Income definition
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2013
What is the definition of Total Income for the purpose of Calculating 5,00,000 for mandatory filing of return
11 July 2013
"Gross total income" is defined in section 80B(5) of the Income tax Act,1961 wherein the sum of income under the five heads mentioned in section 14 has to be considered.
Whereas total income is defined in section 2(45) of the said act and in the Rule 12(3)(a), for e-filing of returns, also the word used is 'total income' which means 'gross total income 'as reduced by the deductions from 80C to 80U of the said act.
"Gross total income" is defined in section 80B(5) of the Income tax Act,1961 wherein the sum of income under the five heads mentioned in section 14 has to be considered.
Whereas total income is defined in section 2(45) of the said act and in the Rule 12(3)(a), for e-filing of returns, also the word used is 'total income' which means 'gross total income 'as reduced by the deductions from 80C to 80U of the said act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- REGARDING GST LIABILITY/....
- Tax liability on income of freelancer
- SALE BILL AGAINST GOODS RETURN
- Loan by Partnership Firm
- STCG FOR GOLD ETFs
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
