Form 26AS: Why it is Important to Check Before Filing ITR?

Every Indian taxpayer must file his/her tax returns by July 31 every year unless the government extends the deadline. You need several documents, like Form 16, PAN, salary slips, etc. to successfully file tax returns online. One such critical document is Form 26AS Take a look at what this form is and why every salaried taxpayer should check this form before filing ITR-

Form 26AS is also known as the Tax Credit Statement. It is your annual consolidated tax statement with detailed information about the income you’ve earned, and taxes paid in a year. The details in this form are based on the information that the tax department has regarding your income and tax payments for the financial year.You should have your Form 26AS at the time of filing tax returns as it has details your tax deductors and collectors, TDS, and more, which you will need at the time of filing ITR.Some of the most important details you can find on Form 26AS are as follows-

• Tax deducted by deductors
• Tax collected by collectors
• Advance taxes paid
• Tax refund received (if any)
• Self-assessment tax payments
• Regular assessment tax

If you are a salaried employee, your employer will provide Form 16 with detailed information about your salary, taxes deducted, and the deductions you have claimed. Just like taxpayers have a deadline for filing tax returns, employers also have a deadline for issuing Form 16 to the employees, which is generally May 31 every year.To ensure that there are no errors in your ITR, you should always compare your Form 16 with Form 26AS. For instance, if the tax is not deposited by the employer or is deposited after the deadline, the tax deduction might show in Form 16 but not in Form 26AS. By comparing the two forms, you can ensure that both forms have similar and accurate details.

There are a few different ways in which you can access your Form 26AS. The most popular method is through your e-filing account. Log in to the e-filing portal and look for “ View Form 26AS (Tax Credit) ” option under “Quick Links” or “My Account”.Once you click on this option, you will be redirected to the TRACES website, where you can select the relevant assessment year to view your Form 26AS. You can view as well as download the form from here. Some of the banks also allow you to access your Form 26AS through their net-banking portal.

• Form 26AS is a useful document that provides information about tax deductions and collections made by authorized entities and deposited with the government tax authorities.
• It allows taxpayers to view all financial transactions related to TDS/TCS for the relevant financial year, which can help them accurately compute their income and claim tax credits while filing their ITR.
• Form 26AS is a reliable tool to confirm the verification of refunds during the applicable financial or assessment year.
• Overall, Form 26AS plays a critical role in facilitating a smooth and hassle-free tax filing process for taxpayers.

In case if there is an error in your Form 26AS or if any mismatch of details between Form 26AS and Form 16, you will have to get it rectified through your tax deductor. For instance, if you are a salaried employee and there is an error regarding your TDS, you can inform the same to your employer.Once the deductor revises the figures, the changes would then be made in your Form 26AS. You can then download the revised version of the form to file your tax returns. Make sure that you do get such errors rectified before filing ITR, as this could result in severe problems and even an inquiry by the IT department in the future.