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Asked by Prashant on :Jul. 12, 2018

What does adjusted gross total income mean?

What does adjusted gross total income mean?

What does adjusted gross total income mean?

0

Jeeba Jul. 12, 2018

Gross total income means a sum of income chargeable under various heads. In other words, Gross total income is Salary Income + House Property Income + Business or Profession Income+ Capital Gains + Other Sources Income + Clubbing of Income - Set-off of Losses.

We will arrive at adjusted gross total income if we deduct the following on gross total income

(1) amount of deductions under sections 80C to 80U
(2) Any income on which income-tax is not payable,
(3) Long-term capital gains taxable under section 112 and short-term capital gains taxable under section 111A.

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