Heads of Income Meaning

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... from salary. Salary includes basic salary or wages, any annuity or pension, gratuity, advance of salary, leave encashment, commission, perquisites in lieu of or in addition to salary and retirement benefits. The aggregate of the above incomes, after exemptions available, is known as Gross Salary and this is charged under the head income from salary. INCOME FROM HOUSE PROPERTY Tax on Income from Ho .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rofession is chargeable under the head Income from Profits and Gains of Business or Profession. The difference between the revenue earned from the business and the expenses incurred shall be chargeable to tax under this head. The Income Tax Act also allows certain deductions such as depreciation of assets used for purpose of business, rent paid, expenses of insurance, repairs for machinery and fur .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e from bank deposits Winnings from lottery, card games, gambling or other such sports Dividend income Income from insurance policy Any amount exceeding 50,000/- received from a person (other than from relative, on marriage, under a will or inheritance) - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X