Sources of Income

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• Foreign Income

  Income earned in form of salary, house property capital gain or other sources from the foreign country. DTAA- (Double Tax Avoidance Agreement) It is an agreement signed between the two or more countries to help taxpayers avoid paying double taxes. ...

• What are the sources of interest income which should be reported in the Income tax return?

  Investments like fixed deposits, savings account, post office schemes, recurring deposits earn interest income, which should be reported in one's income tax return.

• I receive a certain income from someone regularly at certain intervals. How do I determine whether it is income from Salary, other sources or business income?

  An income can be taxed as income from Salary only when there is an employer-employee relationship. Your relation with the person paying income to you may be tested on the parameters:- 1. Whether the payer is in complete control of your activity 2. ...

• What is the difference between the Gross Total Income and Total Income?

  Gross Total Income (GTI) is the sum of all the incomes received by the taxpayer from various sources. Certain deductions stated under section 80C-80U are allowed by the I-T Act to reduce the taxpayer's taxable income. After deductions, the Total ...

• How is the income of a taxpayer classified under the I-T Act?

  Section 14 of the I-T Act has classified the taxpayer's income under five different heads of income,   Salaries  Income from house property  Profits and gains of business or profession  Capital gains  Income from other sources