India, July 25 -- For all eligible taxpayers for FY2024-25, it is crucial to note that income tax is not just levied on salaries but on five identified sources of income, also known as five heads of income tax.

Section 14 of the Income Tax Act, 1961, states that different sources of income must be grouped for tax purposes. The law divides all types of income into five specific categories.

Aimed towards making tax calculation easier and more structured, taxpayers must carry out this step before calculating your income tax liability.

It is also crucial to note that the ITR filing deadline for this year stands at July 31. Failing to pertain to the mentioned deadline would result in interest penalties.

1. Income through earned salary: Tax...