Gross income

Tax Glossary Definition

Gross income

Gross Income – Gross income is the total income earned by an individual or business before any deductions, exemptions, or taxes are applied. It encompasses all sources of income, including: Wages and salaries – earnings from employment Business or professional income – profits from commercial activities Dividends and interest – returns from investments Rental income – earnings from property Other income – capital gains, royalties, and miscellaneous earnings

Example: If an individual earns ₹6 lakh from salary, ₹50,000 from rental income, and ₹20,000 in dividends, their gross income totals ₹6.7 lakh before deductions

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