When it comes to income tax there are different ways it can be classified depending mostly from where the income is coming from. The below are the classification of income tax
Salary Tax :
As the name implies this is the money you get paid monthly from your employer and it will tax according to the law. This income comes from basic pay, dearness allowance, , transport, annuity, gratuity, advance of salary, , commission, perquisites in lieu of salary and retirement benefits etc.; You get taxed before getting your salary.
House property Tax : The income fromn rental Income whether residential or commercial property that you own will be taxed.
So you need to pay tax from your rental income.
Business or Profession tax : Another classification is tax from business or profession . income from here s taxable under the head ‘profits and gains of business or profession
Capital gains Tax : This is the gains coming from the transfer of capital asset which you hold like houses or Jewellery will b we taxed under th capital gains incone.
Other sources tax : This is for other taxable income that isn't under the above listed tax.This could be Income from savings bank interest or maybe the lottery you win
What do you think?
Salary Tax :
As the name implies this is the money you get paid monthly from your employer and it will tax according to the law. This income comes from basic pay, dearness allowance, , transport, annuity, gratuity, advance of salary, , commission, perquisites in lieu of salary and retirement benefits etc.; You get taxed before getting your salary.
House property Tax : The income fromn rental Income whether residential or commercial property that you own will be taxed.
So you need to pay tax from your rental income.
Business or Profession tax : Another classification is tax from business or profession . income from here s taxable under the head ‘profits and gains of business or profession
Capital gains Tax : This is the gains coming from the transfer of capital asset which you hold like houses or Jewellery will b we taxed under th capital gains incone.
Other sources tax : This is for other taxable income that isn't under the above listed tax.This could be Income from savings bank interest or maybe the lottery you win
What do you think?
