ITR Filing Salaried

What income am I taxed for??

Your income is not equal to your salary. You could earn income from several other sources other than your salary income. Your total income, according to the Income Tax Department, could be from house property, profit or loss from selling stocks, or from interest on a savings account or on fixed deposits. All these numbers get added up to become your gross income. Income from Salary: All the money you receive while rendering your job as a result of an employment contract. Income from House Property: Income from house property you own; property can be self-occupied or rented out. Income from other sources: Income accrued from Fixed Deposits and Savings Account come under this head. Income from Capital Gains: Income earned from the sale of a capital asset, say mutual funds or house property. Income from business and profession: Income/loss arising as a result of carrying on a business or profession. Freelancers' income comes under this head. .

What is TDS shown in my payslip??

Your employer deducts tax from your salary and pays it to the I-T Department on your behalf. It's called TDS. TDS is tax deducted at the source. Your employer cuts a portion of your salary every month and pays it to the Income Tax Department on your behalf. Based on your total salary for the whole year and your investments in tax-saving products, your employer determines how much TDS has to be cut from your salary each month. For a salaried employee, TDS forms a major portion of an employee's income tax payment. Your employer will provide you with a TDS certificate called Form 16 typically around June or July showing you how much tax was deducted each month. .

What is Form 16??

Form 16 is a TDS certificate. Your employer is required by the I-T Department to deduct TDS on your salary and deposit it with the government. The Form 16 certificate contains details about the salary you have earned during the year and the TDS amount deducted. It has two parts -- Part A with details about employer and employee name, address, PAN and TAN details, and TDS deductions. Part B includes details of salary paid, other incomes, deductions allowed, tax payable. .

What is Form 26AS??

Form 26AS is a summary of taxes deducted on your behalf and taxes paid by you. This is provided by the Income Tax Department. It shows details of tax deducted on your behalf by deductors, details on tax deposited by taxpayers, and tax refund received in the financial year. This form can be accessed from the I-T Department's website. .