Скачать или смотреть Heads of Income under Income Tax Act | Understanding Salary, Business Income, Capital Gains & More

Welcome to our comprehensive guide on the Heads of Income under the Income Tax Act, 1961!

In this detailed video, we break down the various Heads of Income specified in the Income Tax Act of India. Understanding the different sources of income and how they are taxed is essential for both taxpayers and professionals. Whether you're an individual taxpayer, a student of taxation, or someone looking to improve your financial literacy, this video will guide you through the key income categories recognized by the Income Tax Department of India.

What Are the Heads of Income Under the Income Tax Act?

The Income Tax Act, 1961, lays down five heads of income under which an individual or an entity's income can be classified for tax purposes. These heads of income are as follows:

Income from Salary
Salary income is the most common form of income. This head covers any compensation received for work, including basic salary, allowances, perquisites, and bonuses. We’ll discuss the components of salary income and how tax is calculated based on various deductions under this head.

Income from House Property
This category pertains to rental income earned from property, whether residential or commercial. Learn about how income from house property is calculated, including deductions available under section 24 like the standard deduction and interest on home loan.

Income from Business or Profession
Income derived from any business or profession falls under this head. This includes earnings from trade, commerce, profession, or any vocation. Learn how to calculate profits and gains from business, accounting methods, and allowable deductions such as expenses, depreciation, and more.

Capital Gains
Capital gains arise from the sale of a capital asset like real estate, stocks, mutual funds, or bonds. This head divides income into short-term capital gains (STCG) and long-term capital gains (LTCG). We explain the tax treatment of capital gains, exemptions, and how to calculate your capital gains tax liabilities.

Income from Other Sources
This is a residual head, meaning it covers any other type of income that does not fall under the previous categories. Examples include interest from savings accounts, dividends, winnings from lotteries, or even income from a side business that does not qualify as a professional service. We explain how this income is taxed and how deductions, if any, apply.

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