Heads of Income: Other Sources

Every type of income comes under a specified heads. But there are few incomes, which don't come under any of following heads:

• Salary
• House Property
• Profit In Business/ Profession
• Capital Gains

So under Section 56(2) of Income Tax Act,1962 all such income comes in this heads of income. There are following incomes which are taxed under this heads

• Income coming as a dividend paid by a company to an assessee
• Income coming from winning in lottery, crossword puzzles, races, card games, gambling or other such sports
• Income coming as an amount received by assessee from his employer as a fund for welfare of employee
• Income as an interest on securities
• Income coming by letting on hire machinery, plant, furniture, building or other goods Income coming from insurance policy