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HEADS OF INCOME

Income Tax - Basics - 06 - According to Section 14 of Income Tax Act, 1961, the income of a person is classified under five defined , which are as follows: Salaries. Income from house property. Profits and gains of business or profession. Capital gains. Income from other sources. Thus, for the purpose of computation of total income, the income is first categorized under these and then charged to Income Tax in accordance with the provisions and rules as specified in the Income Tax Act. The five h .....

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mes, after exemptions available, is known as Gross Salary and this is charged under the head income from salary. INCOME FROM HOUSE PROPERTY Tax on Income from House Property is the tax on rental income which is being earned from the House Property. However, in case the property is not being rented out, tax would be levied on the expected rent that would have been received if this property was rented out. Income from House Property is perhaps the only income that is charged to tax on a notional b .....

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