Author Topic: GROSS TOTAL INCOME  (Read 7401 times)

vsaiyar

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GROSS TOTAL INCOME
« on: May 30, 2012, 01:10:58 PM »
Nowhere in the Income-tax Act this is defined except in 80B(5).  This definition is applicable only to Chapter VIA.  In my view the meaning of the term "GROSS TOTAL INCOME" is to be understood to cover all the income of the assessee including income falling within section 10, 10A and 10B.  Could anyone explain to me whether I am wrong in my assumption and if so why?

srinivasan

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Re: GROSS TOTAL INCOME
« Reply #1 on: May 30, 2012, 05:09:23 PM »
Sir for the purpose of section 80 the GTI is the income of the assessee as computed , as the provisions of the Act, and it automatically is reduced by income covered under section 10. 10B etc
srinivasan

camanojgupta

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Re: GROSS TOTAL INCOME
« Reply #2 on: May 31, 2012, 10:40:01 AM »
Incomes referred to in Chapter III covering sections 10 to 13B do not form part of total income so they are out of purview of GTI