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    Types of Income / Heads of Income

    Everyone who earns or gets an income in India is subject to income tax.(Yes, be it a resident or a non-resident of India ).For simpler classification, the Income tax department breaks down income into five main heads:

     

    Head of Income Nature of Income covered
    Income from Other Sources Income from savings bank account interest, fixed deposits, winning in lotteries is taxable under this head.
    Income from House Property Income earned from renting a house property is taxable under this head of income.
    Income from Capital Gains Surplus Income from sale of a capital asset such as mutual funds, shares, house property etc is taxable under this head of Income.
    Income from Business and Profession Profits earned by self employed individuals, businesses , freelancers or contractors & income earned by professionals like life insurance agents, chartered accountants, doctors and lawyers who have their own practice, tuition teachers are taxable under this head.
    Income from Salary Income earned from salary and pension is taxable under this head of income
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