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Thursday, September 1, 2011

What are various heads of income?


According to Indian IT act, there are 5 heads of income-

1.       Income from Salaries: Income earned by an individual as salary, wages, pension, fees, commission, annual bonus, perquisites, gratuity, income from provident fund, allowances, awards etc from any firm or organization

2.       Income from House Properties: Income received by renting house (or land) property

3.       Income from Business and Profession: Income earned by an individual from business or profession set-up by him.

4.       Capital Gains : Income earned by selling gold(or other precious metals),real estate or shares or any other capital asset

5.       Income from Other Sources: Income which does not fall in any of the above options like income from dividend, races, lottery , crossword & puzzles ,interest on financial instruments, income from insurance, rental income by letting hire of building, plant, vehicle, machinery etc fall under this head.

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