difference between gross total in
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Difference Between Gross Total Income and Total Income
Gross Total Income
The difference between Gross Total Income and Total Income lies in their meanings, where the former i.e. Gross total income denotes the total earnings from all the heads of income, the latter i.e. Total income is the income that is obtained by subtracting the deductions under Section 80 from the GTI
the total income
earned by the individual, including income from all the heads. There are five heads of income such as income from property, income from salary, income from other sources, income from business or profession, and lastly, income from capital gains. These all incomes combined form the Gross total income of an individual or an entity/entities.
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