5 HEADS OF INCOME

Income is categorized into 5 major heads:

  1. INCOME FROM SALARIES- [Salary from job]
  2. INCOME FROM HOUSE PROPERTY  -[Income from house like Rent]
  3. PROFITS AND GAINS OF BUSINESS AND PROFESSIONS  -[Business Income also caled PGBP Income]
  4. INCOME FROM CAPITAL GAINS- [Profit from sale of Assets like Property]
  5. INCOME FROM OTHER SOURCES- [All other type of Income like Interest or Dividend]

Hence those income which are not falling under any other heads are taxable under Income from Other Sources

 

 

  1. Taxation for CA,CS,CMA Bcom M Com Exams May - June 2018
  2. Income Tax
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Davneet Singh
Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 7 years. He provides courses for Mathematics and Science from Class 6 to 12. You can learn personally from here https://www.teachoo.com/premium/maths-and-science-classes/.
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