Verify Form 26AS
Form 26AS is an annual consolidated tax statement available on income-tax website to all taxpayers using their Permanent Account Number (‘PAN’). Any tax deducted from your income and deposited to government or any tax paid on income are detailed in form 26AS. It also includes the details of income with the details of tax paid by deductor and any refund of taxes received by the deductee during the relevant financial year.
In Form 26AS you can also check the details of your deductors such as their names and Tax Deduction Account numbers (TAN).
In case of sale of immovable property in the financial year, details of TDS deducted by the buyer on the value of purchase consideration paid is given in form 26AS.
Details of your high value transactions made through banking and financial institutions are reported in the Form 26AS based on Annual Information Return (‘AIR’) filed by these banking and financial institutions.
Details of Advance tax paid
In case you have paid any advance tax during the year, the same given in Form 26AS.
Form 26AS is a document showing tax paid by you and assist as a evidence in claiming the credit of taxes paid at the time of filing of your tax return.
Form 26AS is updated on a quarterly basis. The year-end tax credits as reflecting in the Form 26AS are eligible to be claimed while filing the tax return.
How you get Form26AS
To download Form 26AS, log in to your income tax filing account on the Income Tax department’s e-filing website https://incometaxindiaefiling.gov.in, either directly or through the Net banking facility of authorised banks.
On log in, click on ‘View Form 26AS (Tax Credit)’ tab, either under ‘My Account’ or ‘Quick links’ tabs. You will be redirected to the TDS-CPC website to view this form. You need to choose the relevant assessment year (i.e. year following the financial year) for which you want to download the statement. Your password to open the document is your date of birth in DDMMYYYY format.
Verify your tax details in Form26AS with your TDS certificate and check it with your returns.
Therefore, it is important for every tax payer to ensure that the taxes claimed in the tax return are agree with the taxes as appearing in the Form 26AS.