Does total income include exempt income

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praveen (Querist)
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04 May 2016 This is with respect to the declaration of assets and liabilities as at the end of 31st March 2016 in the income tax forms. Does total income for this purpose include exempt income as well?

If a person has say 10 Lakhs of rental income and 50 Lakhs of dividend income should he declare his assets and liabilities.

Rupesh Jain

Rupesh Jain (Expert)
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04 May 2016 you have to tell asets & liability not the income, income is part of your capital a/c.not the liability

praveen

praveen (Querist)
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04 May 2016 I think you have misunderstood the question. I know that I have to declare assets & liabilities, but whats the meaning of total income?? does it include dividend income which is exempt?

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