Tax on income

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The document defines taxable income and gross income for the purposes of taxation. It states that taxable income is gross income less any authorized deductions or exemptions. Gross income is defined broadly as all income from any source, including compensation, business income, property dealings, interest, rents, royalties, dividends, annuities, prizes, pensions, and partnership shares. The document goes on to list several exclusions from gross income for taxation, including life insurance proceeds, return of insurance premiums, gifts, damages from personal injury, income exempt by treaty, and certain retirement benefits.

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The Aggregate income from all the heads of income is known as Gross Total Income. In Computing the Total Taxable Income on an assessee, certain deductions under sections 80C to 80U are allowed from his Gross Total Income. It means , firstly, that the income of the assessee shall be calculated under 5 specific Heads of income and incomes from all heads are put together and then from this total, certain deductions are made and after making deductions whatever remains shall be the total income or total taxable income.

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