How is other income taxed

Further, you enjoy a deduction upto Rs 10, on interest received from savings account and recurring deposits. While senior citizens get a deduction upto Rs 50, on their interest income from fixed deposits. Therefore, you will not be taxed on this sum you have received.

Yes, you can deduct expenses directly related to getting that income. The tax-saving FDs come with a lock-in of 5 years. The amount you invest can also be claimed as deduction under Section 80C subject to a maximum limit of Rs. But like a regular FD, the interest is fully taxable. Any individual whose income exceeds Rs. If the bank has deducted TDS and your income does not exceed Rs. Thank you for your response.

Are you a salaried employee? Download link sent. What do you do when banks deduct excess TDS? Home Income Tax Other income sources. I have received dividend from an Indian company this year. Is this taxable as income from other sources? What is the tax treatment of dividend received from a foreign company. Is dividend received from mutual funds taxable? I have received prize money worth Rs 2 lakhs by participating in a game show. Is this taxable? I have interest income from a fixed deposit, a recurring deposit and a savings account.

What is the taxability? Do I have deductions available on such income? On the occasion of my marriage, I received Rs 1 lakh in cash from my father. Will this sum be taxed? What are tax-saving FDs? I earn income solely from fixed deposits.

Do I have to file an income tax return? You can report income from salary, one house property, other sources and agricultural income up to Rs 5, Market Watch. ET NOW. Brand Solutions. Video series featuring innovators.

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Learn what education credits and deductions you qualify for and claim them on your tax return Get started. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Skip To Main Content.