What income to pay income taxes?

Answer 1

Income is paid on income accrued or arises in the hands of person resident in India or in special cases non residents. Chapter No II of the Income Tax, 1961 defined the basis of charge. The scheme of taxability of income in India is being given in the following chapters:

Ch. No. II BASIS OF CHARGE

Ch. No. III INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME

Ch. No. IV COMPUTATION OF TOTAL INCOME - Heads of income

Ch. No. IV- -A COMPUTATION OF TOTAL INCOME - A. - Salaries

Ch. No. IV- -B COMPUTATION OF TOTAL INCOME - B. - [Omitted]

Ch. No. IV- -C COMPUTATION OF TOTAL INCOME - C. - Income from house property

Ch. No. IV- -D COMPUTATION OF TOTAL INCOME - D. - Profits and gains of business or profession

Ch. No. IV- -E COMPUTATION OF TOTAL INCOME - E. - Capital gains

Ch. No. IV- -F COMPUTATION OF TOTAL INCOME - F. - Income from other sources