Section 14 of Income Tax Act 1961-Heads of income
Save as otherwise provided by this Act, all income shall, for the purposes of charge of income-tax and computation of total income, be classified under the following heads of income :—
A.—Salaries.
B.—[***]
C.—Income from house property.
D.—Profits and gains of business or profession.
E.—Capital gains.
F.—Income from other sources.
Related FAQ(s)
Under how many heads the income of a taxpayer is classified?
Section 14 of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.:
- Salaries
- Income from house property
- Profits and gains of business or profession
- Capital gains
- Income from other sources