Income from Other Sources (IFOS)

Income from Other Sources (IFOS) – Income from Other Sources refers to any income that does not fall under the primary heads of income such as Salary, House Property, Business or Profession, and Capital Gains. This includes interest income, dividends, winnings from lotteries, gifts (subject to exemptions), and other miscellaneous earnings. The income earned during a Financial Year (FY) is assessed and taxed in the corresponding Assessment Year (AY). Taxpayers are required to report IFOS while filing their income tax returns.

Example: Interest earned from a savings account of ₹50,000 during FY 2022–23 is assessed and taxed under IFOS in AY 2023–24