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Heads of Income -1 Video Lecture | Taxation for CA Intermediate
FAQs on Heads of Income -1 Video Lecture - Taxation for CA Intermediate
| 1. What are the different heads of income as per the Income Tax Act? |  |
Ans. The Income Tax Act classifies income into five heads: 1) Income from Salary, 2) Income from House Property, 3) Income from Business or Profession, 4) Income from Capital Gains, and 5) Income from Other Sources. Each head has its own rules regarding computation and taxation.
| 2. How is income from salary calculated for CA Intermediate exams? | |
Ans. Income from salary is calculated by considering the total salary received during the financial year, which includes basic pay, allowances, bonuses, and any other benefits. Deductions such as professional tax and contributions to Provident Fund are subtracted to arrive at the taxable income.
| 3. What deductions can be claimed under the head 'Income from House Property'? | |
Ans. Under the head 'Income from House Property', deductions can be claimed for municipal taxes paid, a standard deduction of 30% on the net annual value, and interest on borrowed capital for the property. These deductions help reduce the taxable income from house property.
| 4. What is the significance of capital gains in the heads of income? | |
Ans. Capital gains are significant as they arise from the transfer of capital assets. The tax treatment differs based on whether the gains are short-term or long-term, affecting the overall tax liability. Understanding capital gains is crucial for effective tax planning and compliance.
| 5. Can income from other sources include gifts and lottery winnings? | |
Ans. Yes, income from other sources can include gifts and lottery winnings. However, any gift received is taxable if it exceeds the exemption limit, and lottery winnings are fully taxable as income. It is essential for taxpayers to report these incomes accurately while filing tax returns.
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