Greetings for the day!
what is the difference between gross total income and total income
3 Replies
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 22 December 2012
Gross total is income of the year which is earned under all heads of tax after deducting exemptions while total income is the net income which is charged to tax. All deductions are effected after arriving at gross income.
Gross Total Income
Less - Deductions.
Total Income
CA Gaurav Ajit Potdar
(Chartered Accountant)
(846 Points)
Replied 22 December 2012
Agreed with Karan we can also say Gross Total income - deductions/taxes = Net Total Income
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 22 December 2012
Lovely question Pm`ed...!!!
WHY FINANCE ACT CHANGES YEARLY...???
Strange but even i had to think for a moment but this is what i think are the reasons of the changes.
- To nullify the judgements given by the bribed officers when there is a substantial loss to MoF,
- To be at par with global economy,
- To Blanace the payments,
and what not...,
the list is not exhaustive.
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