Income Tax

Income tax is an annual tax on income. The Indian Income Tax Act (Section 4) provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year. Section 14 of the Incometax Act further provides that for the purpose of charge of income tax and computation of total income all income shall be classified under the following heads of income:
A. Salaries
B. Income from house property
C. Profits and gains of business or profession.
D. Capital gains
E. Income from other sources.
The total income from all the above heads of income is calculated in accordance with the provisions of the Act as they stand on the first day of April of any assessment year. In this booklet an attempt is being made to discuss the various provisions relevant to the salaried class of taxpayers as well as pensioners and senior citizens.

   Scope of total income

Indian income1 is always taxable in India notwithstanding residential status of the taxpayer. Foreign income1 is not taxable in the hands of a non-resident in India. For resident (in case of firm, association of persons, company and every other person) or resident & ordinarily resident (in case of an individual or an HUF), foreign income is always taxable. For resident but not ordinarily resident foreign income is taxable only if it is business income and business is controlled wholly or partly in India or it is a professional income and profession is set up in India. ^1 Foreign income is the one which satisfies both the following conditions:-
Income is not received (or not deemed to be received under section in India, and
Income doesn't accrue (or doesn't deemed to be accrued under section in India.
If such an income satisfies one or none the above conditions then it is an Indian income.

   Heads of Income

The total income of a person is segregated into five heads:-
Income from Salary
Income from house property
Income from business or profession
Capital Gain and
Income from other sources

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