Q.List out the five heads of income and mention its sections.

The Income Tax Act classifies all income under five heads — salary, house property, business/profession, capital gains and other sources — each with its own sections for computation.

To compute the total income of an assessee, all income is classified and taxed under five heads of income as follows:

1. Income from Salary (Sections 15 to 17) — salary, wages, pension, allowances and other benefits received by an employee from an employer.
2. Income from House Property (Sections 22 to 27) — the annual value of buildings or land owned by the assessee, other than property used for his own business.
3. Profits and Gains of Business or Profession (Sections 28 to 44) — income earned by a person from carrying on any business, trade or profession. …