November 23, 2024 12:36 (IST)
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Different Income Heads Taxable Under the Income Tax Act

Different Income Heads Taxable Under the Income Tax Act

There are five different heads on income described under the Income Tax Act 1961, which cover every taxable source of income in India and help consolidate them. At the end of each year, you have to classify your annual earnings under these heads and calculate the amount of tax payable by you.