Which all income come under income form other sources in ITR-1?

POSTED BY Dr.Sachin ON July 12, 2014 8:29 am COMMENTS (14)

Hi,

My doubt is regarding filling of ITR-1 excel sheet. I have following things

1. FDs

2.PPF

3. Post office RD

4. Mutual Funds

5. Savings Bank accounts

Do i need to enter the interest credited in all the above categories to the column “income from other sources’ of ITR-1? Is any of the above exempted? Like PPF?

14 replies on this article “Which all income come under income form other sources in ITR-1?”

  1. Hemanth Chandra says:

    I am not getting a reply option for your comment…. so commenting here…..

    All the investments made in tax saving mutual funds are tax exempted under Section 80 C. So you can declare all the money that you invested in FY 2013-14 under 80 C.

    Hope, everything is clear for you to proceed now…. 🙂

    1. Dr.Sachin says:

      Thanks Mr Hemanth. 🙂
      [Also kindly check ur fb inbox (other msgs section). thnx! ]

  2. Hemanth Chandra says:

    No…..

    What ever you enter here is taxable.

    Only from FDs, RDs (from bank or post office) have to be entered here.

    Interest from PPF is exempt, so don’t enter here…. you can enter it in ‘Exempt Income’ field. (this field is in last but one tab in ITR1….)

    Interest from savings account is exempt from income tax upto 10k ….. This also u can enter in ‘Exempt Income’ field.

    Interest income from mutual funds can be STCG (Short Term Capital Gains) or LTCG (Long Term Capital Gains) depending on type of fund and time invested…. this cannot be entered in ITR1….. You have to fill ITR-2 for the same….

    Hope…. I am clear…. let me know if u need more info.

    1. Dr.Sachin says:

      Thanks.
      Mine was ITR 4 actually. I was mistaken. Even then your reply holds valid i guess. Thanks.

    2. Dr.Sachin says:

      Few more clarification required. Let me clarify my question first.
      1. FD interest – It comes to around 1700 only. Do i need to show in iTR 4? Where?
      2.PPF – Im not withdrawing any PPF money. Even then do i need to show the interest credited in any part of my ITR 4?
      3. Mutual Funds – I just invested. Started investing in May 2013. Didnt redeem any amount. Do i need to show?
      5. Savings Bank accounts – Do i need to show the inteerst earned from SB accounts too? At which part of ITR 4?
      [NB: I file ITR 4 since Im a professional. But my income is from salary only]

      1. Hemanth Chandra says:

        Are you sure you have to file ITR – 4 ?

        As per my knowledge if you are getting pnly salary, ITR-1 should be fine…..

        1. Dr.Sachin says:

          Thanks Hemanth. I wil see to it.
          But the main part of my query remains un answered. Regarding the interest earned from various investments. Kindly help me

          1. Hemanth Chandra says:

            I have already answered in my first answer

            1. Dr.Sachin says:

              Thanx Hemanth,
              Needed few more clarifications on that answer . Thats y. Kindly forgive. Cos im a beginner.
              ok. ur reply:”Only from FDs, RDs (from bank or post office) have to be entered here. Interest from PPF is exempt, so don’t enter here”
              Actually I was confused with the ‘here’ term. Where exactly in ITR 1(ok. i guess it should be ITR 1) it needs to be entered?
              Thanx

            2. Dr.Sachin says:

              Also for the queries regarding MF and SB account in detail.
              ie. “Mutual Funds – I just invested. Started investing in May 2013. Didnt redeem any amount. Do i need to show in ITR?
              Savings Bank accounts – Do i need to show the inteerst earned from SB accounts too? At which part of ITR ?”
              Kindly be specific about MF and SB account too(apart from FD, RD, PPF).
              Sorry to bother you again and again

            3. Hemanth Chandra says:

              np Sachin…. 🙂

              As your income is only from ‘Salary’ only ITR-1 is to be filled.

              Only income from FDs, RDs (from bank or post office) have to be entered under ‘Income from other sources’.

              Interest from PPF is exempt, so don’t enter here…. you can enter it in ‘Exempt Income’ field. (this field is in last but one tab in ITR1….)

              Savings account – Interest from savings account is exempt from income tax upto 10k under 80 TTA….. so add this interest income along with your RD or FD interest in ‘Income from Other Sources’ field and enter the Interest from savings account again under 80 TTA…. So you will get the interest exempted….

              Mutual Funds : As you have not redeemed anything till now, you just no need to enter anything in the ITR…..

              Also, are the investments that you made in mutual funds are any tax saving mutual funds….

            4. Dr.Sachin says:

              Thanks for ur patience and detailed reply Mr Hemanth. Now its almost clear.
              My mutual fund investments are there in tax savings funds as well as normal funds

            5. Hemanth Chandra says:

              Ok… when have you invested in tax saving mutual funds….

            6. Dr.Sachin says:

              Started the SIP in September 2013 and continuing

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today