Description
What type of income from other sources are classified as?
- Dividends are always taxed under income from other sources. However, dividends from a domestic company are normally exempt from tax, as the company declaring dividend pays dividend distribution tax.
- Interest on Fixed deposits, saving bank interest, tuition fee.
- Winnings from lotteries, crossword puzzles, races including horse races, card game and other game of any sort, gambling or betting of any form are classified as income from other sources.
- Interest received on compensation or on enhanced compensation is taxed under the head “Income from other sources”.
- Gifts received by an individual or HUF (which are chargeable to tax) are also taxed under this head.
Services Covered
- Assistance on income tax queries like issues relating to deduction, tax saving, classification of income etc
- Filing of Income Tax return
- Assist in payment of challan for discharging tax liability
- Review of Computation of tax and file return once approved by you
For Whom this plan is?
- Any individual, HUF having income from sources like interest, dividend, tuition fee, commission, brokerage
- Not applicable for any income form income from Business & Profession
Documents Required
- Details such as PAN card no, AADHAAR CARD
- Bank details such as Account no., IFSC code
- Bank Account statement
- Proofs of Investments such as LIC premium paid, fees of children etc
- Details of any Advance Tax deposited
- Detail of TDS deducted on such income
- Detail of income from sources like interest on fixed deposit, commission/brokerage earned, tuition fee.
- Any other detail as required
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