As salaried taxpayers set out to file their I-T returns for 2022-23, like every year there are common queries and frequently asked questions (FAQs) on how to calculate the net taxable income, what to look out for in Form 16 and which income tax form to choose.
Income Tax Return FY 2022-23: What is Taxable Income, Form 16, AIS? ITR 1 or ITR 2? FAQs answered
In this week’s episode of TOI Wallet Talks, Surabhi Marwah, Tax Partner at EY India seeks to simplify the important concepts around tax returns. Watch the video above to know how you can arrive at your gross salary and your net taxable income. Don’t miss out on the illustrative example where the salary structure is analysed to arrive at the net taxable income.
Also find out the importance of Form 16, Form 26 AS and the Annual Information Statement (AIS). For example, did you know that it is important for taxpayers to review their AIS to ensure that the information reported matches their own records and make necessary corrections if required.
In less than 15 minutes, Surabhi Marwah spells out basic important concepts with regards to income tax filing in simple terms for the common person. From Section 80C and Section 80D to interest income from bank accounts and dividend income, find out what are the top income sources and reliefs and rebates that one may forget to consider.
Finally, understand the difference between ITR-1 and ITR-2 and find out which income tax return form you should opt for when filing your I-T return.