HEADS OF INCOME [SEC. 14]
HEADS OF INCOME [SEC. 14]
According to Sec.14 of the Act, all income of a
person shall be classified under the following five heads:
1.
Salaries;
2.
Income from house property;
3.
Profits and gains of business or profession;
4.
Capital gains;
5. Income from other sources.
For computation of income, all taxable income should fall under any of the five heads of income as mentioned
above. If any type of income does not become part of any one of the above mentioned first four heads, it should be part of the fifth head,
i.e. Income from other sources,
which may be termed as the residual
head. Significance of heads of income
●
Income chargeable under a particular head
cannot be charged
under any other
head.
● The Act has self-content provisions in respect of each head of income.
● If any income is charged under a wrong head of income, the assessee may lost the benefit of deduction available to him under the correct head.
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#HEADSOFINCOME
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