finance act 2017 other sources
FINANCE Act, 2017 – OTHER SOURCES
- Dividend Received From Domestic Companies by all resident assessees (other than dividend received by Domestic Companies and Charitable Trusts) in excess of Rs 10 lacs chargeable to tax at 10% in the hands of the receiver.
- Disallowance of expenditure such as rent, interest, etc. is extended to “Income from Other Sources” also if TDS is not deducted from payments made to residents.
- Example: Ravi Enterprises earns interest income of Rs 1,00,000/-under Income from Other Sources and incurs an expenditure of Rs
- 60,000/- towards interest paid. In case Ravi Enterprises does not deduct TDS on the interest paid of Rs 60,000/-, 30% of Rs 60,000/- = Rs 18,000/- will be disallowed expenditure.