1.

Differentiate between Gross total income and Total income?

Answer»
GROSS INCOMETOAL INCOME
1. Gross total income is calculated by adding the income from five heads after adjusting clubbing and set off and carry forward of losses.1. Total income is calculated by deducted by deducting deductions u/s 80 C to 80 U from Gross total income.
2. Tax is not calculated on Gross total income.2. Tax is paid on Total income 3. Total income is also known as Taxable income.
3. Gross total income is used to calculate taxable income.


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