Other Income
- T E Gautham
Please click on the "Other Income" tab, which facilitates you to submit declarations under Incomes from other sources, capital gains and business and the corresponding tax deducted, if applicable. You can enter the total amount (in Rs) for the year. The amount can have a maximum of two decimal places.
Please click on the green plus icon to create a new row.
Create as many rows as required and enter the details on each of the rows.
Income Type: Select the type of the other income you wish to declare.
Income Amount (Rs): Enter the total amount for the year.
Amount of tax deducted/collected (Rs): If there is a tax deducted at source (TDS) for your other income, you can choose to enter the same. Please note that you can leave this field blank if there is no TDS or if you choose not to enter the TDS amount.
If you enter an amount under the “Amount of tax deducted/collected (Rs)”, the following fields need to be filled in:
Section under which tax deducted/collected at source: Please enter the section of the Income Tax Act under which the tax has been deducted.
Address of deductor/collector: Enter the address of the entity which deducted tax.
TAN of deductor/collector: Enter the TDS Account Number (TAN) of the entity which deducted tax.
Any other relevant details: Enter any other information you wish to declare.
Please note that details such as TAN are not mandatory for capital gains etc. where the tax deductor is an individual and hence may not have a TAN.
c. Income from capital gains
If you have other income from capital gains, please go to the table under "Income from capital gains," in which you can enter the total amount of other income from capital gains. The amount can have a maximum of two decimal places. You can enter the value of both long terms and short term capital gains for the year from sale of equity and other investments in the respective fields.
i Equity
Long-term gains: Please enter the amount with a maximum of two decimal points.
Short-term gains: Please enter the total amount with a maximum of two decimal points.
ii. Other Investments
Long-term gains: Please enter the amounts under "With indexation benefits" and/or "Without indexation benefits." Please note that for a single asset you should enter either the capital gain value either with indexation benefit or without indexation benefit. If you enter values in both fields it would be presumed that you have capital gains from more than one property and that for some properties you have entered capital gains with indexation benefit and for some other properties you have entered the amount without indexation benefit.
Short-term gains: Please enter the total amount with a maximum of two decimal points.
d. Income from business
If you have income from business, please go to the income field under "Income from business," in which you can enter the total amount of other income from business for the year. The amount can have a maximum of two decimal places.
NOTE:
For any further information regarding deduction in respect of income from other sources (income from capital gains, equity, other investments, and business,) please refer to http://law.incometaxindia.gov.in (You can refer Section 111A, for Tax on short-term capital gains in certain cases and Section 112 for Tax on long-term capital gains.)
Please note the tax amount entered cannot be more than 10% of the income declared as other income.
Whatever you declare as "Other Income" will be added to our salary for the calculation of income tax. Also, if you declare any tax, the same will be used for the purpose of the tax amount deducted.
Proof Submission for Other Income
You need not submit any proof for your other income.