What does "Income Tax" cover?

Income Tax is the Tax which is collected by the government directly from the individual, HUF, Firm or the company on their total income of the single financial…

Who is this guide meant for?

Class 11 and Class 12 commerce students, and CA Foundation aspirants, studying Academic Subjects.

Can I test myself on "Income Tax"?

Yes — this page includes a short interactive quiz so you can check your understanding straight away.

Income Tax

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Quick Overview & Key Takeaways

Focus Topic:Income Tax

Estimated Reading Time:2 mins

Income Tax is the Tax which is collected by the government directly from the individual, HUF, Firm or the company on their total income of the single financial…
Syllabus-aligned study material with detailed definitions, formats, and practical examples.
Interactive check: Includes a custom practice quiz at the bottom of the article to self-evaluate knowledge.

(F/Y start from 01/04/Every year to 31/03/every year).

Salary Income
House property Income
Profit earned from Business and Profession
Capital gain
Income from Other Sources.

1. Salary Income: -

Tutorstips

Basic Pay	50,000
Dearness Pay	75,000
Mobile	2,000
Total	1,27,000
Provide
RFA	25,000
Car	13,000
Total Salary Income	1,65,000

Tutorstips

2. House property Income:

3. Profit earned from Business and Profession: -

4. Capital gain: -

Those Incomes are treated under the head of Capital gain which is earned by Individual from the selling of their assets. These are two types of shown as follows:

Long term Capital gains
Short term capital gains

5. Income from Other Sources:

Those Incomes are treated under the head of other incomes which are left after treated all the income in the above-said heads of income tax. The example of these incomes are shown below: