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PROFITS & GAINS FROM BUSINESS

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(Querist)
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
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sivadas chettoor

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sivadas chettoor (Expert)
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
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
12 April 2010 AGREE
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