Our Recommendations :-
Follow CA Final FB Page

What is the difference between gross total income and total income?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 preetham asked over 2 years ago

Hi I am Preetham. I am preparing for CA exam. I want to know about income tax. Can I know, What is the difference between gross total income and total income? ​

    0       0 Answer Now Comment Report
2 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered about 2 years ago

(Some answers above are a bit off. In tax parlance, "EBIT" is what you call income before taxes. It stands for "earnings before income taxes".) For your project, you can dazzle 'em if you know the official income tax formula for individuals per the Revenue Code: Income (all sources)

    0       0 Comment Report
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Open uri20170510 32134 1c996lj?1494421732 Anil answered over 2 years ago

No difference. "Gross income" refers to income from all sources and not yet netted against adjustments or expenses. "Total income" refers to income from all sources. "Net income" is what you call it AFTER you've deducted all direct expenses/deductions. (Some answers above are a bit off. In tax parlance, "EBIT" is what you call income before taxes. It stands for "earnings before income taxes".) For your project, you can dazzle 'em if you know the official income tax formula for individuals per the Revenue Code: Income (all sources) less exclusions from income (like non-taxable interest and child support) = Total income Total income less adjustments for A.G.I. = adjusted gross income Adjusted gross income less standard or itemized deductions less exemptions = taxable income Taxable income less tax credits plus other taxes (such as self-employment tax) less refundable credits less prepayments of income tax (such as from a W-2) = tax due or refund due

    0       0 Comment Report
Get Notifications
Videos
Books
Notes
Loading
SIGN UP
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.