Income from Other Sources
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5,752+ Five Star Google Reviews
Saved Crores of Rupees & Millions of Startup Hours
Best Mobile App Experience
18,000+ Startups Served Across India
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Income from Other Sources
Income from Other Sources – Tax Filing Made Simple
Maximize Deductions | Avoid Penalties | Expert ITR Support
What is Income from Other Sources?
Income from Other Sources is a residual income category under the Income Tax Act, 1961. It includes all taxable income that does not fall under Salary, House Property, Business/Profession, or Capital Gains.
This category covers various types of income such as:
Interest income (savings, FD, RD)
Gifts received
Dividends
Lottery winnings, betting, or gameshow prizes
Family pension
Rental income from machinery, furniture, or assets
Any other income not taxable under other heads
Common Types of Income from Other Sources
| Income Type | Taxability |
|---|---|
| Interest on FD/Savings A/c | Fully taxable (deductions under Sec 80TTA/TTB) |
| Gift from non-relatives | Taxable if value > 50,000 |
| Dividend from Indian companies | Taxable at slab rate (from AY 2021-22 onward) |
| Lottery, Game Shows, Betting | Taxable at flat 30% (Section 115BB) |
| Family pension | Taxable (15,000 or 1/3rd of pension exempt) |
| Rental from assets | Taxable as other income |
| Advance forfeited on asset sale | Taxable as other income |
ITR Forms for Reporting “Other Sources” Income
| Profile | Recommended ITR Form |
|---|---|
| Individual/HUF with simple interest/dividends | ITR-1 (Sahaj) |
| With multiple sources or foreign income | ITR-2 |
| Income from betting, lottery, or gifts | ITR-2 / ITR-3 |
| Business or profession + other income | ITR-3 |
Income from Other Sources must be accurately reported to avoid tax scrutiny and notices.
Deductions Allowed from Other Income
You can claim expenses incurred to earn that income, such as:
Interest on loan against FD (if used to generate more interest)
Commission or brokerage charges (for earning rental/royalty)
Depreciation on assets used for earning rent
Family pension exemption: 15,000 or 1/3rd (whichever is lower)
No deduction allowed for gifts, lottery, or casual income.
Tax Filing Deadline
ITR Due Date (Non-Audit Cases): 31st July
TDS Certificate (Form 16A): By 15th June
Late Filing Penalty: 1,000 to 5,000 under Section 234F
Documents Required
Bank passbook/interest certificates
FD/RD statements
Gift deeds (if applicable)
Form 26AS / AIS / TIS
Dividend income reports
Family pension statements
Lottery or prize receipts
Rental agreements (if applicable)
Risks of Incorrect Filing
Underreporting or missing disclosure can lead to:
Income Tax Notices under Section 139(9), 143(1), or 148
Penalties for misreporting (50%-200%)
Interest on tax dues under Section 234A/B/C
Why Choose SSA TAX for Income from Other Sources Filing?
| Feature | Benefits |
|---|---|
| Expert review of all income | Ensure 100% compliance & accurate reporting |
| TDS Reconciliation | Match with Form 26AS / AIS |
| Detailed documentation | Full paperwork for audit-proof filing |
| Personalized advice | For high-value gifts or casual income |
| Tax-saving guidance | Maximize deductions where legally possible |
| Seamless filing process | 100% online and guided by experts |
Testimonials
“I missed declaring interest and received a notice. SSA TAX quickly helped me revise my return and saved penalties.”
— Sunita R., Noida
“I won a lucky draw and was confused about how to pay tax. SSA TAX filed everything correctly and even guided me on advance tax.”
— Nikhil S., Pune
Ready to File? Start Today!
Whether it's interest income or a lottery win — don’t ignore Income from Other Sources. File your ITR with confidence and clarity.
Call/WhatsApp: +91-9773346539/38/34
Email: info@ssatax.in
Website: www.ssatax.in
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FAQs – Income from Other Sources
Q1. Is bank interest taxable?
Yes, interest on savings and FDs is fully taxable.
Q2. Are gifts from relatives taxable?
No, gifts from specified relatives are exempt.
Q3. What about foreign dividend income?
Fully taxable at applicable slab rate (disclose in ITR-2).
Q4. Can I claim expenses against family pension?
Yes, 15,000 or 1/3rd exemption available.
Q5. Is TDS applicable on lottery winnings?
Yes, flat 30% TDS is deducted before payment.