What are the different types of income that are taxable in India

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What are the different types of income that are taxable in India

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What are the different types of income that are taxable in India

//business-finance.news-articles.net/content/202 .. t-types-of-income-that-are-taxable-in-india.html

Published in Business and Finance on Thursday, January 9th 2025 at 7:40 GMT by cnbctv18
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Taxpayers are required to report the rental income they receive from a property or land. However, if they have taken a home loan for a property they are living in, then they can deduct the interest they are required to pay on the loan amount from their taxable income.

The article from CNBC TV18 outlines the various types of income that are subject to taxation in India under the Income Tax Act of 1961. It categorizes income into five main heads: Income from Salary, which includes wages, pensions, and other employment benefits; Income from House Property, which pertains to rental income after deducting municipal taxes and standard deductions; Profits and Gains from Business or Profession, covering income from any business or professional activities; Capital Gains, which arise from the sale of capital assets like property or stocks, with different tax rates for short-term and long-term gains; and Income from Other Sources, which includes income not covered by the other heads like interest, dividends, lottery winnings, and gifts. The article also mentions that tax rates vary based on the income slab rates for individuals, Hindu Undivided Family (HUF), and other entities, and highlights the importance of understanding these categories for accurate tax filing and compliance.

Read the Full cnbctv18 Article at:
[ https://www.cnbctv18.com/personal-finance/different-types-of-income-that-are-taxable-in-india-19537402.htm ]

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