What will be our total annual income- gross total income or total taxable income. Please clearfy.
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Quick Summary
This discussion clarifies the meaning of 'total annual income'. It explains that 'annual income' generally refers to the gross total income earned in a year. Gross income is the sum of all earnings from various sources, whereas taxable income is the specific amount on which tax is calculated and paid to the government.
Annual income means the income you earned in a particular year gross income means sum total of all income you earn from different heads of income overall taxable income means is the amount of income on which you are liable to give tax to the government
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