Objective of this module is to understand the concept of Taxable Income. This is also called Total Income.
We go about as follows:
Recollect what we did in Step 1 (Categories)
Recollect what we did in Step 2 (Total up)
Recollect what we did in Step 3 (Deductions)
Step 4-Arrive at Taxable Income
Step 5- Look at freebies (Exemptions) will be next step