heads of income amd their explanations

Question

Accepted Answer

Heads of income refer to different categories under which income is classified for tax purposes.

Heads of income include salary, house property, business or profession, capital gains, and other sources.
Salary income includes income from employment, bonuses, allowances, etc.
House property income includes rental income from properties owned by the individual.
Business or profession income includes income from self-employment or business activities.
Capital gains income includes profits from the sale of capital assets like stocks, real estate, etc.
Other sources income includes income from sources like interest, dividends, lottery winnings, etc.

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