Income tax

Gross total is income of the year which is earned under all heads of tax after deducting exemptions while total income is the net income which is charged to tax. All deductions are effected after arriving at gross income.

Gross Total Income

Less - Deductions.

Total Income

Agreed with Karan we can also say Gross Total income - deductions/taxes = Net Total Income

Lovely question Pm`ed...!!!

WHY FINANCE ACT CHANGES YEARLY...???

Strange but even i had to think for a moment but this is what i think are the reasons of the changes.

- To nullify the judgements given by the bribed officers when there is a substantial loss to MoF,

- To be at par with global economy,

- To Blanace the payments,

and what not...,

the list is not exhaustive.