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Taxes

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


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

1. Interest from Savings Account 

The first option from the drop down menu is 'Interest from Savings Account'. Under this, you are required to enter the total amount of interest received from all the bank savings accounts and post office savings account held by you during the year. 

To get this information, you can either check the savings account interest entries in the passbooks of all the bank accounts and post office accounts held by you during the year or visit the bank or post office branch to collect the interest certificates. 

Nowadays, one can also download interest certificates via the Net 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.