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We know that there are 5 heads of Income under Income tax
- Income from Salaries- [Salary from job]
- Income from House Property -[Income from house like Rent]
- Profits and Gains of Business and Profession -[Business Income]
- Income from Capital Gains- [Income from sale of Assets]
- Income from Other Sources- [All other type of Income like Interest or Dividend]
Hence those income which are not falling under first 4 heads are taxable under Income from Other Sources
Example
Dividend Income
Interest Income
Winning from Lotteries/Cross world puzles/Game Shows etc
Some of these Incomes are exempt,while others are taxable.
Lets study these in detail one by one
