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Income from Other Sources for Mobile Developers
- Income from Other Sources
- Income from interest on savings account, interest from fixed deposits – this is the residual head of income, incomes which cannot be taxed under any other head of income are taxed here. Aditi has a fixed deposit on which she earned an interest of Rs 12,000. She earned an additional interest of Rs 7,800 on her savings account.
| Particulars | Amount | Amount |
|---|---|---|
| Income from Salary | 52,000 | |
| Income from business and profession | 5,27,400 | |
| Income from house property Rs.15,000*12 | 1,80,000 | |
| Less: Taxes Paid | 15,000 | |
| Net Annual Value | 1,65,000 | |
| Less: Standard deduction 30% | 49,500 | |
| 1,15,500 | ||
| Income from other sources | ||
| Savings bank interest | 7,800 | |
| Fixed deposit interest | 12,000 | |
| 19,800 | ||
| Total taxable income | 7,14,700 |
Total Taxable Income of Aditi is Rs.7,14,700.
VAT: VAT is not applicable in this case since there are no physical goods being sold.
TDS: The Indian Payment Gateway charged Aditi Rs. 24,000 as commission fees in the month of March. Aditi has made a payment of Rs. 24,000 to the Payment Gateway for its services. According to law, Aditi has to deduct TDS on this payment.
Income from Other Sources for Mobile Developers
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