
About Income Tax Return
The amount of income tax payable by the assesse is based on the slab of income earned by him. However, the basis on which such income is earned needs to be shown. Thus, Income Tax Return is compulsory.
Various heads under Income Tax Return
- Salary - Earned by employees
- House Property - Ex. Rental income on rented house
- Profit and Gain from Business and Profession. - Ex. Earned by businessmen
- Capital Gain - Ex. Gain on sale of capital assets, like house
- Other Sources - Ex. Lottery income
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