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Difference between Gross income and Net income
A salary is a payout generated by an employer for the services provided by employees. A salary has various components that form the actual income to be earned by the employee including payroll deductions, tax deductions, incentives, etc. Mostly a salary is paid on a monthly basis in India in a standard payroll schedule.
Gross income or salary is the amount an employee has made in exchange for the services including allowances, taxes, incentives, and bonuses. It is the total figure calculated before deducting any taxes. Whereas net income or net salary is the amount an employee takes home after the payroll and tax deductions are made such as income tax, provident fund, medicare insurance, company loan repayment deduction, etc. Net salary includes incentives and bonuses.
