ASSESSEE-In Simple terms any Person whose income is assessable under any Tax law

(herein referred to as The Income Tax Act’ 1961) is called an Assessee.

Assessment year in simple terms means the financial year immediately succeeding the
previous year. In other words it is the year in which one is assessed for his/ her income.   

Previous year means the financial year immediately preceding the assessment year, i.e. the
year in which income is actually earned.

 GROSS TOTAL INCOME: As per the Income Tax Act Income is Chargeable to
tax under five heads, those being: 

1)    Salaries

2)    Income from House Property

3)     Profits and Gains from Business or Profession

4)     Capital Gains.

5)     Income from Other Sources 

The aggregate income under these heads is termed as ‘Gross Total Income’. It is
always calculated before providing exemptions under Chapter VIA, i.e.,
deductions from Section 80CCC to 80U.           

 TOTAL INCOME: Total Income stated simply is the Gross Total Income as
reduced by amount permissible as deduction under Sections 80CCC to 80U.