Statutory total income refers to the aggregate amount of income that is subject to taxation according to the relevant laws and regulations. It encompasses total income from various sources such as salaries, business income, capital gains, and other categories defined by tax legislation.
Total income refers to the income of a taxpayer from all sources before any income-tax allowances are applied. This is often referred to as statutory total income and includes income calculated on various bases depending on the source of income. This concept is pivotal for calculating a person's income tax for a given year.
