Heads of income classification governs which receipts are chargeable and how total income is computed under tax law. Classification of taxable receipts is governed by the concept of heads of income. All incomes must be classified under five heads: salaries; income from house property; profits and gains of business or profession; capital gains; and income from other sources. This taxonomy determines chargeability and computation of total income, except where the statute provides otherwise.
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Provisions expressly mentioned in the judgment/order text.
Heads of income classification governs which receipts are chargeable and how total income is computed under tax law.
Classification of taxable receipts is governed by the concept of heads of income. All incomes must be classified under five heads: salaries; income from house property; profits and gains of business or profession; capital gains; and income from other sources. This taxonomy determines chargeability and computation of total income, except where the statute provides otherwise.
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