Everyone who has a source of income in India is subject to income tax. This income could be salary, pension or could be from a savings account that’s quietly accumulating a 4% interest. Even, winners of quiz shows or engineers selling services abroad will be subject to taxes.
For simpler classification,
Head of Income
Nature of Income covered
Income from Salary
Income from salary and pension are covered under here
Income from Other Sources
Income from savings bank account interest, fixed deposits, winning KBC
Income from House Property
This is rental income mostly
Income from Capital Gains
Income from sale of a capital asset such as mutual funds, shares, house property
Income from Business and Profession
This is when you are self-employed, work as a freelancer or contractor, or you run a business. Life insurance agents, chartered accountants, doctors and lawyers who have their own practice, tuition teachers
We provide assistance with filing your taxes online as an individual or business (along with preparation of Profit & Loss statement, Balance Sheet) and CA certified version at a reasonable price.