Schedule OS – Income from other sources AY 2026-27
Income from other sources is a residuary head of income and sweeps in all such incomes that fall outside the other four heads of income. However, certain incomes will always be taxable under the head’ income from other sources’, inter alia, winnings from lotteries, gifts, interest on enhanced compensation, etc.
‘Schedule OS’ in the Income Tax Return (ITR) form captures details of income from other sources such as interest, dividends, winnings, and other miscellaneous income.
This schedule requires information about various types of income that do not fall under Salaries, Business/Profession, Capital Gains, or House Property. It captures income from sources like interest (e.g., from savings accounts or fixed deposits), dividends, winnings (e.g., from lotteries or gambling), and any other miscellaneous income. ‘Schedule OS’ also facilitates the deduction of eligible expenses under Section 57. This includes expenses related to the earning of interest, dividends, and other sources.
- Section 56,section 57, section 58, section 59 of the Income-tax Act, 1961
- Rule 11U,Rule 11UA , Rule 11UAC and Rule 6ABBA of the Income-tax Rules, 1962
Income from other sources is a residuary head of income and sweeps in all such incomes which fall outside the other four heads of income. However, there are certain incomes which will always be taxable under the head income from other sources, inter-alia, winning from lotteries, gifts, interest on enhanced compensation, etc.
Section 57 allows deduction of expenses incurred wholly and exclusively for earning such income, provided they are not personal, capital in nature, or related to any other year.
This schedule applies to ITR-2, ITR-3, ITR-5, ITR-6 and ITR-7. In ITR-1 and ITR-4, Income from Other Sources is disclosed directly in the main “Part B – Gross Total Income” section.