Heads of income classification defines taxable income categories for computing total income under the income tax framework. Classification of income is prescribed for the purposes of charge of income-tax and computation of total income by grouping receipts into five distinct heads of income: Salaries; Income from House Property; Profits and Gains of Business or Profession; Capital Gains; and Income from Other Sources.
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Provisions expressly mentioned in the judgment/order text.
Heads of income classification defines taxable income categories for computing total income under the income tax framework.
Classification of income is prescribed for the purposes of charge of income-tax and computation of total income by grouping receipts into five distinct heads of income: Salaries; Income from House Property; Profits and Gains of Business or Profession; Capital Gains; and Income from Other Sources.
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