ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Social welfare payments
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Profit from capital
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Wage from labour
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Rent from land
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Detailed explanation-1: -Any income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head “Income from Other Sources”.
Detailed explanation-2: -Capital income means the amount paid as profit or interest on investments for a specified period.
Detailed explanation-3: -Income of every kind, which is not chargeable to income tax under the heads salary, income from house property, profits and gains of business and profession, capital gains can be taxed under the head “income from other sources". This is income that is not chargeable to tax under any other head of income.
Detailed explanation-4: -Income from salary. Income from house property. Income from profits and gains of business or profession. Income from capital gains. Income from other sources.