fbpx
Telangana #1 Best tax compliance platform
ThinkBiZ FilingsThinkBiZ FilingsThinkBiZ Filings
+91 8977983666
info@thinkbizfilings.com
Hydrabad,Telangana
ThinkBiZ FilingsThinkBiZ FilingsThinkBiZ Filings

What is Difference Between Gross Total Income And Total Income in Income Tax?

Total Income is the income on which tax liability is determined. It is necessary to compute total income to ascertain tax liability. secti​on 80C to 80U p​rovides certain deductions which can be claimed from Gross Total Income (GTI). After claiming these deductions from GTI, the income remaining is called as Total Income. In other words, GTI less Deductions (under secti​on 80C to 80U) = Total Income (TI). Total income can also be understood as taxable income. Following table gives a better understanding of the difference between GTI and TI:

Note: Inter source losses, inter head losses, brought forward losses, unabsorbed depreciation, etc., (if any) will have to be adjusted (as per the Income-tax Law) while computing the gross total income. ​

Note: If the eligible assessee has opted for concessional tax regime under section 115BAA, 115BAB, 115BAC and 115BAD, the total income of assessee is computed without claiming specified exemptions or deductions.

Leave A Comment

0
No products in the cart.