When filing your income tax returns, you must know about Form 26AS. This form is like a taxpayer’s passbook that shows a consolidated annual statement of your taxes. The Form 26AS is issued for each individual taxpayer and is linked to their Permanent Account Number (PAN).
In this article, we will understand what Form 26AS is and why you should check it before filing your income tax returns.
What Is Form 26AS?
The Form 26AS is a consolidated statement that contains all your tax-related information. This includes details about any tax collected at source (TCS), tax deducted at source (TDS), advance tax payments, self-assessment tax payments, income tax refunds, any taxes deducted on the sale of immovable property, etc. The Form 26AS can also be considered as an income tax passbook as it lists down all the detail of taxes paid by you or on your behalf during the financial year.
What Is The Importance Of Form 26AS?
As a taxpayer, you must ensure that the transactions mentioned in your Form 26AS are in sync with your income tax return (ITR). In case the Income Tax Department finds any mismatch between your Form 26AS and your income tax returns, they may issue a tax notice to you to seek an explanation for such discrepancies.
How To Download Form 26AS?
You must download and verify your Form 26AS well before you file your income tax returns so that you have enough time to rectify any discrepancies with your employers or clients. You can visit the official website of the Income Tax Department to download your Form 26AS. Follow the below-mentioned steps to download your Form 26AS:
Visit www.incometaxindiaefiling.gov.in and enter your user ID, password, and the captcha code to log in to your account.
Move to the “My Account” section and select the “View Form 26AS Tax Credit” option from the dropdown menu.
Now, you will be requested to provide a confirmation to move to the next step.
Here, you can choose to view your Form 26AS on the browser or download it as a PDF file.
To view the PDF file, you will be prompted to enter a password. The password will be your date of birth (DD/MM/YYYY).
Other Ways To Check Your Form 26AS
You can also use your bank’s net banking facility to view your Form 26AS. You will be able to access this facility only if your bank account is linked to your PAN. Some of the banks that provide this facility are Bank of India, Indian Overseas Bank, ICICI Bank, Axis Bank, State Bank of India, etc.
How Is Form 26AS Different From Form 16?
Your Form 16 gives you a statement of the total amount paid to you by your employer and the tax deducted at source by them during the financial year. Any tax deducted at source on the income from any other sources like the sale of immovable property, interest income, etc. will not be mentioned in your Form 16. On the other hand, your Form 26AS gives you details about all your tax-related transactions during the financial year.
Now that you know the meaning and significance of the Form 26AS, do not forget to download it before you file your income tax returns and verify the details.
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