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Section 4 Income Tax Basics

Section IV: Income Tax Basics

1. What income am I taxed for?

Your income is not equal to your salary. You could earn income from several other sources other than your salary income.

Your total income, according to the Income Tax Department, could be from house property, profit or loss from selling stocks or from interest on a savings account or on fixed deposits.

All these numbers get added up to become your gross income.

 

Income from SalaryAll the money you receive while rendering your job as a result of an employment contract
Income from House PropertyIncome from house property you own; property can be self-occupied or rented out.
Income from other sourcesIncome accrued from Fixed Deposits and Savings Account come under this head.
Income from Capital GainsIncome earned from sale of a capital asset, say mutual funds or house property.
Income from business and professionIncome/loss arising as a result of carrying on a business or profession. Freelancers income come under this head.

2. How much tax do I have to pay?

Add up all your income from the heads listed above. This is your gross total income. From your gross total income, deductions under Section 80 are allowed to be claimed. The resulting number is the income on which you have to pay tax.

Section IV: Income Tax Basics

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