Save as otherwise provided in this Act, all incomes shall, for the purposes of charge of income-tax and computation of total income, beclassified under the following heads of income:—(a) Salaries;(b) Income from house property;(c) Profits and gains of business or profession;(d) Capital gains; and(e) Income from other sources.

(1) Irrespective of anything to the contrary contained in this Act, 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.(2) Where the Assessing Officer, having regard to

(1) The following income shall be chargeable to income-tax under the head “Salaries”:—(a) any salary due from an employer to an assessee in the tax year, whether paid or not;(b) any salary paid or allowed to him in the tax year by or on behalf of an employer though not due or before it became

For the purposes of this Part, “salary” includes—(a) wages;(b) any annuity or pension;(c) any gratuity;(d) any fees or commission;(e) perquisites;(f) profits in lieu of, or in addition to, any salary or wages;(g) any advance of salary;(h) any payment received by an employee in respect of any period of Lleave not availed of by him;(i) the

(1) For the purposes of this Part, “perquisite” includes—(a) the value of rent-free accommodation provided to the assessee by his employer computed in such manner, as prescribed;(b) the value of any accommodation provided to the assessee by his employer at a concessional rate which is in excess of rent recoverable from, or payable by, the

(1) For the purposes of this Part, “profits in lieu of salary” includes,—(a) any amount of any compensation due to or received by an assessee from his employer or former employer at or in connection with the—(i) termination of his employment; or(ii) modification of the terms and conditions relating thereto;(b) any amount due to or

(1) The income chargeable under the head “Salaries” shall be computed after making the deductions of the nature as mentioned in column B of the following Table, to the extent as mentioned in column C of the said Table:— Sl. No. Nature of Sum Amount of Deduction A B C 1 Sum paid by the

(1) The annual value of property consisting of any buildings or lands appurtenant thereto, owned by the assessee shall be chargeable to income-tax under the head “Income from house property”.(2) The provisions of sub-section (1) shall not apply to such portions of the property, as occupied by the assessee for his business or profession, the

(1) For the purposes of section 20, the annual value of any property shall be deemed to be the higher of the following:—(a) the sum for which it might reasonably be expected to let from year to year; or(b) the actual rent received or receivable by the owner, if the property or any part of

(1) The income under the head “Income from house property” shall be computed after allowing the following deductions:––(a) 30% of the annual value;(b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital.(2) In case of property or properties referred to in