The filing of income tax returns for the financial year 2024-25 (assessment year 2025-26) has started. This time the date for filing returns has been extended to 15 September 2025.
In such a situation, if you are preparing to file your return, then it is very important for you to know on which income sources tax has to be paid. Tax experts say that it is common for a taxpayer to have more than one income. This can be from salary, rental income or business. In such a situation, it is necessary to give information about all income in the return. You may get a notice from the Income Tax Department for hiding the income source. If the mistake is caught, you may have to pay a fine. So let us tell you on which 5 income sources tax is levied.
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5 sources of income on which tax is levied
1. Income from Salary: Taxable salary includes basic salary, all allowances, perks and bonuses etc. which fall under the taxable category. Taxpayers whose monthly salary is their sole income should file their income tax return through ITR-1 form.
2. Rental Income:
If one owns a property that is rented out, the rent earned from it is taxable. Eligible taxpayers under this income section can file their ITR through ITR-1 form.
3. Capital Gains:
Long and short term capital gains, as well as profits earned from the sale of shares, mutual funds and property, are income taxable.
4. Income from Business:
Small businesses, freelancers, small agency owners and those with professional income or entrepreneurs fall into the tax slab. Taxpayers in this income category should fill the forms numbered ITR-4, ITR-5 or ITR-6 depending on their respective income categories.
5. Income from other sources:
Citizens receiving interest income of more than ₹50,000 from fixed deposits or bonds, share dividends, gifts, game shows, lucky draws, lottery prizes, etc. fall under the ‘other sources’ slab.
According to tax experts, it is necessary to give information about these 5 incomes while filing returns. If your income is outside the scope of tax, then you will not have to pay any tax. If it comes within the scope of tax, then you will have to pay tax according to the income tax slab you fall in.
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