Know The Deductions While Filing Tax Returns
5. Don't Forget To Add This Income
There are certain incomes for which you have to pay tax, even though you might not have earned it. This type of taxable income includes:
- Income earned from investments made in the name of a minor child (below 18 years). In this case, the minor's income is clubbed with that of the parent who earns more.
- Income from investments made from taxpayer's income in spouse's name.
- Income deemed to be earned from letting out a second property even if it is lying vacant.
