ITR Filing for Other income
Hey finance fam,
I wanna know something which is kinda a grey area. I have income other than my salary and I want to know the consequences if I don't report that.
- Interest from SGBs - not visible in Form 26AS
- Dividend income - not visible in Form 26AS
- Savings account interest - not visible in Form 26AS
- Interest/capital appreciation from T-Bills - not visible in Form 26AS but visible in Zerodha's P&L statement
- Interest from bonds - only this is visible in Form 26AS so have to file ITR for this
So what happens if I don't disclose my other income which is not visible in Form 26AS?
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Well last year my friend had approx 30k income from stocks/dividend but still that person doesn't show that and filled ITR1. Technically ITR2 must be filled in such cases. Nothing happened yet, so now it's up to you if you are willing to take the risk or not.
Everything shows up in TIS/AIS. Every investment you did. Every dividend /interest received. If omitted from ITR filing will get picked up. You will have to file a revised ITR later.
Oh yeah, that helps. Didn't know about this TIS/AIS. It's almost matching, around 10% less than the interest I received this FY but it has got everything - Salary, Dividend, Interest from Bonds, Interest from Savings Account, and even purchase of mutual funds!
Thanks a lot mate!
Do not f*ck with the IT dept. They will find out and you'll pay multiple x the actual tax.youo also screw up future career prospects.
Future career prospects? Didn't get you