2. Income from Salary
Income from House Property
Income from Profit or Gain from Business or
Profession
Capital Gain
Income from other Sources
3. Salary u/s 17(1) includes:
• Wages
• Pension
• Gratuity
• Any fees, commission, Perquisites, Profit in lieu
of Salary
• Any advance Salary
4. Conveyance Allowance
Children Education Allowance
Hostel allowance
Transport Allowance
House Rent allowance
Provident Fund
Gratuity
Leave Travel Concession
Entertainment allowance
Encashment of Earned leave during Retirement
5. Chargeable u/s 22 of the Income-tax Act, 1961
Income from House, building, bungalows
Assessee should be the owner of the property
6. Chargeable u/s 28 of the Income-tax Act, 1961
Includes:
Profit/Gain from any business/Profession
Duty drawback
Value of benefit arising from any
business/profession
Income derived by trade/profession
Income from speculative transaction
Income received under keyman insurance policy
Any Interest, Salary, Bonus, commission or
remuneration received by partner of a firm.
7. Rent taken
Repairs not in a nature of capex
Insurance premium and repairs u/s 31 of the
Act
Deductions allowed w.r.t depreciation of
buildings, plant & machinery u/s 32
8. Chargeability U/s 45 of the Income-tax Act
2016
Tax liability arises when following conditions
are satisfied:
There should be a Capital Asset
There should be a Transfer
Transfer should be in previous year
Result of transfer should be profit or gain
Such Profit/Gain is not exempt
9. Any Stock-in-Trade
Movable Property (excludes jewellery
archeological, Drawings, Paintings, Sculpture)
Agricultural Rural Land
Special Bearer Bonds 1991
Gold Deposit Bond issued under Gold deposit
scheme 1999
10. Short Term Capital Asset
Long Term Capital Asset
11. Chargeability U/S 56(2)
Includes:
o Dividend
o Windfall from lotteries crossword gambling
o Income by way of interest on securities
o Income from Royalty
o Director fees
o Income from investment
12. Aggregate of incomes computed under the five
heads( salary , house property, business or
profession, capital gain, other sources) of
income after applying clubbing provisions and
making adjustments of set off and carry
forward of losses is known as gross total
income.
13. The amount left after making deductions from
the gross total income is known as total income
Total income is rounded off to nearest
multiples of ten rupees.