Section 14- Heads of Income
Section 14 of the Income Tax Act, 1961 states the heads under which the income of an assessee is divided.
Section 14 states that to calculate total income and for charging income tax, all income is divided into the following heads:-
Income from House PropertyProfits and Gains of Business or Profession
Income from Other Sources.
As per the Income Tax Act, 1961, the income of an assessee will be divided into the above-mentioned heads only. There cannot be any other head in which the income of an assessee would be divided.