Income from other sources

Income Chargeable to IFOS only if not Chargeable under PGBP

1. Any sum received by an employer-assessee from his employees as

contributions to any provident fund, superannuation fund or any

other fund for the welfare of the employees.

2. Income from letting out on hire, machinery, plant or furniture.

3. Where letting out of buildings is inseparable from the letting out of

machinery, plant or furniture, the income from such letting.

4. Interest on securities.

Sec 10(15) Exemption of Interest Income

1. Interest on Post Office Savings Bank Account would be exempt from

tax to the extent of:

a. Rs. 3,500 in case of an individual account.

b. Rs.7,000 in case of a joint account.

2. Interest payable by public sector companies on certain specified

bonds and debentures subject to the conditions which the Central

Government may specify by notification.

Notified tax free, secured, redeemable, non- convertible Bonds of

the

• IRFCL,

• NHAI,

• RECL,

• Housing and Urban Development Corporation,

• Power Finance Corporation (PFC),

• Jawaharlal Nehru Port Trust,

• Dredging Corporation of India Limited,

 • Ennore Port Limited

• The Indian Renewable Energy Development Agency Limited

3. Interest payable by Government of India on deposit made by an

employee of the Central or State Government or a public sector

company in accordance with the scheme as may be notified of the

moneys due to him on account of his retirement while on

superannuation or otherwise.

Note: It is significant that this scheme is not applicable to non-

Government employees.

4. Interest on Gold Deposit Bond issued under the Gold Deposit

Scheme, 1999 or deposit certificates issued under the Gold

Monetization Scheme, 2015 notified by the Central Government.

5. Interest on bonds, issued by –

a. A local authority; or

A State Pooled Finance Entity

Taxable Interest
1. Interest on Employee contribution to URPF

2. Interest on delayed Enhanced Compensation (Std deduction u/s 57)

3. Interest on Govt. Securities

4. Interest on Income Tax Refund

5. Interest on Saving Bank Account (subject to sec 80TTA)

6. Interest on Other Bank Deposits (subject to sec 80TTB)

PREPARED BY: CA RAM PATIL