ITR Filing: Form 26AS is very important while filing Income Tax Returns (ITR). It serves as a comprehensive tax credit statement provided by the IT department. Provides details of various taxes levied on your income by your employer, bank, etc. Shows the income owed to the government on your behalf in the form of taxes.
There are many things to keep in mind while submitting income tax returns. Check your income, expenses, exemptions, TDS etc. carefully. For this, Form 26 AS will be very useful for you. Keeping that in mind and filing ITR will be beneficial for you. Form 26AS contains the details of your income as well as the TDS i.e. taxes paid by you. It will make your tax calculation easier.
Form 26AS is very important..
Form 26AS is very important while filing Income Tax Returns (ITR). It serves as a comprehensive tax credit statement provided by the IT department. Provides details of various taxes levied on your income by your employer, bank, etc. Shows the income owed to the government on your behalf in the form of taxes.
Details of transactions..
Complete details of taxes deducted at source, collected, advance, self assessment etc., financial transactions are entered in Form 26AS through your PAN card. For example, TDS is deducted from your salary, rent from house, interest on bank deposits etc. If you sell any property, TDS will be deducted on it and the remaining amount will be credited to you. If you transact beyond the limit through the bank account, all those details will be recorded. All these are clear in Form 26 AS.
Under the Income Tax Department.
Form 26 AS is prepared by the Income Tax Department. Tax payers have to go to the website of the department and download it. ITR returns have to be filed according to that form. Taxes are paid through Tax Deducted at Source (TDS), Tax Collected at Source (TCS), Advance Tax or Self Assessment Tax etc. All these are properly calculated by the Income Tax Department and maintain the entire tax database. It is possible in ITR to claim the tax credit stated in Form 26 AS.
Who needs Form 26 AS?
Form 26AS is required for all PAN card holder and earners of various types of income during the financial year. That income can be like this..
- Salary or pension
- Interest on fixed deposits, savings account
- Rent
- Capital gains
- Dividends
- Tax deducted through TDS
- How to download
- Visit the e-filing website.
- Enter your ID. It can be your PAN or your Aadhaar number.
- Enter your password.
- After you login the main screen will appear.
- From there menu go to e-file section. Select the option Income Tax Returns. Form 26 AS will appear immediately.
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