Heads of Income Meaning

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....from salary. * Salary includes basic salary or wages, any annuity or pension, gratuity, advance of salary, leave encashment, commission, perquisites in lieu of or in addition to salary and retirement benefits. * The aggregate of the above incomes, after exemptions available, is known as Gross Salary and this is charged under the head income from salary. INCOME FROM HOUSE PROPERTY * Tax on ....

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....income earned from business or profession is chargeable under the head Income from Profits and Gains of Business or Profession. * The difference between the revenue earned from the business and the expenses incurred shall be chargeable to tax under this head. * The Income Tax Act also allows certain deductions such as depreciation of assets used for purpose of business, rent paid, expenses of ....