Tax Summary Details — Vocabulary Flashcards

Vocabulary flashcards derived from the provided Income Tax Department ITR1 tax summary notes, focusing on key terms and their meanings.

Gross Total Income

The sum of income from all heads (Salaries, House Property, Other Sources, etc.) before any deductions.

Salaries (Income Head)

Income chargeable under the head 'Salaries' used in computing Gross Total Income.

House Property (Income Head)

Income chargeable under the head 'House Property', typically rent net of property-related expenses.

Other Sources (Income Head)

Income chargeable under the head 'Other Sources' not covered by Salaries or House Property.

Long term capital gains (Sec 112A)

Gains from disposal of long-term assets taxed under section 112A; in this note, reported as ₹0.

80C deduction

Section 80C deduction for investments like life insurance, provident fund, etc.; totals to ₹0 in this note.

Total Taxable Income (A − B)

Gross Total Income minus Total Deductions equals the amount on which tax is calculated.

Tax Payable

The total tax, fee, and interest due on the Total Income after rebates, per the tax calculation.

Health and Education Cess (4%)

An additional levy of 4% on tax payable to fund health and education.

Rebate u/s 87A

Tax rebate under section 87A that reduces the total tax payable; shown as ₹0 in the notes.