GROSS TOTAL INCOME & TOTAL INCOME

   
  • GROSS TOTAL INCOME: As per the Income Tax Act Income is Chargeable to tax under five heads, those being: 

1)    Salaries

2)    Income from House Property

3)     Profits and Gains from Business or Profession

4)     Capital Gains.

5)     Income from Other Sources 

The aggregate income under these heads is termed as ‘Gross Total Income’. It is always calculated before providing exemptions under Chapter VIA, i.e., deductions from Section 80CCC to 80U.           

  • TOTAL INCOME: Total Income stated simply is the Gross Total Income as reduced by amount permissible as deduction under Sections 80CCC to 80U.