Taxable Head of Income

Taxable Head of Income

For the purpose of computation and charge of income tax, all incomes are classified into following heads:

• Tax upon salaries and wages
• Tax upon pension
• Tax upon bonus, fees & commissions
• Tax upon Gratuity
• Tax upon Annuity
• Tax upon profits in lieu of or in addition to salary
• Tax upon advance salary and perquisites

Others:

• Tax upon Allowances
• Tax upon Deferred compensation
• Tax equalization

Besides remuneration for work, individuals may be taxed on the following income:

• Tax upon Income from house property
• Tax upon Income from business or professions
• Tax upon Income from capital gains
• Tax upon Income from other sources
• Tax upon Clubbing of Income
• Avoidation of double taxation
• Filing of Return - compulsory