Question

List out any ten kinds of incomes chargeable under the head income tax.

Answer 1

1. Profits and gains of business or profession.
2. Dividend
3. Voluntary contribution received by a charitable/religious trust or university/education institution or hospital/electoral trust[ w.e.f. 01.04.2010]
4. Value of perquisite or profit in lieu of salary taxable u/s 17 and social allowance or benefit specifically granted either to meet personal expenses or for performance Of duties of an office or employment of profit.
5. Export incentives, like duty drawback, cash compensatory support, sale of licenses, etc.
6. Interest, salary, bonus, commission, or remuneration earned by a partner of a firm from such firm.
7. Capital gains chargeable u/s 45.
8. Profits and gains from the business of banking carried on by a cooperative society with its members.
9. Winnings from lotteries, crossword puzzles, races including horse races, card games, and other games of any sort or from gambling or betting of any form or nature whatsoever.
10. Deemed income u/s 41 or 59.