Heads of income classify taxable receipts into defined categories for computation of total income under the tax code. Section 14 mandates classification of all income for income-tax and computation of total income into the specified heads: Salaries; Income from house ... Summary
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Heads of income classify taxable receipts into defined categories for computation of total income under the tax code.
Section 14 mandates classification of all income for income-tax and computation of total income into the specified heads: Salaries; Income from house property; Profits and gains of business or profession; Capital gains; and Income from other sources, noting that the previous head for interest on securities has been omitted.
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