Taxable Income

What is Taxable Income?

Taxable Income is an individual’s or business’ compensation that is utilized to assess tax liabilities. Total income, often known as gross income, is used to calculate how much money an individual or business owes the government for a certain tax period.

One thing to keep in mind about taxable income is that it includes remuneration in other forms, such as gratuities, bonuses, allowances, commissions, and capital gains, in addition to one’s wage.

Types of Taxable Income:

• Employee Compensation and Benefits 
• Investment and Business Income
• Miscellaneous Taxable Income

Also, See: IT Declaration