In this post, we will see on entering the details of any other sources of income in Saral Income Tax.
Other Source of income is any income received by the Assessee apart from sources like Salary, House Property, Capital Gain and Business. Such income will also form a part of the taxable income and taxed in the hands of the Tax Payer.
Other sources of income will include income from;
- Interest on Bank Securities & Deposits
- Investments in Bonds
- Rental Income
- Family Pension
- Gifts and other credits
- Royalty, etc.
In Saral Income Tax, these incomes will be captured as applicable during IT computation and return filing. The process of entering other sources of income is as explained below;
The type of other sources of Income will differ from ITR to ITR.
To begin with, go to Other Sources option in the Tax Meter.
The screen displayed will list the sources of income depending on the ITR selected.
Identify the required sources of income and click on “…” button next to the sources.
The relevant data entry window will be displayed. Here, enter the income received from a particular source. In case of any standard deduction is applicable for the particular sources of income, the software will automatically calculate such deduction.
Any exemption to be claimed on the income has to be entered in the relevant field shown in the window.
The final value will be displayed on the main screen of Other Sources window.
The income taxable from the different sources will be taken for tax computation with other incomes.
In the case of income from special sources of income, the details of such income have to be given in the respective section.
These incomes have a special rate of tax and the income will not be considered with other incomes. The tax rate is determined to depend upon the type of income selected. Like Casual income has a rate of 30%, Royalty u/s 115BBF has 10%, Income from countries under DTAA will take the rate applicable as per DTAA, etc.
The tax calculated on such income can be viewed at Total Tax Screen in Tax Meter.
This tax amount will add up to the normal tax (calculated on other income as per IT slab) and Total Tax Payable will be derived.
This completes the post on Other sources of Income in Saral Income Tax.