ITR Filings: Remember to Include These Incomes

The Central Board of Direct Taxes has extended the deadline for filing ITR to 30 September 2021 for regular taxpayers because of the second wave of the coronavirus pandemic. With time left for filing, do not forget the incomes mentioned below. 

Income from Investments

It is advisable to report interest earned from savings accounts, fixed deposits, and other investments since it is eligible for a tax deduction. For taxpayers below the age of 60, the interest earned from savings accounts is eligible for a tax deduction of up to Rs.40,000. For taxpayers who are 60 years and above (senior citizens), the interest earned from investments is eligible for a tax deduction of up to Rs.50,000. 

Income from House Property

If you own more than two house properties, the additional properties are treated as properties on rent, and you will be charged tax under this head. You will have to include the notional rental income, which is the rent you received had the property been on rent. House properties can be your home, a shop, a building, an office or land attached to a building. Only properties used for a business or profession will be taxed under “income from business and profession”. 

Minor’s Income

Under Section 64(1A) of the Income Tax Act, income accrued to a person under the age of 18 is clubbed to the income of the parent whose income is higher. This section is applicable when the income is higher than Rs.1,500. The income can be from investments under the name of the minor such as through fixed deposits, savings, or other investments.

An exemption is available for up to Rs.1,500 per child, up to two children. Income earned through any activity which requires special knowledge or talent or suffers from disability under Section 80U, then the income is not clubbed. 

Income from Other Sources

The last of the five heads of income under the Income Tax Act includes all the income that cannot be exempt or charged under the other heads. It consists of the dividends received interests from deposits and bonds, income through winnings, and gifts received, if any.

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