6 Photos . Updated: 19 Jul 2023, 11:54 AM IST
Fareha Naaz
While submitting Income Tax Return (ITR), people … extraWhile submitting Income Tax Return (ITR), people should precisely report their earnings beneath these 5 specified heads as per Section 14 of the Income Tax Act and calculate their complete earnings accordingly
1/6When submitting your Income Tax Return (ITR) for the monetary 12 months 2022-2023, it’s important to report your earnings beneath the next 5 heads, as per Section 14 of the Income Tax Act:1) Income from wage 2) Income from home property 3) Income from income and achieve of enterprise or occupation 4) Income from capital positive aspects 5) Income from different sources
2/6Income from wage: This contains all earnings acquired as wage, wages, pension, annuity, gratuity, charges, fee, income, depart encashment, annual accretion, and transferred steadiness in acknowledged Provident Fund (PF) and contribution to the worker’s pension account.
3/6Income from home property: Rental earnings from properties owned by an individual, aside from these occupied by the proprietor, is charged as earnings from home property. If the property is vacant, a notional earnings can also be included beneath this head.
4/6Income from income and positive aspects of enterprise or occupation: This contains earnings from a enterprise entity or a occupation, and any curiosity, wage, or bonus acquired by a associate of a agency. (Photo by way of Pixabay)
5/6Income from capital positive aspects: Income from capital positive aspects includes long-term capital positive aspects (LTCG) and short-term capital positive aspects (STCG) on the sale of any capital belongings.
6/6Income from different sources: This contains earnings from numerous sources corresponding to curiosity on financial institution deposits and securities, dividends, royalty earnings, winnings from lotteries and races, and items acquired, amongst others.
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