Contents :- Why the calculation of Total Income (TI) important under the Income Tax Act? How Total Income is computed? Total Income (TI) or Gross Total Income (GTI) are the terms used interchangeably but differ in substance. Where Gross Total Income is calculated by summing up earnings received as per all five heads of income. Total income is arrived at after deducting from Gross Total Income deductions under Section 80C to 80U (namely, Chapter VI A deductions) under the Income Tax Act 1961. Which means GTI is a large componentSEE DETAILS

In Simple words, we can say that Assessee is a person who is liable to pay any tax or any sum of amount payable or have any obligation to pay tax as per the Section 2(7) of the Income Tax Act,1961. Also assessee can be termed as each and every person for whom Any proceedings have been taken under the act for the assessment of his incomeFringe benefits, Income of any other person for whom he is considered accessibleAny loss sustained by him or by such other person or PersonSEE DETAILS

Receipts are the earning of the company and through it revenue is generated. Not all the receipts contribute towards the profit and loss in business. Receipts can be categorized as Revenue receipts and Capital receipts. To some extent, we can say that revenue receipts affect the profit and loss of the business and capital receipts don’t. For a better understanding of the revenue receipts and capital receipts let’s discuss these terms in detail. What do you understand by Revenue Receipts? Revenue receipts are money earned by a business through itsSEE DETAILS