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Vikas
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Asked: 2021-05-15T18:21:37+05:30 In:

What are the Incomes Head for reporting in IT act?

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What are the Incomes Head for reporting in IT act?

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    2 Answers

    1. Beginner

      There are five heads of income to compute the gross total income, namely: 1.Income from salaries 2. Income from house property 3.Profits and gains of business or profession 4.Income from capital gains 5. Income from other sources

      There are five heads of income to compute the gross total income, namely:

      1.Income from salaries

      2. Income from house property

      3.Profits and gains of business or profession

      4.Income from capital gains

      5. Income from other sources

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    2. Enlightened

      Section 14 of the Income Tax Act classifies all incomes under the following heads: Income from Salary Income from House Property Income from Business & Profession Income from Capital Gain Income from Other Source

      Section 14 of the Income Tax Act classifies all incomes under the following heads:

      1. Income from Salary
      2. Income from House Property
      3. Income from Business & Profession
      4. Income from Capital Gain
      5. Income from Other Source
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