ENTREPRENEURSHIP

Detailed explanation-1: -DEDUCTIONS–Deduction denotes, in an income tax context, an item which is subtracted (deducted) in arriving at, and which therefore reduces, taxable income.

Detailed explanation-2: -What is taxable income? Taxable income or gross income or adjusted gross income includes salaries, wages, bonuses, etc. along with unearned income and investment income. It is the amount that will be used to determine your tax liability.

Detailed explanation-3: -The term taxable income refers to any gross income earned that is used to calculate the amount of tax you owe. Put simply, it is your adjusted gross income less any deductions. This includes any wages, tips, salaries, and bonuses from employers. Investment and unearned income are also included.

Detailed explanation-4: -Taxable Income in India Taxable income is the income of an individual or organization, minus any allowable tax deductions. It is the amount of income an entity makes every year upon which the government levies taxes. In simpler words, it is the amount of one’s income which is subject to income tax.