Income From Other Sources Infotype (0584)
Definition
This infotype stores the details of income from sources other than that from your employment, for the current financial year.
There are two subtypes to this infotype:
Use
If an employee chooses to declare income from sources other than that from the current employment, you must maintain the income details in this infotype.
Structure
Subtype 0001 - Income From House Property
There are three property types:
This is the interest that the employee is paying in the current financial year in case he/she has taken a loan to acquire the house. You must enter the interest amount here if you have not maintained this loan in the Loans Infotype (0045).
If the loan has been taken from your organisation, the system reads the Loans Infotype (0045), to calculate the interest paid for the financial year.
You can enter the period for which you want to calculate the Section 24 interest deduction.
If you have entered the Loan Type and Loan Seq No. under Company Housing Loan Details section of this infotype, the interest amount for this loan will be added to the amount entered in Deduction Interest u/s 24 field. The total amount cannot be greater than the Interest Limit.
The interest amount entered in Deduction Interest u/s 24 is added to Any Other Income wage type /131 in IN70 rule.
If you have entered the Loan Type and Loan Seq No. under Company Housing Loan Details section of this infotype, the system will add the interest amount for this loan to the amount entered in Deduction Interest u/s 24 field. The total amount cannot be greater than 30% of the Final lettable value. This percentage is maintained in the constant REP24 of view V_T511K.
The sum of Deduction Repairs u/s 24, Deduction Interest u/s 24 and Deduction Others u/s 24 cannot be greater than Final lettable value. The system adds the amounts entered in Deduction Repairs u/s 24, Deduction Interest u/s 24 and Deduction Others u/s 24 fields to Any Other Income wage type (/131) in Exemptions u/s 10 Rule (IN70).
If you have entered the Loan Type and Loan Seq No. under Company Housing Loan Details section of this infotype, the sytem adds the interest amount for this loan to the amount entered in Deduction Interest u/s 24 field. The total amount cannot be greater than 30% of the Final lettable value. This percentage is maintained in the constant Repairs under Section 24 (REP24) of table view Payroll Constants (V_T511K). The system adds the amounts entered in Deduction Repairs u/s 24, Deduction Interest u/s 24 and Deduction Others u/s 24 fields to Any Other Income wage type /131 in Exemptions u/s 10 Rule (IN70).
Subtype 0002 - Income From Other Sources
You can enter the income from the following sources:
The system add the sum of the amounts entered above to Any Other Income wage type /131 in Exemptions u/s 10 rule (IN70).
Long term capital gains, Normal Rate and Special Rate, are taxed at rates, which are maintained in constants Long capital gain normal rate (LCNRT) and Long capital gain special rate (LCSRT), respectively, of table view Payroll Constants (V_T511K).
Other income (unspecified) is taxed at a rate, which is maintained in constant Other Income - rate (OTHRT) of table view Payroll Constants (V_T511K).
You can also enter the TDS on other incomes. The system then adds this amount to the Tax deducted so far wage type (/456).
See also:
Income from Other Sources