When we file our Income-tax return, we tend to specifically include our main Sources of Income like Income from salary, Income from business or profession, etc. But many a times, we skip to include some Incomes which come under the head “Income from other sources”.
Some of these incomes which we forget to include are Interest income from Savings bank accounts, Interest on Fixed Deposits, Interest on Post office savings account etc. Such interest Incomes are to be included under “Income from other sources”. People tend to think that if TDS is deducted on such interests, they are not required to show the same in their Income-tax return. However, it’s a misconception! All these Interests should be included otherwise there will be mismatch of income in your 26AS and you may receive a notice from Income-tax department. Some of us have a wrong notion that FD Interest income is included within the Rs 10,000 deduction under section 80TTA. But it is not so. Deduction upto Rs.10,000 is allowed only on Savings bank account interest, whereas FD interest income is fully taxable.
There may be a question as to under which head is “Family Pension” taxable. It is taxable under the head “Income from Other Sources”.
Apart from the Incomes mentioned, you might have earned a prize money from games, crossword puzzles or lotteries etc., but people do not include these. However every big and small amount should be included. Make sure you do not skip these while filing your Income-tax returns.