Taxation of Income From Other Sources

This 5th edition of Taxation of Income from Other Sources under Income Tax Law, authored by Ram Dutt Sharma, provides a detailed and practical guide to one of the most diverse heads of income under the Income Tax Act, 1961. Updated as amended by the Finance Act, 2022, it offers a comprehensive explanation of the statutory provisions, judicial interpretations, and compliance requirements applicable to income that does not fall under any other specific head.

The book covers the entire scope of “Income from Other Sources” under Section 56 and related provisions, explaining its applicability through structured analysis, examples, and relevant CBDT clarifications. It addresses common as well as complex situations encountered in practice, making it an indispensable resource for professionals, corporates, and taxpayers.

The content covers:
• Scope and applicability of the head “Income from Other Sources”
• Incomes specifically chargeable under Section 56(2)
• Tax treatment of dividends, winnings from lotteries, puzzles, races, and games
• Gifts and sums of money/property received without consideration or for inadequate consideration
• Interest income, rental income not taxed under “House Property,” and other miscellaneous receipts
• Share premium taxation provisions under Section 56(2)(viib)
• Deduction of expenses from income under this head
• Provisions for clubbing and aggregation of such income
• Interaction with other heads of income and set-off rules
• Relevant CBDT circulars, notifications, and judicial rulings
• Practical computation examples for various scenarios

This edition is particularly suitable for:
• Chartered accountants, tax consultants, and advocates advising on income tax matters
• Corporate finance teams dealing with diversified income streams
• Law and commerce students studying Indian direct tax law
• Individual taxpayers seeking clarity on the taxability of miscellaneous income

Whether used for compliance, advisory, or academic purposes, this updated edition serves as an authoritative, practical, and easy-to-use reference on the taxation of income from other sources under the Income Tax Act, 1961.