In this post, we will see Other Sources of Income entry in Saral TDS for an employee.
What is Other income?
Other Income generally consists of any income received by an employee other than the salary, house property, capital gain, and business. This income can be a recurring income like interest on bank deposit, family pension, rent on plant & machinery, etc. or a non-recurring income like winning a lottery or game show, etc.
For making TDS deduction from employee salary, the employer can consider these incomes during tax computation, if the employee has self-declared these incomes.
In Saral TDS, the details of Other Income can be entered as explained below.
To begin with, firstly, go to Tax Computation under Form 24Q and select the employee for whom the detail has to be entered. Now, click on “…” button next to Add: Any other Income Reported row.
The details entry window will be displayed. The details of all declared income, other than salary will be entered in this window. Here, click on “…” button next to Income from Other Sources row.
On display of Income from Other Sources window, the different kind of incomes available under this head of income can be viewed.
Here, select the type of income sources declared by the employee and enter the details given.
- This window is broadly divided into two types of income i.e., Recurring Income & Non-Recurring Income.
- Recurring Income will be added to the normal income i.e., Salary income for Tax Computation whereas Non-Recurring Income will be specially taxed at 30%.
Sources like Interest from Bank Deposit & Interest on NSC can be entered in bulk or in detailed. To enter the detailed information, enable the checkbox Details and click on “…” button.
In the detailed window, enter the details of interest received from each individual source.
Likewise, for all the other incomes, click on “…” button and enter the income details, as applicable.
The total income computed will be shown in the main tax computation window and considered accordingly for TDS.
In this way, the other source income can be entered in Saral TDS.