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Which of the following is considered as income from other sources?
Which of the following is considered as income from other sources?
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Practice Questions
1 question
Q1
Which of the following is considered as income from other sources?
Interest on savings account
Salary
Rental income
Capital gains
Show Solution
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Interest on savings account is considered as income from other sources.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following is considered as income from other sources?
Solution:
Interest on savings account is considered as income from other sources.
Steps: 4
Show Steps
Step 1: Understand what 'income from other sources' means. This refers to any income that is not earned from your main job or business.
Step 2: Identify different types of income. Common types include salary, business profits, and interest from savings.
Step 3: Recognize that interest earned on a savings account is not from a job or business, but rather from money you have saved.
Step 4: Conclude that since interest on a savings account is not from your main job or business, it is classified as 'income from other sources'.
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