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Income from Other Sources for Mobile Developers

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.
ParticularsAmountAmount
Income from Salary52,000
Income from business and profession5,27,400
Income from house property
Rs.15,000*12
1,80,000
Less: Taxes Paid15,000
Net Annual Value1,65,000
Less: Standard deduction 30%49,500
1,15,500
Income from other sources
Savings bank interest7,800
Fixed deposit interest12,000
19,800
Total taxable income7,14,700

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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