Define gross total income.
Understand the Problem
The question is asking for a definition of gross total income, which involves understanding its components and how it is calculated in financial terms.
Answer
Total income before deductions and exemptions.
Gross total income refers to the total income earned by an individual during a financial year before claiming any deductions, exemptions, or adjustments.
Answer for screen readers
Gross total income refers to the total income earned by an individual during a financial year before claiming any deductions, exemptions, or adjustments.
More Information
Gross total income is computed under various heads of income such as salaries, house property, business income, capital gains, and other sources.
Tips
A common mistake is confusing gross total income with net income, which is the income after all allowable deductions and exemptions.
Sources
- Difference Between Gross and Total Income for Tax Calculation - kotaklife.com
- Gross Total Income As Per Income Tax Act - tax2win.in
