Form 26AS

What is 26AS ?

Form 26AS is a statement showing the tax paid by the Tax payer through different modes:

 

  1. TDS (Tax Deducted at Source)
  2. TCS (Tax Collected at Source)
  3. Advance Tax
  4. Self-Assessment Tax
  5. Tax on Regular Assessment
  6. Or any other mode.

 

Why is it important for me ?

Since it keeps the track of all tax paid by you or any other person against your PAN no., it becomes an important information while filing the ITR (Income Tax Return). If TDS has been deducted by the deductor but not deposited. It will not appear in your 26AS statement. Hence, it is kind of check you can perform to see what all taxes has been deposited or whether all taxes has been deposited or not. It also gives rough idea of income you have earned during the year.

 

Should I always check 26AS for before filing ITR ?

 

It is not mandatory but always advised to check 26AS statement to avoid income tax notices due to error/ omission in 26AS.

 

What to do if I find any error in 26AS ?

 

It depends on the kinds of error. If the error is related to TDS/ TDS, you need to contact the deductor or collector of tax. If it is the case of advance tax/ self-assessment tax or tax on regular assessment, you need to contact your bank through which tax has paid.

 

Where to find 26AS ?

 

To check form 26AS, you need to login to Income Tax website. There you will find the option of form 26AS.