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How to fill income from other sources in ITR-1 form ITR filing for AY 2019-20
May, 30th 2019

Income tax return filing for the assessment year 2019-20 is going to be little difficult as the income tax department has made few changes to the ITR forms this year, requiring taxpayers to provide additional information about the source of their income.

One such change in ITR-1 form this year is under the head 'Income from other sources'. Last year the ITR-1 form had asked for only the aggregate amount of 'Income from other sources', but this year the revised ITR-1 form seeks detailed break-up of incomes including 'Income from other sources'.

In the e-filing utility, a drop down has been provided in the ITR-1 form to select and choose the types of income received by you. The drop-down includes five options:

Under this head, taxpayers need to enter the total amount of interest received from savings accounts held with different banks, post offices. These details can be found either from the bank passbook/statement or net banking.

Interest from deposits

If you have any fixed deposits or recurring deposits with any bank or post office or with any co-operative bank, then you will have to select this option from the drop-down menu and fill the total amount of interest received from such deposits. If your bank has already deducted TDS from interest payment, then collect Form-16A from the bank as it mentions the details of interest paid and tax deducted during the previous financial year.

Interest from income tax refund

As per I-T laws, interest received on income tax refund is taxable. The I-T department pays tax on I-T refund if the refund is more than 10% of the tax paid.

Family Pension

When a government employee dies before retirement, his spouse gets family pension. Unlike pension, which is paid to a government employee and is taxable under the head, 'Income from Salaries', family pension is taxable under the head 'Income from other sources'.

Those who get family pension are also entitled to get standard deduction under Section 57. The deduction amount is equal to one-third of the pension received or Rs 15,000, whichever is lower.

Any other

If you have received any income in the previous financial year from any sources other than the four mentioned above, then you are required to enter the details related to the same under this head. Incomes such as interest from corporate fixed deposits, sovereign gold bonds are mentioned under this head.

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