Miscellaneous
CA Abhishek Sonthalia
(Querist) 19 March 2012
This query is : Resolved
Can somebody helped me that any MISCELLANEOUS income received in the books.Is it taxable flat rate of 30%.
Raj Kumar Makkad
(Expert) 19 March 2012
How have you received income in books and how much is the amount of such receipt?
C. P. CHUGH
(Expert) 19 March 2012
In case the income does not represent wining from lottey or from horse race etc which are taxable at special rate, all other income are taxable at normal rate and any amount found to be credited in your books account which you want to include in your income shall form part of the total income and is subject to tax at normal rate.
Guest
(Expert) 20 March 2012
Dear Abhishek,
You are an articled clerk serving under some senior CA. Your problem could well have been solved by your CA. Allowing articles to the CA is just to help the students for the CA exam, not just to work like slaves without any guidance.
However, all miscellaneous income is not taxable at the flat rate, except such income, which are of the windfall type of income accrued suddenly, like winning of lottery, horce race, and several other type of incomes mentioned in the IT Act. So, unless you specify the nature of income, any proper solution may not be possible..
