Add Other Incomes

Add Other Incomes

If you’ve earned income beyond salary, business, or capital gains—such as interest, dividends, royalties, or gifts—these are classified as Other Incomes.

Steps to Add Other Incomes

1. Navigate to the Save Section

  • Go to the Save tab from your dashboard.

2. Edit Tax Situation

  • Click on Edit next to My Tax Situation to make updates.

3. Add Other Incomes

  • Under the Other Incomes card, click Add Other Incomes to get started.

4. Choose the Type of Income

  • Select from a wide range of categories:
    • Interest Income (e.g., savings account, FD, EPF, PPF, IT refund)
    • Dividend Income (earned from shares or mutual funds)
    • Gift Income (monetary, movable, or immovable)
    • Royalty Income (from books, patents, etc.)
    • Any Other (family pension, exempt income, agricultural income, or miscellaneous)

Let’s explore each category:

1. 💰 Interest Income

Report interest earned from various financial instruments, including:

  • Savings Account
  • Fixed Deposit (FD)
  • Employee Provident Fund (EPF)
  • Recognized Provident Fund (RPF)
  • Income Tax Refund
  • Public Provident Fund (PPF)
  • Other Interest Sources (e.g. corporate bonds, NBFC deposits)

Note: If the total interest exceeds ₹10,000 in a year, banks may deduct TDS @10%. But don’t worry—you can claim deductions under Sections 80TTA or 80TTB!

2. 📈 Dividend Income

Earned dividends from stocks or mutual funds? Add them under the respective quarter in which they were received, along with any related expenses (like DP charges):

  • Quarter 1: 1st Apr – 15th Jun 2023
  • Quarter 2: 16th Jun – 15th Sept 2023
  • Quarter 3: 16th Sept – 15th Dec 2023
  • Quarter 4: 16th Dec 2023 – 31st Mar 2024

3. 🎁 Gift Income

Received a generous gift from a loved one? Declare it under the appropriate category:

  • Monetary Gifts
  • Movable Gifts (e.g., jewelry, vehicles)
  • Immovable Gifts (e.g., house, land)

Note: Gifts from relatives are usually tax-exempt, but it’s important to report them correctly.

4. 📚 Royalty Income

If you’ve earned royalties from intellectual property, include them here:

  • Royalty from Books
  • Royalty from Patents

5. 🧾 Other Incomes

This section covers any income that doesn’t fall under the categories above:

  • Family Pension
  • Exempt Income (such as agricultural income)
  • Agricultural Income
  • Other – Got a unique income source? Add it here with a short description.

Note: Use the “Other” option to make sure no income goes unreported—even if it’s out of the ordinary.

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