Which ITR to file for income from other sources?

Let me help you with which ITR form for income from other sources to be filed. If you earn income from sources other than salary, business, capital gains, or house property such as interest on savings and fixed deposits, dividends, family pension, casual earnings, or gifts exceeding Rs. 50,000 you need to report it under the “Income from Other Sources” head in your ITR.

Which ITR for Income from Other Sources?

• For most resident individuals with total income up to Rs. 50 lakh, ITR‑1 (SAHAJ) is the correct form, as it caters to incomes from salary/pension, one house property, and this category of “other sources,” excluding lottery/sports winnings or income from racehorses.

This category includes interest from savings accounts, fixed or recurring deposits, post‑office schemes, dividends from investments, family pension (after a deduction of Rs. 15,000 or one‑third of the pension, whichever is less), and even gifts over Rs. 50,000 or casual incomes like prize money though lottery-like winnings at a flat rate of 30% are not permitted in ITR‑1.

• In ITR‑1, the section B3: Income from Other Sources requires you to declare total gross income under this head and any related deductions under Section 57 (for expenses directly related to earning that income).

For example, interest on a savings account qualifies for a deduction of up to Rs. 10,000 under Section 80TTA; any excess interest remains taxable. Similarly, dividend income is fully taxable at slab rates, but you can deduct up to 20% for related interest expenses.

Gross earnings under this head are summed up, and after allowable deductions, form the “Net Income from Other Sources,” which adds to your total taxable income.

• If your only income is from salary, one house property, and other sources (excluding lottery, gambling, capital gains, business income, foreign income, or multiple house properties), and your total income does not exceed Rs. 50 lakh, filing ITR‑1 is appropriate.

• However, if you have lottery or gambling income, capital gains, or foreign assets, you must choose ITR‑2.

Hope this helps!

Income tax is levied on the basis of five different sources: salary, house property, business/ profession, capital gain & income from other sources. You may have filed your income tax but you may be wondering ‘Which ITR to file for income from other sources?’  Well, this is a very important question one must ask themselves while filing income tax. So, I will share with you which ITR for income from other sources. 

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Which ITR form for income from other sources?

When you are filing taxes you may become confused as it's hard to interpret what comes under income from other sources and this confusion can create trouble. So, let me clear the doubt regarding which ITR form to fill for income from other sources.

To know which ITR form to use for income from other sources, you will need to understand what is Income from other sources.

What is income from other sources?

By the name, you will realise that the income we earn from other sources is the income from other sources. Common examples are:

• Interest Received from Fixed Deposits

• Dividends Received

• Amount received as a Family Pension

• Saving Bank Account interest earned

• Interest income on Income Tax Refund amount

• Interest received on securities

• Any other type of Interest Income like interest from Loan given to Relative

• Gift Income 

• Winnings from Lotteries, crossword puzzles, races including horse races, card and other games including gambling, betting etc

• Any earnings from employees like PF contributions etc that are not taxed PGBP (Profit and Gains of Business and Profession).

• Income from subletting of flat/ house.

To file income tax you will need ITR 1 Sahaj Form.

While filing the tax on ITR 1 you will need to disclose all the income from every source as a total amount. 

I hope you know which ITR to file for income from other sources now.

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