Top 7 Unusual Types of Income you should Include on Your ITR
Non disclosure of income or assets will catch u in Black money Act and Binami Transaction Act. So one should take the expert advise to determine a particular income as taxable on non taxableincome . There are several incomes like dividend income, agricultural income, exempted leave encashment, exempted interest, exempted gratuity ,minor income (to the extent of Rs 1500) etc which are exempt still needs to be disclosed.
There is a wrong notion that if tax is deducted on the interest no need to disclose again but it will leads to getting notices because once the tax is deducted the same will be capture in form 26 AS . In the absence of mismatch of form 26 AS with the return the department will come up with addition of the income.
There will be certain incomes like below will also be required to disclose in tax return :
- Winning from lotteries
- Gambling
- Winning from races include Horse races
- Gift
- Bonus
- Realization of bad debts
- Capital gains by sale of property.
The income should be disclosed in the year of receipt and can claim the respective TDS
