Total income
This query is : Resolved
14 February 2015
Hi
Please tell me that there is any difference between the total income and taxable income and whether Total Income=Gross total income or Total Income= Taxable income.and also provide me the defination of Total Income as per Income Tax Act.
Please tell me that there is any difference between the total income and taxable income and whether Total Income=Gross total income or Total Income= Taxable income.and also provide me the defination of Total Income as per Income Tax Act.
14 February 2015
Gross total income is defined in section 80 B (5), meaning thereby it is exclusive of Chapter VIA deduction.
Total income is not defined in the act, therefore it should be understood as TAXABLE INCOME' vide the corollary to section 80B(5).
Total income is not defined in the act, therefore it should be understood as TAXABLE INCOME' vide the corollary to section 80B(5).
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