Section 14 of Income Tax Act "Heads of income"
14. Save as otherwise provided by this Act, all income
shall, for the purposes of charge of income-tax and
computation of total income, be classified under the
following heads of income :-
A. -
Salaries.
B. -
[***]
C. -
Income from house property.
D. -
Profits and gains of business or profession.
E. -
Capital gains.
F. -
Income from other sources.
Section 14A of Income Tax Act "Expenditure incurred in relation to income not includible in total income"
14A. (1) For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this Act.
(2) The Assessing Officer shall determine the amount of
expenditure incurred in relation to such income which does
not form part of the total income under this Act in
accordance with such method as may be prescribed, if the
Assessing Officer, having regard to the accounts of the
assessee, is not satisfied with the correctness of the claim
of the assessee in respect of such expenditure in relation
to income which does not form part of the total income under
this Act.
(3) The provisions of sub-section (2) shall also apply in
relation to a case where an assessee claims that no
expenditure has been incurred by him in relation to income
which does not form part of the total income under this Act
:
Provided that nothing contained in this section shall
empower the Assessing Officer either to reassess under
section 147 or pass an order enhancing the assessment or
reducing a refund already made or otherwise increasing the
liability of the assessee under section 154, for any
assessment year beginning on or before the 1st day of April,
2001.
What is Income of trusts or institutions from contributions? Section 12 of Income Tax Act 1961
What is Conditions for applicability of sections 11 and 12? Section 12A of Income Tax Act 1961
What is Procedure for registration? Section 12AA of Income Tax Act 1961
What is Section 11 not to apply in certain cases? Section 13 of Income Tax Act 1961
What is Salaries? What are Deductions from salaries? Section 15 and 16 of Income Tax Act 1961
What is Salary, perquisite and profits in lieu of salary? Section 17 of Income Tax Act 1961