There are millions of people who file income tax return in India at the end of each financial year. Also, it is mandatory to file returns for individuals/HUFs/companies whose income exceeds the basic exemption limit set by the Income Tax Authority. In the mid of ITR period, the tax department has integrated certain changes in ITR Forms such as ITR 1, ITR 2 and others form for the FY 2018-19. Presently, for the Assessment year 2019-20, the filing details has changed under the head ‘Income from other sources’ in the ITR-1 form.
What is ITR-1?
ITR-1 form, also known as Sahaj is one of the ITR Forms that is generally filed by the taxpayers who have income from different source. It is the simplest one-page form which needs to be filed by those taxpayers who have an income of up to Rs. 50 lakhs. This income could be from any or all of the following sources –
- Income from salary or pension
- Income from one house property (except in cases where loss has been brought forward from previous years)
- Income from other sources excluding income from lottery winnings, race horses, etc.
What is Income from Other Sources?
Income from other sources comprises of any income which does not fall under the heads of Salary, House Property, Business & Profession and Capital Gain will fall under the head Income from Other Source.
Here are the following details about how to fill of Income From other sources in ITR-1 for the FY 2018-19-
Interest from Savings Account– Under this, individuals are required to put the amount of interest received from all banks savings accounts and post office savings account held by the taxpayers during the year.
Interest from Deposit (Bank/Post office and others)- If you have invested in fixed deposits, recurring deposits or any other investment in the financial year 2018-19, then you have to select the option from the menu.
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.
Family Pension- Pension received by a family member is taxed under income from other sources while filing your Income Tax Return. Usually, it is paid to the spouse of the government employee. Additionally, pension received by a family member is considered as taxed under income from other sources. However, a pension can be of two types commuted and uncommuted. If you are a government employee and you are getting pension then you are eligible to enter the details in Income From other sources while you apply for ITR filing.
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.
At last, if you are planning to file your income tax return, you must be a registered user on the income tax website. The process of registering yourself is quite easy.