Clause 60 - Determination of total income - Direct Taxes Code Bill, 2009

Determination of total income 60. The total income of a person for any financial year shall be computed in accordance with the formula- A - (B + C) Where A = the 'gross total income from ordinary sources', for the financial year; B = the aggregate amount of deductions allowed under sub-chapter I; and C = the aggregate amount of deductions allowed under sub-chapter I; and