What to include under ‘Income from Other Sources
What comes under the head ‘Income from Other Sources’?
Any income which does not come under these heads: Salary, House Property, Capital Gains and Business and Profession, comes under the head ‘Income from Other Sources. Taxpayers might skip some of the incomes while filing Income Tax Return form. Following are some of the incomes which must be included under the head
Income from Other Sources while filing the income tax return:
- It’s quite common for the taxpayers to miss out on the interests received on Savings Account or Fixed Deposit Account. Taxpayers get confused whether to include the TDS which has already been deducted. But it has to be included under the total income since interests earned on Savings as well as Fixed Deposits accounts are included.
- Many taxpayers get confused whether the interests on Fixed Deposits account are deductible under Section 80 TTA. But, the deduction under Section 80 TTA is allowed only on the interests earned on the Savings account, and not on the interests received on Fixed Deposits account.
- Many taxpayers are not aware of the Clubbing Provisions and may not club the income of minors nevertheless, the FD or Savings account would have been opened for the minors.
- The pension of the family is taxable under ‘Income from Other Sources’.
Related Post: Due Dates for Advance tax payment and Interest Penalty