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Asked by Pankaj on :Jul. 03, 2018

Is total income is same as gross total inco…

Is total income is same as gross total income?

Is total income is same as gross total income?

0

Jeeba Jul. 03, 2018

No, gross total income and total income are different from each other.
Gross total income refers to the income that a taxpayer earns from different heads during the year. It can also be said that GTI= Income from(salary+ house property+PGBP+capital gain+other source)

Total income refers to the total income after adjusting eligible deductions under section Chapter VIA. In other words, It the amount that arrives after providing deduction under chapter VIA.

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Jeeba Jul. 03, 2018

No, gross total income and total income are different from each other.
Gross total income refers to the income that a taxpayer earns from different heads during the year. It can also be said that GTI= Income from(salary+ house property+PGBP+capital gain+other source)

Total income refers to the total income after adjusting eligible deductions under section Chapter VIA. In other words, It the amount that arrives after providing deduction under chapter VIA.

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Harassing: Disrespectful or rude towards a person or a group. Spam: Promotes an undisclosed link or product or service. Ingenuine: Not seeking genuine answers. Rotten: Vulgar, Obscene, abusive etc... Alien: Not a post on law or business. Plagiarism: Copied from other website or source and pasted here. Unformatted: Has bad format, grammar, spelling so requires moderatation.

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