NCD and Land rent income split to categories

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This discussion clarifies how to report income from Negotiable Certificates of Deposit (NCDs) and land rent when filing your Income Tax Return (ITR) using ITR2. For interest income from NCDs, you are generally not required to split it into quarterly categories in Schedule OS, especially if your total tax liability is below a certain threshold. The schedule primarily focuses on specific income types like dividends and lottery winnings, not general interest or rent.

J P Sahoo

J P Sahoo (Querist)

15 August 2024 I have some NCDs with monthly interest receipts approx Rs 10000/- and some land where monthly I receive rent Rs 20000/-, Do i have to split the monthly receipts in category - upto 15/6 , from 16/6 to 15/9 , from 16/9 to 15/12 etc in schedule OS while ITR filing in ITR2, where I can show?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

15 August 2024 If your tax liability is below 10K, no need to split the income/s in each quarter.

J P Sahoo

J P Sahoo (Querist)

15 August 2024 Sure. But where can I split the amounts in ITR - Schedule OS - Information about accrual/receipt of income from Other Sources - section only asks about dividend income , lottery income, retirement benefit, not other types of income?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

15 August 2024 Yes, for interest income you are not required to split them.

J P Sahoo

J P Sahoo (Querist)

15 August 2024 Thank you very much for the advice

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

15 August 2024

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)