What are the heads of income classified as per the income tax act?
What are the heads of income classified as per the income tax act?
Jeeba Jul. 03, 2018
Any income that a taxpayer earned is taxable under the income tax act to the respective head and sometimes different rate of tax is applied to different income head. (ie. 15% tax is charged for short-term capital gain irrespective of tax slab.
As per the income tax act, any income earned by a taxpayer shall fall under any of the following headings
Salaries
Income from house property
Profits and gains of business or profession
Capital gains
Income from other sources
