1] Income from Salary

On what does income from salary means; Manikaran Singhal, Founder at goodmoneying.com said, “One’s income from fees wages, advances, allowances, pension, gratuity and retirement benefits all come under the income from salary category.”

2] Income from house property

On 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 business

If someone is indulged in business then one’s income from this business will be calculated under this category.

4] Income from investments/capital assets

An earning individual makes investments too. So, the income from one’s investment or from the capital assets will fall under this category.

5] Income from other sources

Any income that doesn’t fall in above four categories will come under this category. One’s income from gambling, Cryptocurrency investment, etc. will fall under this income from other source category.