Items forming part of Income from Other Sources

As per section 56(1), generally, incomes which are not taxable under any other head of income shall be chargeable under Income from Other Sources (herein referred to as IFOS)

As per section 56(2) of the Income Tax Act, 1961, there are certain incomes which specifically form part of IFOS: –

• Dividend
• Winning from Lotteries, Puzzles, Card Games etc.
• Any sum received from the employee towards contribution for any staff welfare fund (like PF or ESI), if it is not chargeable under PGBP
• Interest on securities, if not chargeable under PGBP
• Rent from letting out of Plant and Machinery or furniture, with or without building, if not chargeable under PGBP
• Any sum received under keymen insurance policy if not chargeable under PGBP or Salary
• Interest received on compulsory acquisition of capital asset
• Gift
• Amount received under family pension
• Interest on bank deposit and loan given
• Interest on Income Tax refund
• Income from sub-letting of house property
• Royalty income
• Agriculture income
• Director sitting fee
• Salary of MP/ MLA/ MLC etc.