Question

List out the five heads of income.

Answer 1

The five heads of income are:

1. Income from ‘Salaries’ [Sections 15 – 17];
2. Income from ‘House Property’ [Sections 22 – 27];
3. Income from ‘Profits and Gains of Business or Profession’ [Sections 28 – 44];
4. Income from ‘Capital Gains’ [Sections 45 – 55]; and
5. Income from other Sources’ [Sections 56 – 59].