In India, income from capital gains is a key part of the Income Tax Act. This income arises from the sale of assets like property, stocks, or mutual funds. Here’s a simple guide to help you understand how it works. What Are Capital Gains? Capital gains refer to the profits earned from the sale of …
In India, your income is taxed based on different categories, and one important category is “Income from Business & Profession.” This category includes earnings that are derived from running a business or practicing a profession like medicine, law, or accountancy. Let’s break it down in simpler terms: What Counts as Business Income? This is the …
In India, income from house property is an important category of income that is taxable under the Income Tax Act. This income generally comes from owning a property that you either rent out or use for business purposes. What is Income from House Property? Income from house property includes any earnings from renting out a …
Income from salary is one of the primary sources of income for many individuals and is governed by the Income Tax Act, 1961 in India. This type of income includes all earnings received by an employee from their employer, which is taxable under Section 15 of the Act. What does Salary include? Salary encompasses various …
Income tax in India is categorized into five main heads. These heads cover various sources of income that individuals and businesses earn throughout the financial year. Understanding these categories of income can help us manage our taxes better. Let’s explore each of these heads in simple terms: 1. Income from Salary: This category includes income …