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Income has been very widely defined in the Income-tax Act. In simple words, income includes salary, pension, rental income, profits out of any business or profession, any profit made out of the sale of any specified asset, interest income, dividends, royalty income etc. The law classifies income under 5 major heads as already mentioned. Salary Income House Property income Profits and Gains from Business or Profession Capital Gains Income from other Sources The law also allows a taxpayer to claim deductions
Every income that your receive should form part of your income tax return. Of course, the law does provide for exemption of certain incomes.
TDS exists to help government get tax throughout the year. There’s a prescribed table on how much tax deducted under what circumstances.