Question

Difference between gross total income and total income with comparison chart

Answer 1

Answer:

Gross Total Income is the aggregate income of a person, arrived after adding up income from all the five sources. Total Income refers to that income of the assessee on which the tax liability is calculated. Tax is not levied on this income.

Answer 2

Gross total income is the sum total of income earned from all different sources while Total income is defined as the taxable income that is calculated after the deductions(as specified by Income Tax Act).

Explanation:

Gross Total Income                       Total Income

1). Gross total income is the           1). Total income is defined as the estimated

aggregate income earned                  income after subtractions made under

from all the sources.                             the income tax act.

2). It represents the total revenue   2). It represents the taxable income on

generated.                                             which tax is levied.

3). It is the aggregate income          3). It is the income left after tax deductions before                       which helps in estimating

the tax deductions.                              the tax  liability.

4). GTI = total income + deductions  4). TI = Gross total income -   stated by Income Tax Act(ITA).          deductions stated by ITA.                                  

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