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of <h1>Understanding Total Income: Deductions, Adjustments, and Concessional Tax Regimes Impacting Your Taxable Income Calculation.</h1> Total income is the income on which tax liability is determined, calculated by subtracting deductions (under sections 80C to 80U) from Gross Total Income (GTI). GTI includes income from salary, house property, business profits, capital gains, and other sources. Total income, also known as taxable income, is the amount after these deductions. Adjustments for inter-source losses, inter-head losses, brought forward losses, and unabsorbed depreciation are made while computing GTI. If an assessee opts for a concessional tax regime under sections 115BAA, 115BAB, 115BAC, 115BAD, and 115BAE, the total income is computed without specified exemptions or deductions.
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