How ITR Filing Income from Other Sources With Taxgoal

With Taxgoal You Can File Your ITR Filing Income from Other Sources in simple steps.

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ITR FILING INCOME FROM OTHER SOURCES- RS.1769

Income from other sources

ITR 2 is filed for Individuals or HUFs having income from renting any house, flat, or commercial property. Also having Income from sources like interest on FDs, savings bank interest, dividends, tuition fees etc. Income from any business or profession is not included in this return. Choosing Taxgoal allows you to have a “Personal CA” who is assigned to address your tax-related queries and help you maximize your tax savings. We also provide online GST registration services all over Delhi India.

What type of income from other sources are classified as?

  • Dividends are always taxed under income from other sources. However, dividends from domestic companies are normally exempt from tax, as the company declaring the dividend pays dividend distribution tax.
  • Interest on Fixed deposits, saving bank interest, tuition fee.
  • Winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort, gambling or betting of any form is classified as income from other sources.
  • Interest received on compensation or enhanced compensation is taxed under the head “Income from other sources”.
  • Gifts received by an individual or HUF (which are chargeable to tax) are also taxed under this head.

Services Covered

  • Assistance on Income tax queries on issues related to Capital Gain like type of Gain (Short term or Long term Gain) , Rate of tax on such Gains, Tax savings on such Gains etc.
  • Filing of Income Tax Return
  • Assist in payment of challan for discharging tax liability
  • Review of Computation of tax and file return once approved by you

For Whom this plan is?

  • Any individual, HUF having income from sources like interest, dividend, tution fee, commission, brokerage
  • Not applicable for any income form income from Business & Profession

Documents Required

  • Details such as PAN card no, AADHAAR CARD
  • Bank details such as Account no., IFSC code
  • Bank Account statement
  • Proofs of Investments such as LIC premium paid, fees of children etc
  • Details of any Advance Tax deposited
  • Detail of TDS deducted on such income
  • Detail of income from sources like interest on fixed deposit, commission/brokerage earned, tution fee.
  • Any other detail as required

Frequently asked questions

Form 26AS is a statement that shows the details of tax credit in a tax-payer’s account as per the IT Department’s records. The tax credit will include all the different taxes like TDS, Self-Assessment tax, Advance tax etc

Some of the types of deductions are: 1. 80C : Deduction Lic premium paid, tution fee of children, PPF etc. Maximum deduction allowed is Rs 150000. 2. 80TTA: Deduction form income of saving bank interest upto Rs 10000 3 80D : Deduction for medicliam premium paid (through banking modes) upto Rs 25000 for person below 60 years of age and Rs 50000 for person above 60 years of age (Max deduction under this section is RS 100000) 4. 80E: Deduction for interest on loan taken for pursuing higher education of self or family members or a relative. 5. 80G: Deduction for eligible Donations upto either 100% or 50% like donation in Prime Minister Nation Relief fund etc.

It is possible to file a revised return if the original return has been filed before the due date and the Department has not completed the assessment. However, a revision is not possible for a return filed after the due date.

Some of the income classified under other sources are: 1. Any contribution to a fund for welfare of employees received by the employer. 2. Income received by way of interest on securities. 3. Income from letting out or hiring of plant, machinery or furniture. 4. Money received under a Keyman Insurance Policy including bonus. 5. Commission or brokerage 6. Tution fee 7. Dividend Incomme 8. Winnings from lotteries, crossword puzzles, races including horse races, card game and other game of any sort, gambling or betting of any form is classified as income from other sources. 9. Gifts received by an individual or HUF (which are chargeable to tax) are also taxed under this head.

The due date for filing your Income Tax Return for the financial year 2017-2018 is 31st July, 2018. However belated return for F.Y. 2017-2018 can be filed upto 31st March 2019.

Overview
Services Covered
For Whom
Documents Required
FAQ's

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