There are millions of people who file
income tax return in India at the end of each financial year. Also,
it is mandatory to file returns for individuals/HUFs/companies whose income
exceeds the basic exemption limit set by the Income Tax Authority. In the mid
of ITR period, the tax department has integrated certain changes in ITR Forms
such as ITR 1, ITR 2 and others form for the FY 2018-19. Presently, for the Assessment
year 2019-20, the filing details has changed under the head 'Income from other sources' in the ITR-1
form.
What is ITR-1?
ITR-1 form, also known as Sahaj is one of the ITR Forms that is
generally filed by the taxpayers who have income from different source. It is
the simplest one-page form which needs to be filed by those taxpayers who have
an income of up to Rs. 50 lakhs. This income could be from any or all of the
following sources –
·
Income from salary or pension
·
Income from one house property (except in cases
where loss has been brought forward from previous years)
·
Income from other sources excluding income from
lottery winnings, race horses, etc.
What is Income
from Other Sources?
Income from other sources comprises of
any income which does not fall under the heads of Salary, House Property,
Business & Profession and Capital Gain will fall under the head Income from
Other Source.
Here
are the following details about how to fill of Income From other sources in
ITR-1 for the FY 2018-19-
Interest
from Savings Account- Under this,
individuals are required to put the amount of interest received from all banks
savings accounts and post office savings account held by the taxpayers during
the year.
Interest
from Deposit (Bank/Post office and others)- If you have invested in fixed
deposits, recurring deposits or any other investment in the financial year
2018-19, then you have to select the option from the menu.
Interest
from Income Tax Refund- As per the Income Tax Act, tax refund received
by you is not taxable in your hands but the interest received on it is taxable.
The interest on income tax refund is paid by the department if the refund
amount is more than 10 per cent of the tax paid.
You can check the interest amount
received by you from Form 26AS. It shows
the amount of refund and interest paid on it separately.
Family
Pension- Pension received by a family member is taxed under income from
other sources while filing your Income Tax Return. Usually, it is paid to the
spouse of the government employee. Additionally, pension received by a family
member is considered as taxed under income from other sources. However, a pension
can be of two types commuted and uncommuted. If you are a government employee
and you are getting pension then you are eligible to enter the details in
Income From other sources while you apply for ITR filing.
Any
other - Apart from the incomes mentioned above, if you have received any
other income which is taxable in your hands, then you are required to enter the
details related to the same.
At last, if you are planning to file
your income
tax return, you must be a registered user on the income tax website. The
process of registering yourself is quite easy.
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