Difference between gross salary and taxable income?

Gross salary refers to the total amount of money earned by an individual before any deductions or taxes are taken out. This includes all forms of compensation such as wages, bonuses, and benefits.

Taxable income, on the other hand, is the portion of an individual's gross salary that is subject to income tax. It is calculated by subtracting allowable deductions and exemptions from the gross salary. Taxable income is the amount on which an individual's income tax liability is based.

In summary, gross salary is the total amount earned before deductions, while taxable income is the amount on which income tax is calculated after deductions.