Computing Your Tax Liability | Remember These Income Tax Head

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To make an income chargeable, it should be under one of the five income heads. So, what are these heads of income? Let us have a look-
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1. INCOME FROM SALARY
If you are a salaried employee, your salary falls under this head. Your employer will deduct the TDS as per your income tax slab and pay the same to the government.

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2. INCOME FROM HOUSE PROPERTY
The next under 5 heads of income tax is the income from house property. Section 22 to Section 27 of the IT Act specify the different provisions for computing income of someone owning property or land.

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3. INCOME FROM BUSINESS OR PROFESSION
Any kind of income that you obtain from trade, manufacture, commerce, or profession is chargeable under the business income head.
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4. INCOME FROM CAPITAL GAINS
Any gains or profits that you earn by transferring or selling capital assets which were held as investments are considered as capital gains.
This includes your investments in stocks, mutual funds, property, and many other types of investment.
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5. INCOME FROM OTHER SOURCES
The last of the income tax five heads is income from other sources. Any kind of income which cannot be categorised under the heads listed above will fall under this income head.
For instance, winnings from horse racing or lottery, gifts received, dividend income, and interest from government bonds and securities fall under this head.

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