What kind of income from other source we can tell to it

ITR 1538 views 10 replies

most of We all fill ITR 2 below 2.5 lakh and shows income as other source - Like tuition and other things

can income tax department ask to verify other source 2 if they do send notice what would be good reply to that notice (Like what should I reply that I did that and got income from other souce) which it department cant Denial   
 

Replies (10)
we can not mentioned income from other source, we have to specify the source of income.
if income tax department is not satisfy from source of income then they can apply 30% tax as in disclose income and can also impose penaly.

I Never did  wink  they just ask income from other souce nothing else  if u fill the return online 

Freelancing work , tuition income ( to nursery by teaching numbers and A to Z ), Income from sewing and stitching , Income from tiffin service , Income from Gruhudyog ( aachar - papad ), Income from freelancing book keeping and accounting. Income from drawing classes , craft classes , mehendi classes. Income from chocolate making and selling , Income from cooking classes.
just show as interest income... further if they ask tell that v have lent some money to the relations and near by persons for interest.. while showing cash in assets just add the word 'monies lent' as cash in hand and monies lent
again if they ask how much the rate of interest u may charge... reply them as actually the money has lent to the relations so we won't get interest on the specified rate, whatever they gives as interest is the income for us..
Originally posted by : Raj C Doshi
Freelancing work , tuition income ( to nursery by teaching numbers and A to Z ), Income from sewing and stitching , Income from tiffin service , Income from Gruhudyog ( aachar - papad ), Income from freelancing book keeping and accounting. Income from drawing classes , craft classes , mehendi classes. Income from chocolate making and selling , Income from cooking classes.

good one  

Originally posted by : Riya Jain
most of We all fill ITR 2 below 2.5 lakh and shows income as other source - Like tuition and other things

can income tax department ask to verify other source 2 if they do send notice what would be good reply to that notice (Like what should I reply that I did that and got income from other souce) which it department cant Denial   
 

Income Tax Department can ask the Sources of Such Income but they will not ask for the proof for the same as any cheque or something like that. Because 

Income from other sources is a residuary head of income i.e. income not chargeable under any other head is chargeable to tax under this head. All income other than income from salary, house property, business and profession or capital gains is covered under 'Income from other sources'

Good to know  smiley 

Originally posted by : Riya Jain
Good to know   

Thanks


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