Heads of income classification under Section 14 clarifies categories for taxpayer tax computation and reporting. Classification of a taxpayer's income is governed by Section 14, which groups taxable receipts into five heads: Salaries; Income from House Property; Profits and Gains of Business or Profession; Capital Gains; and Income from Other Sources, each serving as a distinct channel for tax computation.
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Provisions expressly mentioned in the judgment/order text.
Heads of income classification under Section 14 clarifies categories for taxpayer tax computation and reporting.
Classification of a taxpayer's income is governed by Section 14, which groups taxable receipts into five heads: Salaries; Income from House Property; Profits and Gains of Business or Profession; Capital Gains; and Income from Other Sources, each serving as a distinct channel for tax computation.
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