Calculating AGI is essential because it identifies your eligibility for tax deductions.
For AGI, amounts are deductible under sections 80CCC to 80U but not under section 80G. AGI is an important figure on the tax return because it helps the IT department identify how much taxes and what benefits and tax deductions you are eligible for. Calculating your AGI makes it easy to determine how much income is taxable after making these deductions. View more jobs on Indeed View More What Is Adjusted Gross Income?Īdjusted gross income refers to the gross income minus specific deductions offered by the Income Tax (IT) department.
