Answer Posted / raju
The following are the five heads of income under Income Tax
Act 1961
1) Income from Salary
2) Income from House Property
3) Income from Business/Profession
4) Income from Capital Gains
5) Income from Other Sources
The above all incomes added - comes a figure is called the
Gross Taxable Income
then deduct the external deductions u/s.80
We will get the Taxable Income
Afterwards we will compute the tax on taxable Income
Ok
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