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What is Gross Total Income vs Total Income Explained about?

Gross total income includes all sources of income before any deductions. Total income is gross total income minus deductions allowed under sections 80C to 80U of the income tax act. These deductions include investments made toward tax saving instruments, insurance premiums, donations, etc. The difference is illustrated through an example computation that shows gross total income, allowable deductions, and total (taxable) income.

Author

rajesh

Language

EN