Types of Income and Their Tax Treatment The rules of income tax group income into different classes and decide under what principles different types can be taxed in respect of their source and their nature. Of very common types of • Income taxable, the following are mentioned: Salaries and Wages: This is generally the chief source of income for most people. Salaries are thus normal... https://www.fbsedu.in/static/js/main.59b6eaac.js:2:113213