Shuchita Tripathi, Campus Law Centre, Faculty of Law, University of Delhi
ABSTRACT
Herman Wouk rightly pointed out that income tax returns are the most imaginative affliction being written today. If one does not want his income tax return to look fictional he needs to know the income heads well. The article deals with the five income heads under the Income Tax Act in a brief manner. It has covered major aspects of each head along with the sections related to them. The article aims at providing knowledge to the readers about the income tax computation and types of incomes that are made chargeable under it. The article has also focused on the deductions that are given to taxpayers by the income tax department. I hope that the article will be insightful for the readers.
