Report Other Income in Tax Returns
Report Other Income in Tax Returns https://www.fundstiger.com/other-income-tax-returns/ When you file your income tax return (ITR), Form 16 issued by your employer may not be the only document you need. The income from selling capital assets, house property and interest on deposits needs to be disclosed in your ITR form. Concealing or misreporting income from these sources is a sure-shot invitation to a tax notice. Tax authorities are tightening the noose around tax offenders. Taxpayers should know that most residual incomes are taxable and they can no longer get away by misreporting them. A lot of income from investments is tax free but has to be declared. For instance, savings bank interest is tax free to ₹10,000 but must be reported under the ‘income from from other sources’ schedule. Even tax exempt investments such as interest from PPF and bonds at time of maturity should be declared under schedule EI (exempt income). Irrespective of the amount gained or lost, one must dis...