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Question
What do you mean by Total Income?
Short Note
Solution
Out of Gross Total Income, Income Tax Act 1961 allows certain deductions under section 80. After allowing these deductions the figure which we arrive at is called ‘Total Income’ and on this figure tax liability is computed at the prescribed rates.
- Gross Total Income
- Less: Deductions (Sec. 80C to 80U)
- Total Income (T.I.)
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Chapter 32: Direct Taxes - Exercises [Page 320]
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