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What is Form 26AS in India?

Form 26AS is a consolidated tax credit statement that is issued by the Income Tax Department of India. It contains details of the taxes that have been deducted at source (TDS), taxes paid, and refunds received by a taxpayer during a particular financial year. It is an important document for taxpayers as it helps them cross-check the details of tax deducted and paid with their own records to ensure accuracy in tax calculation. In this blog,

we will discuss Form 26AS in detail.


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What does Form 26AS contain?

Form 26AS contains the following details:


Tax deducted at source (TDS):

It contains details of the tax that has been deducted by your employer or any other deductor on your behalf, such as banks or financial institutions. The details include the name of the deductor, TAN (Tax Deduction and Collection Account Number) of the deductor, and the amount of tax deducted.


Advance tax paid:

It contains details of the advance tax paid by the taxpayer during the financial year.

Self-assessment tax paid: It contains details of the self-assessment tax paid by the taxpayer after the end of the financial year but before the due date of filing the income tax return.


Tax refunds:

It contains details of the tax refunds received by the taxpayer during the financial year.

High-value transactions: It contains details of the high-value transactions undertaken by the taxpayer during the financial year, such as purchase or sale of immovable property or shares, etc.


Details of tax demand:

It contains details of any tax demand raised by the Income Tax Department against the taxpayer.


How to access Form 26AS?

Form 26AS can be accessed online through the Income Tax Department's e-filing portal. Taxpayers can log in to the portal using their PAN (Permanent Account Number) and password and then select the 'View Form 26AS' option from the dashboard. The form can also be accessed through net banking of some authorized banks.


Why is Form 26AS important?


Form 26AS is important for taxpayers as it helps them verify the TDS and other tax-related details that have been reported by their employers or other dedicators to the Income Tax Department. Any discrepancy in the details can be brought to the notice of the concerned dedicator and rectified before filing the income tax return. This helps in avoiding any penalties or interest charges that may be levied by the Income Tax Department for incorrect or incomplete tax details.


In conclusion, Form 26AS is an important document for taxpayers in India as it contains all the tax-related information pertaining to a financial year. Taxpayers should ensure that the details in Form 26AS match their own tax records to avoid any penalties or interest charges. They can also seek the help of a chartered accountant or a tax professional to understand and interpret the details in Form 26AS correctly.

 

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