Under the Income-tax Act, the residuary head of income is called?
AProfits from other sources
BGains from other sources
CIncome from unspecified sources
DIncome from other sources
Answer & Solution
Correct answer: D. Income from other sources
Income that is taxable but fits none of the heads in section 14 items A to E is swept into Income from other sources.
Keep practising Income from Other Sources
Browse all Income from Other Sources questions for CA Inter, or explore more Taxation topics.
Related questions
A non-relative gifts exactly Rs 50,000 in a year. Taxable amount?Meena gets Rs 20,000 from a friend and Rs 28,000 from a colleague in a year. Taxable gift?In one year Rahul gets Rs 30,000 and Rs 25,000 gifts from two friends. Taxable gift?Property received free is taxable only if its stamp duty value exceeds?Which Union List entry lets the Centre tax non-agricultural income?Under which provision is agricultural income exempt from tax?A horse race under section 58(4) must be one on which?The bar on deductions in section 58(4) does not hit?