Incomes that should be declared

Here are some of the incomes that assessee should not forget to declare:

1. Interest earned from savings bank account (maximum exemption is Rs 10,000, but it should be declared first)

2. Interest earned from fixed deposit

3. Interest earned from recurring deposits

4. Cash Gifts (more than Rs 50000 should be declared as they are taxable, except in case of marriage)

5. Capital Gains or Losses(from trading equities, selling mutual funds, gold, etc., should be declared even if they are non taxable and losses should be declared as they help in offsetting gains in subsequent years)

6. Exempt Income(should be declared for auditing purpose only)

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