Do you have any income from other sources. Any residual income which is not included in the other 4 heads (Salary, House Property, Capital Gains, Business & Profession) is included under the head income from other sources.
Here are some examples of incomes that tax payers may skip. Do make sure you include the following incomes in your income tax return –
- It’s not uncommon for taxpayers to miss out on including savings account interest, or fixed deposit interest. Especially where TDS is already deducted on FD interest, taxpayer may be under the notion that it does not have to be included in total income in the return. – Interest income from savings account is taxable and so is interest income from FDs.
- Many taxpayers believe that deduction on FD interest income is included within the Rs 10,000 deduction under section 80TTA – Section 80 TTA deduction is allowed only on savings bank account interest, whereas FD interest income is fully taxable.
- Several tax payers may be unaware of clubbing provisions and may omit to club income of minors where FDs or savings accounts have been opened for minors.
- Family pension is taxable under income from other sources and some people may not be aware that it’s taxable for the recipient.