Gross income, taxes on

Tax Glossary Definition

Gross income, taxes on

Gross income refers to the total income earned before any deductions, exemptions, or taxes are applied. It includes all sources of income, such as wages, salaries, dividends, and rental income. Taxes on gross income are the taxes that are levied on this total income amount.

Example 1: Individual Gross Income

Scenario:

Salary: ₹8,00,000
Interest from bank FD: ₹50,000
Rental income: ₹1,50,000
Dividends: ₹20,000

Gross Income Calculation:

$Income=8,00,000+50,000+1,50,000+20,000=₹10,20,000\text{Gross Income} = 8,00,000 + 50,000 + 1,50,000 + 20,000 = ₹10,20,000$

Taxes are calculated on ₹10,20,000 before considering deductions like 80C, 80D, or standard exemptions.

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