Income tax calculator: While filing income tax return (ITR), it’s important for the taxpayer to know the various categories of income segregated by the income tax department. As per the income tax act 1961, one's income is divided into 5 categories — income from Salary, income from house property, income from business profit, income from investments/capital assets and income from other sources. So, a taxpayer is advised to divide one's income in these 5 categories for simplifying its job during ITR filing. 2] Income from house propertyOn income from house property Singhal said, "Sections 22 to 27 of the Income Tax Act 1961 mentions that one's income from house property or land or from both falls under income from house property category." 3] Income from profit in businessIf someone is indulged in business then one's income from this business will be calculated under this category.

Source: Mint July 22, 2021 10:41 UTC