Claim Expenses for Other Incomes
You can claim certain expenses against Other Incomes in your tax return, including:
- Interest on loans: If you've taken a loan to earn income from investments like bonds or fixed deposits, the interest paid on that loan can be deducted.
- Commission or professional fees: If you pay commissions or fees to earn income from sources like lotteries or horse racing, you can claim them as expenses.
These deductions help reduce your taxable income under the head "Income from Other Sources."
Steps to claim expenses for other incomes
- Navigate to File > Incomes > Other Incomes, then click Any Other card
- Add both your income earned and expenses incurred
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