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. 


31 comments:

Chris said...

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

Chris
Owner
CEL Financial Service
Please visit my website at Income Tax Fillmore for
your tax needs.

Snapback Hats for sale said...

You can find snapback hats for sale in some shops or on the internet. There are a lot of websites where you can find them at discount or you can use some coupons. These caps are a great way to impress your boyfriend or a men friend.

Business for Sale said...

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.

los angeles notary said...

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.

tax accountants adelaide said...

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?
accounting packages

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.

form 2290

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). http://tax-defense-network-deductions.com/facts-about-deductions/tax-defense-network-charitable-donations-tax-deductions/

Therence Sim said...

Penalty abatement brings much relief to a taxpayer because many times penalties can add as much as 25 percent of the total tax debt. http://tax-defense-network-irs-programs.com/tax-defense-network-penalty-abatement/

web designers pitampura said...

What you're saying is completely true. I know that everybody must say the same thing, but I just think that you put it in a way that everyone can understand. I'm sure you'll reach so many people with what you've got to say.

Unknown said...

This is a perfect blog for everyone, & and those looking for topics like this.The content over here is excellent. It's a perfect piece of writing. Good job.
Commodity Tips

Unknown said...

Movers and packers jalandhar
Movers and packers varanasi
Movers and packers agra
Movers and packers kanpur
Movers and packers allahabad
Movers and packers lucknow

Unknown said...

Movers and packers kanpur
Movers and packers lucknow
Movers and packers cochin
Movers and packers varanasi
Movers and packers agra
Movers and packers indore

historypak said...

I really appreciate the kind of topics you post here. Thanks for sharing us a great information that is actually helpful. Good day! CNC Tax Program

2009 DREAM said...

I really loved reading your blog. It was very well authored and easy to undertand. Unlike additional blogs I have read which are really not tht good. I also found your posts very interesting. In fact after reading, I had to go show it to my friend and he ejoyed it as well! CPA San Diego

Lauren Gottlieb said...
This comment has been removed by the author.
BIG DOG said...

nice post, keep up with this interesting work. It really is good to know that this topic is being covered also on this web site so cheers for taking time to discuss this! http://stevenyson.com/

Tổng Hợp said...

TRUNG TÂM CÔNG NGHỆ - ĐIỆN TỬ - TỰ ĐỘNG HOÁ - CƠ KHÍ ATI
Org : ATI Technology Center

- Nhận làm đồ án công nghệ chế tạo máy
- Nhận làm đồ án chi tiết máy

Mọi chi tiết xin liên hệ:

Phone: 0909.769.098 – 0918.769.098 – 01699.257.175
Email: dientuati@gmail.com
Skype: atibk.vn
Website : http://luanvantotnghiep.com.vn
http://www.doantotnghiep.com.vn/
http://phanmemgiare.com.vn
Fac: https://www.facebook.com/nhanthietkemachdientuati
https://www.facebook.com/nhanlamdoantotnghiep/
Địa chỉ: Nhận Làm Trên Toàn Quốc

mind.it said...

Simply respecting your work and thinking about how you dealt with this online journal so well. It's remarkable to the point that I can't bear to not experience this significant data at whatever point I surf the web! Stephen Coleclough

fortnite said...
This comment has been removed by the author.
Flora shawn said...

i was once living on the street where by things were so hard for me, even to pay off my bills was very difficult for me i have to park off my apartment and start sleeping on the street of Vegas. i tried all i could do to secure a job but all went in vain because i was from the black side of America. so i decided to browse through on my phone for jobs online where i got an advert on Hackers advertising a Blank ATM card which can be used to hack any ATM Machine all over the world, i never thought this could be real because most advert on the internet are based on fraud, so i decided to give this a try and look where it will lead me to if it can change my life for good. i contacted this hackers and they told me they are from Australia and also they have branch all over the world in which they use in developing there ATM CARDS, this men who were geeks and also experts at ATM repairs, programming and execution who taught me various tips and tricks about breaking into an ATM Machine with a Blank ATM card.i applied for the Blank ATM card and it was delivered to me within 3 days and i did as i was told to and today my life has changed. there is no ATM MACHINES this BLANK ATM CARD CANNOT penetrate into, because it has been programmed with various tools and software before it will be send to you. i know this is illegal but also a smart way of living Big because the government cannot help us so we have to help our self. if you also want this BLANK ATM CARD you can contact these Hackers at
email: skylinktechnes@yahoo.com whatsapp: +1(213)785-1553 or website: https://skylinktechnes.wixsite.com/info

Easy Online SMSF Audit said...

