Total Income refers to the gross income from all sources after the deductions, allowances or reliefs. If you are the sole earning member to earn, then the amount of income you bring home or save is the total income. However nowadays, married couples are both earning so in that case, the total income is the amount that you and your partner bring home after all the deductions. If in a family of 4, every four of them earns, then the total income is the amount of money that the 4 people bring home. In simple words, total income is what you save, be it individually or in a group.
If you want to know more about income, tax or have some other legal queries that need answers, feel free to contact NoBroker Legal Assistance.
Read More:
Who Should File Income Tax Return?
What Is Taxable Income In India?
How To Calculate Taxable Income?
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Does total income includes other four heads of income in the family?
prathameshdubey
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3 Year
2022-04-12T18:43:50+00:00 2022-04-17T19:53:20+00:00Comment
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