Taxable income is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year.
Follow these steps to calculate Taxable Income :
- First calculate taxable income for the current month Taxable Income : Gross - Deductions
- Now calculate taxable income till now (add Total taxable income up-to previous months to the current Taxable Income) Total Taxable Income : Taxable Income(current month) + Total Taxable Income upto previous Months