Life insurance policy maturity proceeds

Under the head 'Exempt Income,' select the 'Section 10(10D) - Any sum received under life insurance policy, including sum allocated by the way of bonus on such policy except sum as mentioned in sub clause (a) to (d) of Section 10(10D)' option to report the proceeds received on your endowment life insurance policy on maturity.

Note that there are some conditions under which such an income is exempt from tax. For example, the premium paid during any year cannot exceed 20 percent of the actual sum assured for a policy issued between 1 April 2003 and 31 March 2012. Similarly, amount received on surrendering insurance policy may be taxable under certain situations.

Dividend Income

Any income earned as 'dividend' by shareholders is tax exempt up to Rs 10 lakh. Whether or not the dividend income you made during the year exceeds Rs 10 lakh in a year, you are required to report it in the ITR.

Select 'Section 10(34) (Exempted Dividend Income)' in the tab to report the same.

If your dividend income exceed Rs 10 lakh in a financial year, a 10 percent tax will be charged on it.

If you have received dividend from a foreign company, it will be taxable under the head 'Income from other sources.' 

Agriculture income

If you earned an agriculture income that does not exceed Rs 5,000 in the FY 2018-19, you can report it under 'Agriculture income' from the drop down menu and enter the amount.

If your agricultural income is beyond Rs 5,000, you have to file ITR 2 or ITR 3, as the case may be.

Any other income

Most of sections for reporting the income and a description about them are given in the drop down clearly.

For usual tax exempt incomes like maturity of a PPF (Public Provident Fund) account or interest earned on such account, you can simply choose from the drop down.

If you have any other income that is not specified therein, select 'Any Other' and provide description on the income and amount.