Kolkata: The deadline for filing Income Tax Returns for individual taxpayers (who don’t need audit of their accounts) is July 31. Within a few weeks there will be a scramble to file taxes. That’s the time when one will get to hear more and more about Form 26AS. Let’s have a look at the immense significance of this financial document.
Tax practitioners point out that Form 26AS is a statement which contains details of any amount of money deducted as TDS or TCS from all sources of income of a taxpayer. Not only that, this form also contains details of advance tax paid and high-value transactions of a taxpayer. Therefore, it is evident that Form 26AS will be of crucial importance while filing taxes. Its ambit has recently been widened to include details of mutual funds purchases, dividends, refund details and even foreign remittances.
What Form 26AS reveals
There is a plethora of information pertaining to the financial transactions of a taxpayer. In fact, it offers a consolidated picture of all tax-related information associated with one’s PAN. This form can be viewed and downloaded easily from the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal, which enables both TDS deductors and payers to view TDS for convenience in filing ITR and claim refunds. The information in Form 26AS are:
- Details of TDS
- Details of TCS
- Advance tax paid by the taxpayer
- Self-assessment tax payments
- Regular assessment tax deposited by the taxpayers
- Details of income tax refund received during a financial year
- Details of the high-value transactions such as shares, mutual funds, etc.
- Details of tax deducted on sale of immovable property
- Details of TDS defaults (after processing TDS return) made in the year
- Turnover details reported in GSTR-3B
- Details of specified financial transactions
- Pending and completed income-tax proceedings
How to download Form26AS
ONE: Login to the Income Tax Department’s e-filing portal (www.incometaxindiaefiling.gov.in)
TWO: Go to ‘e-File’ section
THREE: Click ‘Income Tax Returns’
FOUR: Click ‘View Form 26AS’
This will take you to TRACES (TDS Reconciliation Analysis and Correction Enabling System) website
FIVE: Click ‘View Tax Credit (Form 26AS/Annual Tax Statement)’
SIX: Select assessment year
SEVEN: Click ‘View/Download’ to open Form 26AS
Form 26AS offers a comprehensive record of all tax-related information linked to a person’s Permanent Account Number (PAN). The information can be utilised to calculate tax credits one can claim while filing ITR. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
