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

All these combine to form Gross Total Income as shown below :_

Particulars Amt
Income from Salaries xx
Income from House Property xx
Profits and Gains of Business and Profession xx
Income from Capital Gains xx
Income from Other Sources xx
Gross Total Income xx

 

 

 

  1. Taxation for CA, CS, CMA Bcom M Com Exams May - June 2018
  2. Income Tax
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CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides GST Training in Delhi. Register now.