Total Income Statement...Urgent Sir!!!

This query is : Resolved

Rajesh (Querist)
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02 September 2010 Dear Experts,
While finalisation for every assessee's income tax liability we prepare total income statement. It would be gr8 for me under what section or circular we are preparing Total Income Statement.
With regards,
Rajesh.

Arun

Arun (Expert)
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03 September 2010 Refer Definition U/s 2(24) of the Income Tax Act 1961

venkatraman shrinivas

venkatraman shrinivas (Expert)
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04 September 2010 Please refer to chapter VIA, with particular reference to section 80A which clearly makes out that all incomes earned under different heads, duly computed after adjustment of losses, depreciation shall be aggregated and out of such aggregated income, admissible deduction under chapter VIA shall be allowed. Even otherwise, if you claim any deduction under chapter VIA or not, you have to arrive at the tax due, determine the extent of refund/interest payable etc., All these are possible only if the aggregate of income from all heads put together is ascertained and grouped. Section 2(24) merely defines what is income and has nothing to do with the concept of total income. All items of income as identified under section 2(24) are to be aggregated for the purpose of computing the tax liability.

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