Section 14 of Income Tax Act for AY 2023-24

Heads of income. Amended and updated notes on section 14 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules 1962.

Amended and updated notes on section 14 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to heads of income.

Chapter IV (Sections 14 to 59) of the Income Tax Act 1961 deals with the provisions related to computation of total income. Section 14 of IT Act 1961-2023 provides for heads of income.

Recently, we have discussed in detail section 13B (special provisions relating to voluntary contributions received by electoral trust) of IT Act 1961. Today, we learn the provisions of section 14 of Income-tax Act 1961. The amended provision of section 14 is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 14 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.

Section-14: Heads of income

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.


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