It is important that one files the income tax (IT) correctly and for that one must make sure to include following income as stated below:
- Dividend Income ( Sec 2(22) - Includes debentures issued to shareholders and bonus shares allotted to preference shareholders).
- Winning from Lotteries, Crossword Puzzles, Horse Races and card Games.
- Interest on Securities ( securities is taxed at special rate of 30% (cess 3%) irrespective of one’s income tax slab. )
- Pension Received by legal heirs of Deceased ( sec 57 legal heirs can claim standard deduction of 33 1/3% or Rs 15000 whichever is less.)
- Gifts of money from unrelated Person (section 56(2)).
- Interest from Savings A/C which is exempt upto Rs 10,000 wef FY 2012-13