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
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