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  Dividend Income 1. Meaning of Dividend A dividend is a share of the  after-tax profits  of a company which is distributed to its shareholders. Legal Basis:  It is usually proposed by the Board of Directors and approved by the shareholders in the Annual General Meeting (AGM). Source:  It is paid out of the accumulated profits of the company. Form:  It is generally paid in cash, but can also be issued as additional shares (Bonus shares). 2. Types of Dividend Dividends can be categorized based on timing and the nature of the distribution: A. Based on Timing Interim Dividend:  Declared and paid by the Board of Directors  during  the financial year, before the final accounts are prepared. Final Dividend:  Declared at the  Annual General Meeting (AGM)  after the close of the financial year and the finalization of accounts. B. Based on Share Type...

  CASUAL INCOME-Defined Section 56(2)(ib)  states that income by way of "winnings" from the following sources shall be chargeable to income tax under the head "Income from Other Sources": Lotteries:  Including government or private lotteries, or schemes where prizes are distributed by draw of lots. Crossword Puzzles:  Competitions where prizes are awarded for solving puzzles. Races including Horse Races:  This covers all types of races, but horse racing is specifically mentioned. Card Games:  Such as Poker, Rummy, or any other card-based competition. Other Games of any sort:  This is a "basket clause" that includes TV game shows (like  KBC ), sports betting, or any competition based on skill or luck. Gambling or Betting:  Of any form or nature whatsoever. TDS for Casual income:     l .Lottieries a) Upto Rs.10,000 b) Above Rs.10,000   No TDS 30 % TDS 2. Horse Race...

  UNION BUDGET 2026- 7 Key Factors Commerce Students Must Watch  Introduction As the union Budget is expected to be present on Feb 1, 2026, as commerce students should understands some basic of Budget Basics: 1.         India’s Budget is a Deficit budget. 2.         Budget Documents: Union Budget comprises of Part A and Part B. Part A is more of Macro Aspect of the Economy and New Schemes and Government’s Priority 3.         Part B deals with tax proposal, which has a direct bearing on personal and family finance. From 1860 to Liberalization: A Brief History of Indian Budgets —   On 7 th April, 1860 , India’s first budget was presented by James Wilson of East India Company to the British Crown. —   Independent India’s first budget was presented by India’s first Finance Minister R.K. Shanmukham Chetty, 5 pm on 26th November, 1947. —   The bu...