Question

Difference between source of income and heads of income

Answer 1

Answer:

Heads of income are the ways to classify the income or profits earned by a person during a taxable year. Sources of income for an individual maybe salary, Commission, interest etc. Sources of income for a business maybe profits, return on Investments, grants from the government.

Explanation:

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Answer 2

Heads of income are the ways to classify the income or profits earned by a person during a taxable year. Sources of income for an individual maybe salary, Commission, interest etc. Sources of income for a business maybe profits, return on Investments, grants from the government.

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