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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 gai .....

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ave been briefly explained here under: INCOME FROM SALARIES Income under this head is chargeable only if an employer-employee relationship exists between the payer and payee. If this relationship does not exist, then the income would not be deemed to .....

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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. H .....

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asis. Tax under this head does not only include Income from letting out of House Property but also includes Income from letting out of Commercial Properties and all types of properties. Various Deductions like Standard Deduction, Deduction for Munici .....

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Income from Profits and Gains of Business or Profession. The difference between the revenue earned from the business and the expenses incurred shall be chargeable to tax under this head. The Income Tax Act also allows certain deductions such as depre .....

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