Other Income
Add Foreign Other Sources Income
If you’ve earned income such as dividends from foreign stock holdings, interest from foreign bank accounts, or any other miscellaneous income from outside India, it must be reported under Other Income when filing your tax return. Steps to Add Foreign ...
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 ...
Add Royalty Income
Royalty income refers to the earnings received when someone pays you for the right to use your intellectual property—such as a patent, copyright, or natural resource. For instance, when authors allow publishers to sell their books, they receive a ...
Declare your Exempt Incomes
Exempt income refers to earnings that are not taxable under the Income Tax Act. However, even though these incomes are tax-free, you are still required to report them in your tax return. Common examples include: Gifts received within specified limits ...
Report Gift as Income in Your Tax Return
Receiving gifts is always a joy, but did you know that certain gifts can be taxable? If the total value of gifts you receive in a financial year exceeds ₹50,000, you are required to report it as income in your tax return under "Income from Other ...
Add Dividend Income
Companies distribute dividends to their shareholders as a share of their profits. The amount received depends on the number of shares held by the investor. For tax purposes, dividend income is classified under the head "Income from Other Sources." ...
Manage Family Pension Income
Family pension is the amount received by the spouse or dependent family members after the death of a government employee or other eligible individual. It is intended to provide financial support to the family after the passing of the primary earner. ...
Manage Interest Income
In India, saving is often valued over spending—and interest income plays a key role in helping individuals grow their wealth steadily. It is the income earned from various financial instruments such as fixed deposits, savings accounts, bonds, and ...