Income Tax
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Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax Act, 1961, mandates that the central government collect this tax. The government can change the income slabs and tax rates every year in its Union Budget.
- INCOME FROM SALARY – If you are a salaried employee, your salary falls under this head. Your employer will deduct the TDS as per your income tax slab and pay the same to the government.
- INCOME FROM HOUSE PROPERTY – It is essential to know that the tax here is derived from the land or property and not from how much rent you earn from the same unless the property is let out to a business.
- INCOME FROM BUSINESS OR PROFESSION – Any kind of income that you obtain from trade, manufacture, commerce, or profession is chargeable under the business income head. Your expenses will be deducted from your revenues to calculate your profits, and the income tax will then be applicable under this head.
- INCOME FROM OTHER SOURCES – The last of the income tax five heads is income from other sources. Any kind of income which cannot be categorised under the heads listed above will fall under this income head.
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