Five Heads of Income & other important things that every accountant must know for Income Tax filing.
FIVE HEADS OF INCOME 1. Income from Salaries 2. Income from House Property 3. Profits & Gains of Business or Profession 4. Capital Gain 5. Other Sources Below is the specimen for better understanding of how income tax should be calculated on various income. Name of Assessee :- Assessment Year :- Residential Status:- Previous Year :- Sr. No Particulars Amount 1 Income From Salary xxx 2 Income From House Property xxx 3 Profit & Gains of Business or Profession xxx 4 Income from Capital Gains xxx 5 Income from Others Sources xxx ...