Gross Total Income

Gross Total Income is important to know, because it determines my eligibility or obligation (as I may prefer to call) to file a return of income.

Sometimes if my other income is not adequate to adjust such negative income, I can take the benefit and adjust in future years. This is called Carry Forward of Losses.

Did you know that Income under some of the categories can be negative sometimes. In that case I can get an adjustment of such negative income or loss against my other incomes, so that my net ot total income is lower. But this is not always. This is called Set Off of Losses.

There are some catches though. Sometimes I may need to include my spouses income in my income, just when I tried to be smart and put my interest earning investments in spouses name, the tax authorities are smarter and say No, this is my income. This is called Clubbing of Income.

At the end of the year, I need to work out my Gross Total Income. This is nothing but a sum total of my incomes under 5 categories below. Salaries House Property Business Gains and Profession Capital Gains Other Sources So, I just go about finding out my Income under the category or categories out

This module will tells me what is my Gross Total Income and how do I arrive at  Gross Total Income. We go by: The Parts I need to total up The Clubbing Times The Setoff Times The Carry Forward Times Conclusion