02 July 2014
dear malkeet singh sir, pls refer to sec 56 (1) 56 (2), income from sources is a residuary head, only income which is not chargeable to income tax under any head of specified in section 14 , item A to E.and items specified u/s 56 (2)is chargeable under this head. it does not effcet the nature of income , if it is not in market place. eg professional income, coaching classes , hence as per law, it is business income
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