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Income Tax Basics

C
CA Prashanth Reddy
04/07/2017 0 0

Everyone who earns or gets an income in India is subject to income tax. (Yes, Indians living abroad too). Your income could be salary, pension or could be from a savings account that’s quietly accumulating a 4% interest. Even, winners of ‘Kaun Banega Crorepati’ have to pay tax on their prize money. 
For simpler classification, the Income Tax Department breaks down income into five heads:

Income from Salary Income from salary and pension are covered under here
Income from House Property This is rental income mostly
Income from Capital Gains Income from sale of a capital asset such as mutual funds, shares, house property, agricultural land
Income from Business and Profession This is when you are self-employed, work as a freelancer or contractor, or you run a business. Life insurance agents, doctors and lawyers who have their own practice, tuition teachers,
Income from Other Sources Income from savings bank account interest, fixed deposits, winning KBC
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