Income from Other Sources to Be Included for Income Tax Calculation

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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
It is important that one files the correct income tax by calculating these amounts else one can get a notice with penalty for the payment of IT dues.

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