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