Tally for CAs in Industry Silver Edition (Single User) Tally Renewal (Auditor Edition) Need Tally for Clients? (Tie-up with us!!!)
Open DEMAT Account with in 24 Hrs and start investing now!
Direct Tax »
Open DEMAT Account in 24 hrs
 These Taxpayers Will Not Pay Late Fee Even If They Miss Deadline Income Tax Return Alert
 Notification No. 115/2021 Central Board Of Direct Taxes
 Notification No. 113/2021 Central Board Of Direct Taxes
 Are you eligible to file ITR? Use this eligibility calculator to avoid penalty notices
 Have freelance income? Know this before switching to new tax regime
 Notification No. 108/2021 Central Board Of Direct Taxes
 CBDT extends deadline for filing application for settlement Details here Income Tax
 Income Tax Return New Rule: Senior Citizens Don't Need to File ITR if These Conditions Met
 Notification No. 100/2021 Central Board Of Direct Taxes
 New Provident Fund Tax rules come into effect: Here's what will change now
 You may have two PF accounts from FY 2021-22, says tax department

Segregating income in these 5 heads can simplify ITR filing Income tax calculator
July, 23rd 2021

Income tax calculator: While filing income tax return (ITR), it’s important for the taxpayer to know the various categories of income segregated by the income tax department. As per the income tax act 1961, one's income is divided into 5 categories — income from Salary, income from house property, income from business profit, income from investments/capital assets and income from other sources. According to tax and investment experts, an earning individual can earn in various ways but Section 14 of the Income Tax Act 1961 stipulates these incomes in these 5 categories. So, a taxpayer is advised to divide one's income in these 5 categories for simplifying its job during ITR filing.

Speaking on how income tax department categorises a taxpayers income SEBI registered tax and investment expert Jitendra Solanki said, "As per the Section 14 of the Income Tax Act 1961, an individual can earn from various ways but finally it would fall in five categories — income from salary, income from house property, income from profit in business, income from investments or capital assets and income from other sources."

 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2021 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting