The last date for filing ITR is 31st July. After this, if you file ITR, then you will have to pay a penalty. Do not leave any information incomplete while filing ITR in a hurry. People filing ITR at the last minute may not want to give details of these 4 types of income to the government. Otherwise you may get into trouble. Let us see what are these 4 incomes.
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Income from interest- If you have received interest from savings account, term deposit and FD of bank or post office, then definitely provide the information about it. The interest earned becomes taxable after a certain limit.
Income from Capital Gains- Income received from sale of shares, property and securities etc. The tax rate on capital gains varies. It can range from 10 per cent to 20 per cent in different cases. There are 2 types of capital gains. Long term and short term.
Gift- Gifts to you in a financial year or any amount received from your family members or property can be taxable. Therefore, do not forget to enter its information in the ITR form. It is worth noting that there is no tax on gifts up to Rs 50,000 in a year.
Prize or Lottery- If you have received any amount in prize or lottery, then the total amount is taxed at the rate of flat 30 percent. Therefore, give this information to the government as well and avoid any kind of trouble.
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