SALARIES
This query is : Resolved
15 April 2009
A WAITOR EARNING SALARY RECEIVES TIP FROM CUSTOMERS, UNDER WHAT HEAD IT SHALL BE TAXABLE.
15 April 2009
Salaries
15 April 2009
.
15 April 2009
income from other source. coz its nt from employer so cant be covered in salary.
15 April 2009
income from other source.
15 April 2009
Yes to declare under'income from other sources'.
15 April 2009
Dear,
As per Income tax Act section 56 (1) Income from other sources is a residury head. and any income which doesn't fall under any other head, then it will be charged under other sources. In your case, This trip income is neither falling u/s 15 (coz employer-employee relation doesn't exist)nor u/s 22 (house property)nor U/s 28 (PGBP) and nor U/s 45(1)(Capital gain. Hence finally it qualifies as a residuary income and is chargeable under section 56(1) i.e; other sources.
As per Income tax Act section 56 (1) Income from other sources is a residury head. and any income which doesn't fall under any other head, then it will be charged under other sources. In your case, This trip income is neither falling u/s 15 (coz employer-employee relation doesn't exist)nor u/s 22 (house property)nor U/s 28 (PGBP) and nor U/s 45(1)(Capital gain. Hence finally it qualifies as a residuary income and is chargeable under section 56(1) i.e; other sources.
16 April 2009
Thnaks 2 all
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