PROFITS & GAINS FROM BUSINESS
This query is : Resolved
11 April 2010
Does the income from dividend for the assessee who is a dealer in shares is chargeable under head business income or as other source u/s 56
12 April 2010
Please note that dividend is specifically made taxable under Sec 56 of the Act as Income from other sources. It can be taxed only under that head.But the income from sale and purchase can be taxed under section 28 if you are carrying on business in shares.
Attention is invited to Subsection 2 of Sec 56 which is like this
56(2) In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes shall be chargeable to income-tax under the head "Income from other sources", namely :- (i) Dividends;
siva208@yahoo.com
Attention is invited to Subsection 2 of Sec 56 which is like this
56(2) In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes shall be chargeable to income-tax under the head "Income from other sources", namely :- (i) Dividends;
siva208@yahoo.com
12 April 2010
AGREE
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