ITR Filing -Income from other sources.

Description

Documents Required:

1. Agricultural Income Records (if applicable)
   • What it is: Statements or records showing income generated from agricultural activities, such as crop sales, farm produce receipts, or income summaries provided by agricultural buyers or cooperatives.
   • Purpose: Although agricultural income is generally exempt, it is required for accurate calculation of total income, especially if applicable for tax slab purposes.
2. Dividend Income Details
   • What it is: A summary of dividends received from stocks, mutual funds, or other equity investments. Statements may be obtained from your broker, depository, or investment platform.
   • Purpose: Ensures that all dividend income is reported accurately, as it is subject to tax above certain limits.
3. Closed Fixed/Recurring Deposit Account Statements
   • What it is: Statements from the bank showing details of any fixed or recurring deposit accounts closed during the financial year, including interest earned.
   • Purpose: Provides necessary information to report interest income from closed deposit accounts, which is taxable.
4. Interest Certificate from Bank
   • What it is: A certificate issued by the bank for interest earned on savings accounts, fixed deposits, and other bank accounts during the financial year.
   • Purpose: Summarizes interest income that needs to be reported, ensuring accuracy in taxable income calculations.
5. Bank Statements for the Financial Year
   • What it is: Statements from all active bank accounts covering transactions throughout the financial year.
   • Purpose: Helps in identifying various income sources like interest, dividends, and capital gains, all of which need to be declared in the Income Tax Return (ITR).
6. Total Number of Bank Accounts Held During the Financial Year
   • What it is: A list of all bank accounts (including closed accounts) held at any time during the financial year.
   • Purpose: Disclosing the number of bank accounts aids in compliance with tax regulations and provides transparency on income sources.