Civil Procedure Code (CPC)

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Vasu Singh   15 June 2021

Tax on income from different sources

My uncle works in a private job and he has business of electronics shop and several other buildings which he gives on rent. He is earning income from all the sources but there is confusion as to how will the tax be collected on his incomes? 



 6 Replies

Nazp   15 June 2021

Just adding to this question, is it legal to work on a consultant fee for 2 different companies

Dr J C Vashista (Lawyer)     16 June 2021

Income Tax Act, 1961 provides calculation of tax on gross income from all sources, which include income from salary, house, capital gains, business & profession and other sources. Subsequently net taxable income is calculated and tax on income, as applicable, is paid.  

Seek professional service of a local chartered accountant.

Sankaranarayanan (Advocate)     16 June 2021

yes as per the statement three way of income he is getting . Once from salary, another from income from profession or other sources, income from house property . you need to show in the appropriate heads of income 

SIVARAMAPRASAD KAPPAGANTU (Retired Manager)     16 June 2021

Income from all sources has to be declared/shown in the IT return under respective heads and Gross income to be arrived at. Based on the Gross income minus Standard Deduction if eligible and other exemptions, tax shall be computed which needs to be paid. It is better to engage a Chartered Accountant/Income Tax Practitioner to prepare the Return at least for the first time.

P. Venu (Advocate)     16 June 2021

Is his employer deducting TDS from his salary?

T. Kalaiselvan, Advocate (Advocate)     17 June 2021

Income which is not exempt and cannot be charged under the heads of salary, income from house property, profits and gains from business or profession, or capital gains, form income from other sources for taxation purpose.

All dividends received are taxable under the head of income from other sources.

Interest from deposits and bonds are also taxed under Income from other sources.

One-time income by way of winnings from lotteries, crossword puzzles, races including horse races, card games, gambling or betting of any form is treated as income from other sources.
Gifts such as any sum of money and movable or immovable property that’s received without consideration are also taxable under this head.

The income which is not exempt and can not be shown under other heads, should be shown under income from other sources while filing income tax return (ITR).

Incomes that fall under "income from other sources"

 


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