File ITR for Income from Other Sources
All the income coming from sources other than “house property”, “salary”, “business/profession”, and “capital gains” comes under the “other sources’ head in the Income Tax Act. The IT Act of 1961 categorized income into 5 heads, and income from other sources is one of them. This head is quite complex and comprehensive, as it is a residuary head. Some of the common components of income from other sources are the following.
- Interest- coming from savings accounts, fixed deposits, recurring deposits, and bonds, though post office savings are partially exempted
- Dividend income- dividends from shares or units of mutual funds, more than Rs 10 lakh
- Gifts and winnings- monetary and non-monetary gifts above Rs 50,000 received from non-relatives
- Rental income from subletting
- Income from other sources such as royalties, interest on delayed tax refunds
- Winnings from online games
- Employee’s contribution towards the staff welfare scheme
- Interest on securities
- Rental income coming from machinery, plant, and furniture
- Sum received under the Keyman insurance policy
- Advance money received during negotiations for the transfer of a capital asset
- Deemed income
- Amount received under a life insurance policy
- Any other income not taxed under other heads
- Compensation on termination of employment or modification of terms of employment
- Composite rental income from letting out of plant, machinery, furniture, and building
Documents Required to File ITR for Income from Other Sources
- TDS
- Form 16
Other details are required depending on the source of income. TaxDunia’s expert will reach out to you once you have filed the documents, if other necessary documents are required.
How TaxDunia File Your ITR?
- After Taxpayers have logged in to our platform, give us primary information so that we can know your requirements better
- Then you have to provide us with all the documents required for the particular service (as mentioned above in the article)
- Now it is time to pay the service fee, which is auto-calculated based on the questions we asked you earlier
- As soon as the payment is made, TaxDunia assigns an expert to the client
- The expert evaluates the documents and starts the procedure on the respective government portal on behalf of the client
- If any specific documents are required later, the expert will communicate with you directly
- Based on the complexity of the task, the government sends approval for the aforesaid service
Our team is available from 10 AM to 7 PM on working days (Monday to Saturday), except public holidays. The expert is not responsible for the authorities’ judgment.
We keep the client informed about the current updates to make the procedures transparent. Credibility and confidentiality matter to us. Today is the most suitable day to start with TaxDunia.
