How to fill income from other sources in ITR-1 for FY 2019-20

Apart from salary and income from house property, an individual is also required to report income from other sources such as interest from savings bank account, fixed deposit (FD), dividend income etc. while filing their income tax return (ITR).

The ITR forms notified by the government asks the taxpayers to provide the full details of the income received by them during the FY 2019-20 i.e. the source of such incomes have to be provided in the ITR form.

Here's how you can report income from other sources in ITR-1. A drop down menu has been given in the ITR form to select and choose the type(s) of income received by you.

Also read: How to file ITR? Here's the complete guide

The drop down menu has five options:

• Interest from Savings Account
• Interest from Deposit (Bank/Post office/Co-operative society)
• Interest from Income Tax Refund
• Family Pension
• Any other

Let's have a look at the details that you are required to fill in and where.

1. Interest from Savings Account
The first option from the drop down menu is 'Interest from Savings Account'. Under this, you are required to enter the total amount of interest received from all the bank savings accounts and post office savings account held by you during the year.

To get this information, you can either check the savings account interest entries in the passbooks of all the bank accounts and post office accounts held by you during the year or visit the bank or post office branch to collect the interest certificates.

Nowadays, one can also download interest certificates via the Net banking facility.

2. Interest from Deposit (Bank/Post office/Co-operative society)
If you have invested in fixed deposits, recurring deposits (RD) with bank/post office or any scheme of the post office like the Post office Time Deposit (POTD), Post office Monthly Income Account (POMIS), Senior Citizen Savings Account (SCSS) and so on, then you will have to select the second option from the drop down menu.

In this row you are required to enter the total amount of interest received by you from various deposits in FY 2019-20. You can visit your bank branch or post office branch to collect the interest certificates for the same. If the TDS is deducted from your interest payment, then bank/post office is required to issue you Form-16A providing the details of interest paid and tax deducted during FY 2019-20.

3. Interest from Income Tax Refund
As per the Income Tax Act, tax refund received by you is not taxable in your hands but the interest received on it is taxable. The interest on income tax refund is paid by the department if the refund amount is more than 10 per cent of the tax paid.

You can check the interest amount received by you from Form 26AS. It shows the amount of refund and interest paid on it separately.

4. Family Pension
Pension received by the survivor of a government employee is called family pension. Usually, it is paid to the spouse of the government employee. Unlike pension which is directly received by the government employee and is taxable under the head, 'Income from Salaries', family pension is taxable under the head 'Income from other sources'.

If you have received family pension, don't forget to claim standard deduction under section 57. The deduction amount is equal to the lower of one-third of the pension received or Rs 15,000, as per current income tax laws.

5. Any other
Apart from the incomes mentioned above, if you have received any other income which is taxable in your hands, then you are required to enter the details related to the same.

There are many other incomes that are taxable under the head 'Income from other sources'. These include interest income from company FDs, sovereign gold bonds and so on. One can update his/her bank passbooks and check for interest received from any other sources except from the sources mentioned above.

Remember gifts received by you can also be taxable depending on the value of the gift, occasion for which it is received and from whom you have received it. Gifts received on the occasion of marriage are fully exempt from tax.