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"Taxation Of Cash Credits, Unexplained Money, Investments & Unexplained Expenses"-Income from Other Sources'

 
As per the Finance Bill, 2012 on and from the financial year 2012- 2013 the unexplained amounts relating to cash credits or unexplained money and investments as also the unexplained expenses would now be taxed at the maximum marginal rate of income tax, namely 30% plus surcharge and cesses as applicable. It is also provided that no deduction in respect of any expenditure or allowance shall be allowed to the assessee under any provision of the Income Tax Act in computing the above items of deemed income. The benefit of the basic income tax exemption limit would not be available.
CONTENT - 'Income from Other Sources' and Its Computation (Section 56)

Related Topics....'Income from Other Sources'

Scope of Income Chargeable under the head 'Income from Other Sources' (Section 56)
Taxable Incomes under the head 'Income from Other Sources' [Section 56(2)]
Taxability of Dividend Income [Section 56(2)(i)]
Winnings from Lotteries, Crossword Puzzles, Horse Races and Card Games [Section 56(2)(ib)]
Interest on Securities under the head 'Income from Other Sources' [Section 56(2)(id)]
Income from Letting Out of Machinery , Plant or Furniture [Section 56(2)(ii)]
Income from Composite Letting of Machinery, Plant or Furniture and Buildings [Section 56(2)(iii)]
Share Premium in excess of the Fair Market Value to be treated as Income [Section 56(2)(viib)]
Interest on Compensation or Enhanced Compensation [Section 56(2)(viii)]
Forfeiture of Advance Received for Transfer of a Capital Asset to be Taxed under the head "Income from Other Sources" [Section 56(2)(ix)]
Income of any person to include not only gift of money from any person(s) but also the gift of property (whether movable or immovable) or property acquired for inadequate consideration [Section 56(2)(x), w.e.f. A.Y. 2018-19]
Amount Expressly Disallowed in computing the 'Income from Other Sources' (Section 58)
Deductions Allowed in computing the 'Income from Other Sources'(Section 57)
 

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