Question

Distinguish Between Heads of income and sources of income
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Answer 1

Answer:

· Income tax has defined 5 major heads of income: Salary, house property, business income, capital gain And income from other sources. Source has been defined as Speculative business, non speculative business, specified business under the head business income and long term capital gain and short term capital gain under the head capital gain.

Explanation:

Answer 2

Explanation:

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