1)Set of loss under the same head of income comes under section is
sec 70
2)Set of loss against income under other heads of income under section is section 71
3)Long term capital gain can be carried forward for 8 subsequent assessment years
4) Short term capital loss can be set off in the same assessment year from
Long term capital gains and Short term capital gold
5)T.D.S. is not deducted on lottery income up to 10,000 Amount
6)Income from others sources may be includes
A) Indian company dividend
B) Dividend from units
C) Foreign company dividend
7)If I win from crossword puzzles, horse races, card games and lotteries . then rate of TDS 30%
8) The amount of dividend received from cooperative society is Taxable
9)Gift received from My Wife is Exempted
10)Income from others sources is known as Residuary head of income
11) income from others sources is u/s 56
12)Interest on saving bank account is exempted up to 10,000
13)Which of the following conditions need to be satisfied, so that an income can be taxed under the head “Income from Other Sources” ?
a) Assessee has an income
b) Income should not be tax exempt
c) Income should not be taxable under any of the other heads
14)As per Section 56(2), which of the following income are not chargeable to tax under the head “Income from Other Sources” ?
Occasional one time gains derived from sale of capital asset