We generally think of the big income we earn and often forget the small incomes which should also be included while filing their IT returns. The income tax return is a statement of income earned during the year wherein tax is deducted and declared to the department by submitting the return. Tax payer generally focus on the income that is reflecting on the form 26AS as we are afraid of being caught by the AO. Taxpayer should focus on the other income as well whether those are taxable or non-taxable income or even when TDS has not been deducted on the income. In this article we are going to list out few incomes which are often missed out, forgotten or neglected while filing of the Income Tax Return. This is a major issue in case of salaried individuals, professionals or contractors, the reason being that they generally file their return based on the form 16/16A received by them. Tax payer must take care of the following incomes also while filing the return: 1. Interest earned during the year from savings bank: Every tax payer must keep in mind that interest income earned from the savings bank account is also a taxable income in the hands of the assessee. The must take care to include them in their income under the head other sources while filing their Income Tax Return. Previously it was noted that very few assessee filed their Income Tax Return declaring their interest income from savings bank account. They had a misconception that the interest income from savings account is not a taxable income or is not required to be declared in the return of Income. With the recent amendment, individuals can claim a deduction of Rs. 10,000 or the amount of interest from savings bank, whichever is lower, u/s 80TTA. Any amount increasing Rs. 10000 would be taxable interest income. Also, in case when an assessee is having any losses which can be set off then the interest income can be adjusted with the losses which would reduce the taxable income. But the assessee would still be able to claim the deduction u/s 80TTA which may even result to refund of taxes in some cases. 2. Interest earned during the year from fixed deposits: Interest on fixed deposit should be shown under the head other sources of income which is taxable as per the tax slab. Tax payer must show the interest income from all the fixed deposits. Some banks often deduct TDS on the interest so tax payer must be aware of the same and must ask for form 16A from their banks in case TDS is deducted. TDS of 10% is deducted when the interest income on fixed deposit from all banks exceeds Rs. 10000. Although the TDS is deducted at 10%, some tax payer might end up paying higher taxes on interest in case they fall under higher tax slab than 10%. In such a case taxpayers must check their total interest income and should pay advance tax of the remaining tax amount on accrual basis to avoid interest on late payment of taxes. Further, it is commonly seen that assessee who fall under the 10% tax salb also forget or do not include the income in their return at all thinking that TDS has already been deducted on the interest amount by bank and deposited to the govt. The taxpayers must keep in mind that even after deduction of TDS of payment of taxes they have to show the income in their return. Also, education cess is liable to be paid on the said income @3% on the net taxes paid. Taxpayers often forget to make payment of this education cess which is also a tax charged by the govt. 3. Interest earned during the year from recurring deposits: This interest is taxable as per the income tax slab. Banks do not deduct any TDS on interest earned on recurring deposits and, hence, it becomes even more important to declare this source of income. 4. Cash gifts: Cash gift from relatives is exempt but if received from any other person then above Rs. 50000 it is taxable in the hands of receiver. Also if the cash gift is received from any other person on the occasion of marriage then it is exempt income but it should be declared in the ITR. 5. Capital gains/losses: The gain or loss on sale of short term shares or long term shares must be disclosed in the return. The long term capital gains arising on sale of shares with STT paid on it through recognized stock exchange is exempt from tax. Even thought the income is exempt from taxes, the assessee must mandatorily declare the income in their ITR. If there are capital losses then the said losses can only be carried forward if the return is filed within the due date. 6. Exempt income: Exempt income refers to the income which is exempt from taxes and is not to be added to the taxable income of the assessee for a particular assessment year. Exempt incomes comprises of income from agricultural operation, income from interest on PPF, Dividend income, LIC, etc. Although these incomes are exempt from tax they must be shown in the ITR under exempt income category. Also, it is mandatory to file ITR2 form if the exempt income is above Rs. 5000 in an assessment year. Thanks for reading for this article. Please feel free to write to us, We want to hear it all!Suggestions? Complaints? Feedback? Requests?  at [info@taxmantra.com] or call us at +91 88208208 11. We would be more than happy to assist you.