How to fill income from other sources in ITR-1 for FY 2018-19

The income tax department   has made some changes to  the income tax return (ITR) bureaucracy for this 12 months. This   means that there may be changes within the records you will must key in.

As an example, this year filling details under the head 'Income from other sources' in ITR-1 form could be distinct from closing year. final 12 months's ITR-1 had asked for simplest the aggregate quantity of 'earnings from other assets', but this 12 months you'll have provide an in depth smash-up of incomes at the same time as filing your return.

A drop down menu has been given inside the ITR shape to choose and choose the type(s) of income obtained by using you.

The drop down menu has five options:

1. Interest from Savings Account
2. Interest from Deposit (Bank/Post office/Co-operative society)
3. Interest from Income Tax Refund
4. Family Pension
5. Any other

Let's see the information that you are required to fill in and wherein.

1. Interest from savings Account

The primary choice from the drop down menu is 'interest from savings Account'. below this, you're required to enter the entire quantity of interest acquired from all the bank savings bills and put up workplace savings account held by way of you for the duration of the yr.

To get this information, you may both take a look at the financial savings account hobby entries inside the passbooks of all the financial institution money owed and publish office accounts held through you for the duration of the year or visit the financial institution or publish office branch to accumulate the hobby certificates.

Nowadays, one also can download interest certificates via the internet banking facility.

2. Interest from Deposit (Bank/Post office/Co-operative society)

If you have invested in fixed deposits (FDs), recurring deposits (RD) or any scheme of the post office like the Post office Time Deposit (POTD), Post office Monthly Income Account (POMIS), Senior Citizen Savings Account (SCSS) and so on, then you will have to select the second option from the drop down menu.

In this row you are required to enter the total amount of interest received by you from various deposits in FY 2018-19. You can visit your bank branch or post office branch to collect the interest certificates for the same. If the TDS is deducted from your interest payment, then bank is required to issue you Form-16A providing the details of interest paid and tax deducted during FY 2018-19.

3. 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.

4. Family Pension

Pension received by the survivor of a government employee is called family pension. Usually, it is paid to the spouse of the government employee. Unlike pension which is directly received by the government employee and is taxable under the head, 'Income from Salaries', family pension is taxable under the head 'Income from other sources'.

If you have received family pension, don't forget to claim standard deduction under section 57. The deduction amount is equal to the lower of one-third of the pension received or Rs 15,000, as per current income tax laws.

5. 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.

There are many other incomes that are taxable under the head 'Income from other sources'. These include interest income from company FDs, sovereign gold bonds and so on. One can update his/her bank passbooks and check for interest received from any other sources except from the sources mentioned above.

Remember gifts received by you can also be taxable depending on the value of the gift, occasion for which it is received and from whom you have received it. Gifts received on the occasion of marriage are fully exempt from tax. Click here to know more about the taxability of gifts received by you.