09-01-2010, 05:31 PM
Income From Other Sources means income which can not be classified in other heads of income Specified by the Income Tax Ordinance, 2001 i.e Salary Income, Income From Business, Property Income and Capital gains.
Profit on Debt, Dividend Income and Prize bonds winnings will be income from other Sources. Now as far as your question regarding difference between Income Under FTR and Income from other source is concerned, it is stated that both have no relationship with each other. Income from other sources is only classification of Income. Whereas FTR income is concerned with chargeability of income to tax. For example in some cases Property income Is taxed under FTR regime but it does not mean that it is income from other sources rather it is Income from Property but is chargeable to Tax Under FTR Regime.
Where an individual has income Chargeable to tax under FTR refime then he is required to file statement u/s 115 (4) of the Incone tax ordinance, 2001. this statement is the Page no 2 of income ta return form. It is not included in taxable income.
Profit on Debt, Dividend Income and Prize bonds winnings will be income from other Sources. Now as far as your question regarding difference between Income Under FTR and Income from other source is concerned, it is stated that both have no relationship with each other. Income from other sources is only classification of Income. Whereas FTR income is concerned with chargeability of income to tax. For example in some cases Property income Is taxed under FTR regime but it does not mean that it is income from other sources rather it is Income from Property but is chargeable to Tax Under FTR Regime.
Where an individual has income Chargeable to tax under FTR refime then he is required to file statement u/s 115 (4) of the Incone tax ordinance, 2001. this statement is the Page no 2 of income ta return form. It is not included in taxable income.
