Which of the following is considered as income under the head 'Income from Other Sources'?

1 question

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Q: Which of the following is considered as income under the head 'Income from Other Sources'?

Solution: Interest on savings account is classified under 'Income from Other Sources'.

Steps: 5

Step 1: Understand what 'Income from Other Sources' means. It refers to income that doesn't fall under specific categories like salary, business, or property income.
Step 2: Identify examples of income that can be classified under this category. Common examples include interest earned from savings accounts, dividends from shares, and winnings from lotteries.
Step 3: Focus on the specific example given in the question: interest on a savings account.
Step 4: Confirm that interest earned from a savings account is indeed a type of income that is not categorized elsewhere, thus it fits under 'Income from Other Sources'.
Step 5: Conclude that the answer to the question is that interest on savings accounts is classified under 'Income from Other Sources'.