Archive | Income from Other Sources

Why TDS has been deducted on my EPF?

Without doubt EPF continues to be the most loved product for the salaried. Both the employee and employer contribute to the EPF kitty; and we stand in hope of it coming to our rescue at difficult times. But when TDS is deducted on EPF balance, it comes as a harsh blow. Let’s understand the reasons […]

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Understanding interest income and including it in tax returns

One of the most confusing–and often ignored–aspect of filing income tax returns is the computation of interest income. Interest income has to be added in your tax return forms under the head of Income from Other Sources. This is income that is over and above your primary source of income–salary, business or profession, house property […]

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Are single premium insurance policy receipts taxable?

Taxpayers are sometimes unsure about how they should treat payouts received from a single premium insurance policy. Someone wrote to us and asked – Question: I had taken a Policy from Bajaj Allianz Life Insurance co.Ltd. and paid single premium on 25/3/2010 and surrendered 1/12/15. I have received Rs.193102/- after deducting Rs.3941/- towards 2% TDS on the total amount. […]

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Pay tax on interest income

Reminder from tax department to pay tax on interest income, revise returns if required

In last year’s tax returns a disclosure in tax returns was added for bank accounts held by a tax payer. It seems the income tax department has done its work related to this information. It has recently asked tax payers to include entire interest income in their tax return and pay tax on it. The release also […]

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How to add Savings Interest Income in your Income Tax Return

  Your savings account interest income is taxable. You have to add this income to your income from other sources. To find out your interest income for financial year 2014-15 you need your bank statement for your account in which you have earned interest. Here are the steps you need to follow –   Download your […]

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Are certain expenses allowed to be deducted from income from other sources?

We all know that a freelancer or a business is allowed to deduct business expenses from their business income. No expenses are deductible from salary income as such. However there certain expenses are allowed to be deducted against some incomes from other sources – Commission or remuneration for realising dividends (if not covered under section […]

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Do remember to include these ‘income from other sources’ in your income tax return

Do you have any income from other sources. Any residual income which is not included in the other 4 heads (Salary, House Property, Capital Gains, Business & Profession) is included under the head income from other sources.   Here are some examples of incomes that tax payers may skip. Do make sure you include the […]

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