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Heads of Income:
Income of a person is classified into 5 categories. Thus, income belonging to a particular category is taxed under a separate head of income pertaining to that category. Section 14 of the Act, has classified five different heads of income for the purpose of computation of total income.
All income shall be classified under the following heads for the purpose of computation of taxable amount subject to certain Exemptions’ and deductions.
The five heads of income are:
1. Income under the head salaries (Section 15 – 17)
2. Income from house property (Section 22 – 27)
3.Profits and gains from business or profession (Section 28 – 44)
4. Capital gains (Section 45 – 55)
5. Income from other sources (Section 56 – 59)
FORMAT OF GROSS TOTAL INCOME
Assessee: Mr/Mrs. A
Assessment Year: 2013-2014
Previous Year: 2012-2013
Computation of Gross Total Income of Mr./Mrs.…A
| Income under the head salaries(As per Working Note :1) Income from house property (As per Working Note :2) Profits and gains from business or profession (As per Working Note :3) Capital gains (As per Working Note :4) Income from other sources (As per Working Note :5) Gross Total Income Deduction as per Chapter VI A (Sec 80 C to 80 U) (As per Working Note :6) Net Taxable income |
Working Note: 1
Computation of Taxable Salary of Mr…..
| Basic SalaryGross Salary Less Deduction u/s 16 (ii) E.A 16(iii) P.Tax Net Taxable Salary |
Working Note :2
Computation of Taxable Income from house Property of Mr…..
| Gross Annual ValueLess Municipal Tax Net Annual Value Less Deduction u/s 24 30 % of NAV Interst on Loan Income from House Propery |
*** Prepare All Working Notes. INCOME FROM “SALARY”
Meaning of Salary: Any remuneration paid by an employer to an employee in consideration of his services is called salaries. It includes monetary value of those benefits and facilities, which are provided by the employer and are taxable.
Income forming part of salary: They include basic salary, advance salary, fees, commission, bonus, taxable value of cash allowances, perquisites and retirement benefits. Section 17 of the Act gives an inclusive definition of salary. Broadly, it includes:
1. Basic salary
2. Fees, Commission and Bonus
3. Taxable value of cash allowances
4. Taxable value of perquisites
5. Retirement Benefits
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