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There are 5 heads of Income Under Income Tax

  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]

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

 

 

Normally for Salaried Employees,there is only Income from Salaries

But there can be other income also like Interest Income or Income from House Property

 

If employee informs the company about these other income,then employee has to take them into account while calculating Gross Total Income

 

  1. Tax Practical
  2. Practical Payroll (TDS Salary,PF,ESI)
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CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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