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

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 ]