Form 26AS plays a crucial role in the process of filing Income Tax Returns (ITR) as it provides a consolidated view of tax-related information. It serves as a comprehensive tax credit statement provided by the IT Department. It encompasses information regarding all taxes deducted from your income by your employer, bank, or any other deductor and subsequently remitted to the government on your behalf.
Form 26AS is a document displaying diverse information such as taxes deducted or collected at the source, Advance Tax or Self-Assessment Tax, Specified Financial Transactions, and the status of demands, refunds, or completed proceedings related to a taxpayer’s Permanent Account Number according to the Income Tax Department’s records.
It’s essential to understand that taxpayers do not file Form 26AS themselves; instead, it is generated and provided by the Income Tax Department via their online portal. Taxpayers can retrieve their Form 26AS by logging into their account on the Income Tax Department’s website.
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A taxpayer may pay tax in any of the following forms:
- Tax Deducted at Source (TDS)
- Tax Collected at Source (TCS)
- Advance tax or Self-assessment Tax
The Income Tax Department maintains a database of the total tax paid by all taxpayers, which is called tax credit in the taxpayer’s account. The ITD generally allows taxpayers to claim the credit of taxes as reflected in their Form 26AS.
Who Requires Form 26AS?
Form 26AS is required to be filed by anyone who has a PAN and has received any of the following types of income during the financial year:
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Income from;
- Salary or pension
- Interest on fixed deposits or savings account
- Rent
- Capital gains
- Dividends
- Any other source where tax has been deducted at source (TDS) by the payer
Form 26AS comprises information such as the deductor’s name, the deducted tax amount, deduction date, deposit date with the government, and other pertinent details. Additionally, it provides data on tax refunds and any other tax-related information pertinent to the taxpayer.
Form 26AS stands as a crucial document to consult when filing your income tax returns, enabling you to verify the taxes deducted and remitted on your behalf. Moreover, it facilitates the process of claiming tax credits for deductions made at the source.
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How To Download Form 26AS?
To download Form 26AS from the TRACES website, follow these simple steps:
- Start by visiting the e-filing website.
- Enter your user ID, which may either be your PAN or your Aadhaar number.
- Enter your password.
- The main screen will appear once you’ve logged in.
- Navigate to the ‘e-file’ section, select ‘Income Tax Returns,’ and then ‘View Form 26AS’ from the menu that appears.