I’m satisfied with the information that you provide for me and thanks for this because sometimes people face this problem. we provide Self Managed Superfund Audit Australia at affordable prices. for more info visit our website.

yanmaneee said...

pandora jewelry
nike lebron 16
golden goose shoes
kevin durant shoes
curry 6
supreme
off white jordan 1
kobe shoes
supreme clothing
giannis antetokounmpo shoes

RKNSEO said...

Wil je meer SEO-verkeer?

Neem contact op met het Nexoz Professionele team.

Er zijn veel factoren die van invloed zijn op uw SEO, van de woorden die in de tekst en inhoud worden gebruikt tot de inkomende links naar uw site vanaf andere sites.

Nimsik said...

بسیار محتوای مفیدی بود. ممنون از اینکه این گونه مطالب رو به اشتراک می گذارید.

تکنسین های باتجربه ی دو سوت تعمیر، تعمیرات را در اولین فرصت انجام می دهند، قیمت ثابت و ارزان، زمان قرار ملاقات انعطاف پذیر و متناسب با برنامه شما، ضمانت قطعات و کار.

لوازم خانگی نقش اصلی را در راحتی شما بازی می کنند و به سرعت کارهای مختلف خسته کننده را انجام می دهند.

از انبوه ظروف کثیف گرفته تا فریزر مملو از آب از ذوب شدن یخ، لوازم خانگی می توامند مشکلات زیادی را به وجود آورند.

به جای اینکه بخواهید همه مشکلات را به تنهایی برطرف کنید ، برای خدمات تخصصی تعمیرات لوازم خانگی با دو سوت تعمیر برنامه ریزی کنید.

تهران منطقه اصلی خدمات ما است. برای کسب اطلاعات بیشتر در مورد طیف وسیعی از خدمات ما، از طریق صفحه ارتباط با ما تماس بگیرید.

rival agency said...

مهمترین هدف مجموعه ریوال ایجسنی تامین نیازهای قسمت های مختلف گرافیکی و تبلیغاتی در سطح بین الملل در داخل کشور می باشد.

برخی از خدمات ما شامل موارد زیر است:

گرافیک: طراحی ست اداری، طراحی بروشور، طراحی بسته بندی، طراحی کاتالوگ و ...

تبلیغات: ساخت فیلم صنعتی، عکاسی، عکاسی تبلیغاتی، عکاسی صنعتی، موشن گرافیک و ...

طراحی و توسعه: طراحی سایت، طراحی اپلیکیشن، سئو سایت، تولید محتوای اینستاگرام، تولید محتوا و ...

Nimsik said...

در صورت نیاز به سفارش طراحی لوگو پزشکی در ریوال آنلاین ، با مرکز آژانس تماس بگیرید.

BangCITYYY said...

ممکن است چندین سایت ساخت طراحی لوگو حرفه ای در ایران وجود داشته باشند که به صورت حرفه ای تمامی خدمات برندینگ را ارائه می دهند.

طراحی لوگو بخشی از فرآیند برندسازی در بهترین کمپانی های جهان است.

از این رو شرکت برندینگ حرفه ای ریوال آنلاین می تواند خدمات مختلف را به عنوان خدمات حرفه ای طراحی لوگو به شما ارائه دهد.

goonlic said...

طراحی لوگو و آرم تمام اطلاعات لازم را در یک نگاه به مشتری می دهد.

تمام برندهای معروف را از گذشته تا امروز به یاد بیاورید! طراحی لوگوی این برندها یکی از خلاقانه ترین ابزارها برای ارائه محصولات و خدمات آنها بوده است.

در واقع، یک طراحی موفق لوگو به شما کمک می کند از لوگوی خود به عنوان سلاحی برای هدف قرار دادن ذهن مشتریان در یک نگاه و نشان دادن هویت خود به آنها استفاده کنید.

amirosta said...

لوگوی مشاور املاک صنعتی غلامی

kera4d said...

you will need support or suggestions, write me privately.
I interested in your implementation/use case.
the best kera4d
Togel2win