FY 2024-25 (Assessment Year 2025-26) Income tax returns have started. This time the date of 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 which income source has to be taxed. 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 the income in the return. Notice can be obtained from the Income Tax Department on hiding income source. Penalty may have to be paid if the mistake is caught. So let us tell you which 5 income sources are taxed.
5 sources of income, which are taxed
1. Income from salary: Taxable salary includes basic salary, all allowances, facilities and bonuses etc., which fall into the taxable category. Taxpayers whose monthly income is their only income should file their income tax returns through ITR-1 form.
2. Rental Income: If someone has a hired property, then the rent earned from it is taxable. Under this income section, eligible taxpayers can file their ITR through ITR-1 form.
3. Capital Gain: Long and short -term capital gains, as well as the benefits earned from the sale of shares, mutual funds and property, are income taxable.
4. Income from business: Small business, freelancer, owner of small agency and business income or entrepreneurs come to the tax slab. Taxpayers of this income category should fill ITR-4, ITR-5 or ITR-6 nominated forms on the basis of their income categories.
5. Income from other sources: Citizens who receive interest income of more than ₹ 50,000 from fixed deposits or bonds, share dividends, gifts, game shows, lucky draws, lottery awards etc. fall in the slab of ‘other sources’.
According to the tax expert, It is necessary to give these 5 income information in filing returns. If your income is beyond the scope of tax then no tax will be paid. If you come under the tax net, then you have to pay tax according to the income tax slab you come in.
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