New Delhi: The deadline for filing Income Tax Returns (ITR) is July 31, 2024. If you’re a taxpayer, you’re likely familiar with Form 26AS; however, if you’re filing taxes for the first time, understanding this form is crucial. Form 26AS serves as a tax statement document, also known as a tax credit statement form. It provides a comprehensive overview of the income tax payments made across various types of earnings throughout the financial year. The form is structured into 9 sections:
1. Part A: Details of Tax Deducted at Source (TDS) from your income.
2. Part A1: Information where TDS is not deducted due to submission of Form 15G or Form 15H.
3. Part A2: Details of TDS deducted on sale of immovable property.
4. Part B: Information regarding Tax Collected at Source (TCS) from your income.
5. Part C: Records of advance tax or self-assessment tax paid quarterly.
6. Part D: Information on tax refunds received during the financial year.
7. Part E: Details of significant transactions or payments in the stock market, mutual funds, etc.
8. Part F: Information about TDS deducted on property purchase.
9. Part G: Transactions where TDS should have been deducted but was not.
Form 26AS download
Form 26AS is linked to your PAN (Permanent Account Number) and can be viewed or downloaded online anytime using your PAN and password on the Income Tax Department’s website. Here’s how you can download it:
1. Visit the Income Tax Department website at https://www.incometax.gov.in/iec/foportal/.
2. On the right side, click on the ‘Login’ option.
3. Enter your PAN or Aadhaar number as the user ID, then enter the password and click ‘Continue’.
4. In the upper part of the page under ‘e-file’, click on ‘Income Tax Returns’.
5. Select ‘View Form 26AS’ and confirm the disclaimer.
6. Give consent to view and use Form 16/16A on the TRACES portal.
7. On the TRACES portal page, click on ‘View Tax Credit (Form 26AS)’.
8. You’ll now have the option to view and download Form 26AS. Save it once downloaded for your records.
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Things to know before filling ITR: If you’re filing taxes for the first time, understanding Form 26AS is crucial. Form 26AS serves as a tax statement document, also known as a tax credit statement form. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
