0As per the Section 14 of the Income Tax Act of 1961, there can be several modes of income for an individual. The computation of income tax is an important part and has to be calculated according to the income of a person. For a hassle-free computation, the income has to be classified properly so that there is zero confusion regarding the same. The government has classified the sources of income under separate heads and then the income tax is computed accordingly. The provisions and rules are according to the details mentioned in the Income Tax Act.
The five main heads of income according to the above-mentioned Section 14 for the computation of the Income Tax in India:
- Income from Salary.
- Income from House Property.
- Income from Profits and Gains of Business or Profession.
- Income from Capital Gains.
- Income from Other Sources.
