Income Tax - Income from other Sources

My company just send me the investment declaration form, this form is used to send in investment proofs and fill in the details a predefined format. I guess most of the working class has this kind of a form, in which you have to fill in most of the information about the tax saving investments that we have done over the period of the financial year.

In this form since last year, they have added a column to declare "Income from other sources", which we saw earlier only in the ITR form. Now, i have been thinking that most of us don't even know what this means. What other sources? or Most of us just give the  information of the interest income from the bank accounts or the Fixed deposits that we have but then these are not the only heads which cover the "Income from other sources" category. 

The income tax law includes under the head "Income from other Sources" the following Categories - 

  1. Dividend income
  2. Income from winning of Lotteries, horse racing, game shows, games, gambling etc.
  3. Any sum, the aggregate of which is above Rs. 50000/- from people other than immediate family or specified categories of bodies etc. 
  4.  Income from Shares
  5. Any Amount received from Key Man Insurance Policy.  
  6. Income on letting out on hire machinery, plant or furniture. 
  7. Interest on securities, Fixed deposits, Bank deposits etc. 
So next time, when you declare your income to the employer or fill in the ITR returns form, you need to keep in mind that the above mentioned incomes need to be considered in totalling your income in one Financial year. 


Chris said...

Exactly you have different types of income and tax code deals with them differently.

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I think, if you are getting paid extra and means if you will pay tax then it will spend for your luxuries and for better future. Or if you want to save tax then hire a economical person and he will advice you excellent investment policies.

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These are very important facts to know for your tax obligations. You will probably feel the pain when you pay big taxes for big lottery winnings.

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This will be useful to most of the working class who are working on their taxes.

Anonymous said...

Now, I have been thinking that most of us don't even know what this means. What other sources?
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Helen said...

I suggest you declare your sources of income honestly. The IRS monitor our taxes yearly. Don't ever think of cheating the government.

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Ryan Donovan said...

Not each charitable contribution is tax deductible. I didn't know that either. It is critical to be familiar with what aid are able to be deducted at tax time before they claim these donations on their taxes (though I don't believe that should impact your judgment to donate).

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Penalty abatement brings much relief to a taxpayer because many times penalties can add as much as 25 percent of the total tax debt.

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