India: ITR (Income tax return) Filing and Form 26AS Significance
ITR filing data should be matched with Form26AS and everyone should consider matching of all the transactions mentioned in Form26AS with ITR.
Form 26AS is an important document when it comes to filing Income Tax Return (ITR), as it contains the amounts and dates of taxes paid in advance and includes all financial activities of a taxpayer.
Form 26AS is divided into three parts: Part A, Part B, and Part C.
Part A displays the TDS or Tax Deducted At Source details for each individual (deductor) who made payments to you, including the deductor’s name and TAN, as well as information about the tax deducted, such as the section under which the deduction was made, the date of payment, the amount paid/credited, and the tax deducted and deposited in the bank.
Part B shows information about TCS by the vendor of selected products when they were sold to you, similar to Part A.
Part C displays details of income tax directly paid by you (like advance tax, self-assessment tax) and details of the challan through which you have deposited this tax in the bank.
Additionally, From 26AS also contains other information such as:
- Refund received during a Financial year (if any)
- Information relating to demand and refund
- Information relating to pending and completed proceedings
- TDS Defaults (if any)
- Details of any Specified Financial Transactions (SFT) (if any)
- Details of Tax Deducted on sale of immovable property u/s194IA (in case of seller of such property)
How to Check or download Form 26AS:
1. Visit incometaxindiaefiling.gov.in and log in using your income tax department credentials.
2. Navigate to ‘My Account’ and select ‘View Form 26AS’ from the dropdown menu.
3. Click on ‘Confirm’ to be redirected to the TRACES website.
4. On the TRACES website, select the box on the screen and click on ‘Proceed’. Then, click on ‘View Tax Credit (Form 26AS)’ to view your Form 26AS.
5. Choose the Assessment Year and the desired format (HTML for online viewing or PDF for downloading).
Alternatively, you can download Form 26AS using your Net Banking login credentials.
Look for the Tax tab on the Net Banking interface, which may vary depending on your bank.
For SBI users can find Form 26AS under the ‘e-Services’ tab’s ‘My Certificates’ section.
For HDFC Bank customers can access it by selecting the “Enquire tab” and then “View Tax Credit Statement.”
It’s important to file ITR (Income Tax Return) carefully, As details provided in ITR should match the information in Form 26AS.
