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Heads of Income

  

This module provides information in brief on various heads of income as defined under the Income Tax Act.The information is provided under the heads salaries,income from house property,capital gains and income from other sources. The module profits and gains of business or profession is under development and soon we shall be providing you some information under this head also.

Head of Income

Under Indian Law income or loss is first assessed under a particular head of income in accordance with the mode of computation laid down in the provisions relating to that head of income. The total income assesseable under the Act is the aggregation of all heads of income. The heads of income have been provided under chapter IV of the Income Tax Act,1961. Section 14 of the Income Tax Act clasifies the income under the following heads of income

  1. Income under the head of Salaries
    1. Meaning of Salary
    2. What are Allowances?
    3. What are perquisites?
    4. Relief on arrears of Salary
    5. Profits in lieu of Salary
    6. Compensation received at the time of voluntary retirement
    7. Deductions from Salary income
    8. Tax relief to senior citizens

  2. House property

  3. Capital Gains
    1. Capital gains
    2. Capital Asset
    3. Transfer of Capital Asset
    4. Transactions not regarded as transfer under the income tax act
    5. Mode of Computation of Capital gains
    6. Full value of the consideration
    7. Expenditure incurred on transfer of a Capital Asset
    8. Cost of acquisition of the asset
    9. Notional cost of acquisition of the asset
    10. Cost of improvement
    11. Effective date of transfer in certain cases
    12. Special provisions of Capital gains
    13. Types of Capital Gains
    14. Computation of Long term Capital Gains Tax
    15. indexed cost of acquisition and of improvement for long term capital gains
    16. Special provisions for a Non Resident
    17. Exemptions from Capital Gains Taxation

  4. Other Sources of Income
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