Taxable under which head of income
This query is : Resolved
25 January 2017
X received a tender of truck supply from Oil Company. X sale this tender to Y for Rupees Thirty Thousand. This income is taxable under which head.
25 January 2017
Income from other sources.
26 July 2025
Yes, you can claim expenses **incurred exclusively and wholly** to earn that income from the sale of the tender.
Since it’s taxable under **Income from Other Sources (IOS)**, the expenses directly related to earning that Rs. 30,000 (like legal fees, brokerage, or any cost related to the tender sale) can be deducted from the gross income to arrive at the taxable income.
**Key points:**
* Only expenses **directly related** to earning the income are allowed.
* General expenses not connected to this income cannot be claimed here.
* No depreciation or business expenses since this is not business income but IOS.
If you want, I can help you draft the computation or explain which expenses qualify. Would you like that?
Since it’s taxable under **Income from Other Sources (IOS)**, the expenses directly related to earning that Rs. 30,000 (like legal fees, brokerage, or any cost related to the tender sale) can be deducted from the gross income to arrive at the taxable income.
**Key points:**
* Only expenses **directly related** to earning the income are allowed.
* General expenses not connected to this income cannot be claimed here.
* No depreciation or business expenses since this is not business income but IOS.
If you want, I can help you draft the computation or explain which expenses qualify. Would you like that?
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