ITR 2024: List of income sources you need to include while filing income tax returns

Filing income tax returns (ITR) can be daunting, especially if you do it on your own without the help of experts. There are many declarations and documents to upload while filing your income tax returns. If you keep it till the last moment, then completing it in haste may be overwhelming and you might omit declaring certain income sources. Not disclosing the sources of income may cause serious problems later.

Here, we’ll discuss the various income sources you must declare while filing ITR:

Income from investments

Interest earned from savings accounts and fixed deposits is taxable based on your income tax slab. However, individuals and HUFs (Hindu undivided Family) can claim a deduction of up to ₹10,000 per year under Section 80TTA for interest from savings accounts and fixed deposits. For that, you need to submit Form 15G or 15H, and the bank won't deduct TDS from your interest income.

Income from the insurance commission

For an insurance agent, certain ad hoc deductions are available if the total commissions earned are less than ₹60,000. It will be deducted from the commission income under the Profits & Gains of Business & Profession. Commissions earned above ₹60,000 are considered the same as those of a freelancer or a professional.

Income from rent

Income from property is taxable, be it commercial, residential or industrial. A residential house, office building, factory, shop, hall etc., all are taxable. One has to pay tax for not only the actual income but of the deemed rental from the property. One must never miss declaring it while filing an ITR, despite being a hassle.

Income from family pension

Regular pension payments are fully taxable just like a salary. If you receive a lump sum pension, it may be tax-free if you are a government employee. For private sector employees, only part of the lump sum pension might be tax-free.

Income received as fees for professional services

Side gigs may often be overlooked while filing ITR because they are not consistent as salaries most of the time. But, even side hustle income can’t be omitted in ITR filing. In freelancing, taxes are usually calculated on the profit earned. This means you deduct any legitimate expenses related to your work from the income or fees you receive.

Documents to be uploaded during ITR filing

The documents you need to file ITR include Form 16, Form 16A/16B/16C, Form 26AS, investment proofs, home loan statements, and Statement of Capital Gains.

Remember, always be prompt in filing your income tax return and do not wait until the last moment so that you do not miss out on anything in a hurry.