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
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.
Well with highly qualified professionals in our team along with the technology gives edge over others, as a result highly rated professional services with full customer satisfaction is assured. We help to grow and manage your business letting you to concentrate on your business.
Unilex is registered with the Ministry of Micro, Small & Medium Enterprises (MSME), a part of Government of India.
Unilex is a ISO certified body, assuring the quality professional services to aspiring startups
Subject to our terms and conditions, money back is guaranteed if we failed to give 100% customer satisfaction
Unilex is a Google Partner. Google Partners are tasked with helping businesses market their service or products online.
Get yourself updated with various start-up/Entrepreneurship laws applicable in India. Dive into our well written articles/blogs by our experts and get more information on government regulations and company rules and regulations.