income tax return
As soon as the time comes to fill the Income Tax Return (ITR), the discussion of all the documents between the taxpayers starts. One of these is one of these most important documents Form 26AS, also called Tax Passbook. If you are filing ITR for the first time, then understanding this form is very important for you.
What is Form 26AS?
Form 26AS is an annual tax statement connected to your PAN number. It contains information about TDS (Tax Deed at Source), TCS (Tax Collecting At Source), Advance Tax, Refund and other big transactions during that financial year. This document ensures that the tax that you have paid or what has been deducted on you has been recorded properly in the records of the Income Tax Department.
While filling the ITR, with the help of Form 26AS, you can ensure whether the TDS cut by your company, bank or any other institution has accurately gathered to the government. This prevents you from making mistakes and the chances of tax notice also decrease. The situation of tax refund can also be seen in this form.
Information in Form 26AS is divided into 9 parts
Part A contains information about TDS cut on income. Part A1 has a details of TDS not deducted if you submit 15G/15H form. Part A2 gives information about TDS cut on property sale. Part B contains information about TCS. Part C has the details of advance tax and self assessment tax. Tax refund details are available in Part D. Part E contains information about large financial transactions like shares, mutual funds. Part F contains information about TDS cut on property purchases. Part G has details of transactions in which TDS should not be cut while it should have been cut.
Form 26AS is an important document during tax filing, so that taxpayers can match all their tax related transactions correctly. This not only keeps transparency in paying tax, but can also avoid mistakes and penalty.
Source: www.tv9hindi.com
: Language Inputs
