The Income Tax Return (ITR) is a form that is used to declare net tax liabilities, claim tax deductions, and report gross taxable income. Individuals who make a specific amount of money are required to file IT returns. Firms or corporations, Hindu Undivided Families (HUFs), and self-employed or salaried individuals are required to submit an ITR with the Income Tax Department of India.
When completing your Income Tax Return (ITR) for the fiscal year 2022-2023, you must disclose your income under all the categories listed in Section 14 of the Income Tax Act.
Income Categories To Report While Filing Income Tax Return
1. Income From Other Sources
This comprises other things which include interest on bank savings and stocks, dividends, royalty income, lotteries, racing winners, and gifts received.
2. Income From Capital Gains
Income from capital gains comprises long-term capital gains (LTCG) and short-term capital gains (STCG) on the sale of any capital assets.
3. Income From Business Earnings And Gains
This includes revenue from a business entity or a profession, as well as any interest, pay, or bonus received by a firm’s partners.
4. Income From House Property
Rental income from properties held by a person, other than those occupied by the owner, is taxed as income from home property. A notional revenue is also recorded under this heading if the property is empty.
5. Income From Salary
Salary income comprises all pay, wages, pension, annuity, gratuity, fees, commission, profits, leave encashment, yearly accretion, transferred balance in recognized Provident Fund (PF), and contributions to the employee’s pension account.