Question

how can i reduce my gross income?

Answer 1

Gross income is reported in income tax as an income under each head, which is before any deductions.
It includes all the amount which are received in form of salary, wages, profits etc. It also includes all the allowances and other benefits received.

Gross income is reported as an income before any deductions.

Gross income for a manufacturing company is the difference between its revenues and costs (costs are considered to be costs which are incurred in production of goods)

Or simply gross income is obtained by subtracting costs of goods sold from revenues generated.

Gross income can be reduced :

• By considering lower revenues and increasing costs.
• By lowering the unnecessary deductions.
• By considering non monetry benefits, lowering gross income.
• It can also be lowered by using allowances instead of taking cash benefits of such allowances.