Income tax is levied on the basis of five different sources: salary, house property, business/ profession, capital gain & income from other sources. You may have filed your income tax but you may be wondering ‘Which ITR to file for income from other sources?’ Well, this is a very important question one must ask themselves while filing income tax. So, I will share with you which ITR for income from other sources.
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When you are filing taxes you may become confused as it's hard to interpret what comes under income from other sources and this confusion can create trouble. So, let me clear the doubt regarding which ITR form to fill for income from other sources.
To know which ITR form to use for income from other sources, you will need to understand what is Income from other sources.
What is income from other sources?
By the name, you will realise that the income we earn from other sources is the income from other sources. Common examples are:
Interest Received from Fixed Deposits
Dividends Received
Amount received as a Family Pension
Saving Bank Account interest earned
Interest income on Income Tax Refund amount
Interest received on securities
Any other type of Interest Income like interest from Loan given to Relative
Gift Income
Winnings from Lotteries, crossword puzzles, races including horse races, card and other games including gambling, betting etc
Any earnings from employees like PF contributions etc that are not taxed PGBP (Profit and Gains of Business and Profession).
Income from subletting of flat/ house.
To file income tax you will need ITR 1 Sahaj Form.
While filing the tax on ITR 1 you will need to disclose all the income from every source as a total amount.
I hope you know which ITR to file for income from other sources now.
Read more:
How to check ITR refund status? How to update Challan 280 details in ITR? How much ITR required for home loan?Your Feedback Matters! How was this Answer?
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Which ITR to file for income from other sources?
Sweta
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1 Answers
2 Year
2022-08-15T22:39:05+00:00 2022-08-15T22:39:06+00:00Comment
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