Heads of income classification defines taxable categories for computing total income and determining tax chargeability under income law. Classification of taxable receipts uses the concept of Heads of Income, which divides income into five principal heads-Salaries; Income from House Property; Profits and Gains of Business or Profession; Capital Gains; and Income from Other Sources-for the purpose of computing and charging total income under the Act.
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Provisions expressly mentioned in the judgment/order text.
Heads of income classification defines taxable categories for computing total income and determining tax chargeability under income law.
Classification of taxable receipts uses the concept of Heads of Income, which divides income into five principal heads-Salaries; Income from House Property; Profits and Gains of Business or Profession; Capital Gains; and Income from Other Sources-for the purpose of computing and charging total income under the Act.
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