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Taxabality

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(Querist)
26 June 2012 s is a lecturer,remuneration received as examiner taxable in which head of income ?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
26 June 2012 Taxable under the head Income from Other Sources.


Income from Other Sources:

It is residuary head of Income which must satisfy the following conditions:-

1)There must be an income;
2)This income is NOT exempt under the IT Act 1961; and
3)This income is not chargeable to tax under the other heads of income viz. "Salary", "House property", "Business or Profession" and "Capital Gains".

Fees received as examiner satisfy all the above conditions and therefore will be taxable under the head income from other sources.


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