Definition of Total Income

sunandaC

New member
Total Income means the total amount of Income referred to in section 5, computed in the manner laid down in the Income-tax Act.


Total income is computed under five heads of income, income computed under each head is thereafter aggregated and the aggregate amount is known as Gross Total Income.


From Gross Total Income, certain deductions are allowed under sections 80C to 80U and the balance income after deductions is known as Total Income.
 
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alan56789

New member
Re: Definition of Total Income Definition of Total Income

Total Income means the total amount of Income referred to in section 5, computed in the manner laid down in the Income-tax Act.


Total income is computed under five heads of income, income computed under each head is thereafter aggregated and the aggregate amount is known as Gross Total Income.


From Gross Total Income, certain deductions are allowed under sections 80C to 80U and the balance income after deductions is known as Total Income.

Deductions like? Does HRA includes in this deduction?
incometaxslabs.co.in
 
Total Income means the total amount of Income referred to in section 5, computed in the manner laid down in the Income-tax Act.


Total income is computed under five heads of income, income computed under each head is thereafter aggregated and the aggregate amount is known as Gross Total Income.


From Gross Total Income, certain deductions are allowed under sections 80C to 80U and the balance income after deductions is known as Total Income.

Hey sunanda, thanks for the information and i really liked your article. As we know that section 80C to 80U gives certain tax deductions which can be claimed from Gross Total Income (GTI). Well, i am also uploading a document which will explain it in more detail.
 

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