2021: How To File Your Tax Return for Other Sources of Income In The Shortest Time Possible

Click continue

Enter your password and the security stamp which is the answer to the arithmetic and log in.

Once you log in update the professional details and click submit

On the return, menu select file return

Select the tax obligation applicable i.e the Income Tax – Resident or income Tax Non-Resident and click next.

The next step while in process of filing your tax return for other sources of income is to Click to download the income tax return form in excel using the provided link

Enter the Pin, type of return, period From, and return period To. Answer Yes to the following question ” Do you have any income other than the employment income”
The return will open other relevant sheets relating to the declaration of income

From the schedule of books of account or audited accounts capture the relevant details of income and expenditure in the profit and account sheet.
Capture the gross turnover and other types of incomes applicable in the appropriate fields inside the profit and loss account sheet.

If you capture your source of Income as a rental on i tax portal then you have to declare all your tenant’s details on the basic information sheet and the corresponding rent they paid you must be equal to the gross rent declared in the profit and loss account

While in the process of filing your tax return for other sources of income it is important to capture expenses to reduce your tax liability.

Fill in the different types of expenses incurred under the major classes of expenses i.e. administrative expenses, operational expenses, and financial which you can fill according to your audited accounts or books of account.
Remember to capture what is relevant and ensure that the expenses are captured under the correct column for the specified source of income.

If your operating expenses include rental expenses, then it is necessary to declare the landlord or landlords in the basic information sheet A and the respective rent paid. However, the landlord’s pin is not mandatory.

To add other incomes and other expenses which could not be captured at the upper section of the profit and loss account go to the section at the bottom of the sheet.
Once you capture income or expense in this section, remember to capture “0” zero on the same row for the other field related to other sources of income.

Go to sheet C – Balance Sheet and capture the assets and liabilities per your audited accounts or schedule.
Remember that the balance sheet equation holds where Assets = Liabilities + Capital.
Fill the details in Sheets D and E where applicable.

If you paid installment tax during the year, you would declare the payment slip details, payment registration number, date of deposit, amount, and other relevant details.

On the income computation sheet, add back any disallowable expenses claimed in the profit and loss account. You can also deduct any allowable expenses where applicable.
The T Tax Computation is the last sheet and captures the pension contribution under Sr.No 11.1 and personal relief under Sr.No 12.6.
Confirm that all relevant details of incomes, expenses, payments, and credit have been captured and the correct tax due or refund calculated under Sr.No 14.
If the tax computation details match your records, then proceed to validate and generate the upload file.

In case of a tax refund, you will be required to fill in the bank details on basic information sheet A before you validate the file.

Enter return period from if filing for the first time; otherwise, the return period will pre-populate
Upload form by choosing the zip or upload file which was generated and saved under your documents.
Agree to the terms and conditions and submit download the return receipt

Go to the payment menu and select payment registration

Select Tax Head as Income Tax
Tax SubHead as an income tax resident or non-resident, whichever is applicable
Select payment type as Self-assessment and the tax period and click add.
Select mode of payment and click submit
Download the payment slip and make the payment at a partner bank