The amount of income tax payable by the assesse is based on the slab of income earned by him. However, the basis on which such income is earned needs to be shown. Thus, Income Tax Return is compulsory.
Various heads under Income Tax Return
The income earned by every assesse is classified under five major heads. Thus, ITR comprises detail of income earned by the assessee, being classifying under the following heads of income:
Heads of Income Description
Salary Earned by employees
House Property Ex. Rental income on rented house
Profit and Gain from Business and Profession. Ex. Earned by businessmen
Capital Gain Ex. Gain on sale of capital assets, like house
Other Sources Ex. Lottery income
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The income earned by every assesse is classified under five major heads. Thus, ITR comprises detail of income earned by the assessee, being classifying under the following heads of income:
Heads of Income | Description | |
---|---|---|
Salary | Earned by employees | |
House Property | Ex. Rental income on rented house | |
Profit and Gain from Business and Profession | Ex. Earned by businessmen | |
Capital Gain | Ex. Gain on sale of capital assets, like house | |
Other Sources | Ex. Lottery income |
In India, Income Tax is levied on the income earned by the assesse, under the Income Tax Act 1961. There are various slab rates prescribed under the Act, and the assesse shall pay tax according the slab rate in which his income falls.
Thus, there is no income tax liability in the following cases:
Where income of the assesse does not exceed the basic exemption limit.
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