His friend Ms Income Tax Department just told him that he can check his TDS and other details like paid refunds, high-value transactions etc. in Form 26AS.
Now, Mr Taxpayer is not sure what Form 26AS is and how it can help him. For this purpose, he went to his ever helpful friend Mr Tax2win and we managed to steal some snippets of their conversation!
Mr Taxpayer: Hi, Mr Tax2win! How are you doing?
Mr Tax2win: Hey, Mr Taxpayer, I am doing fine, thanks! The Tax season has been keeping me a bit busy!
Mr Taxpayer: Ha! Yes, I know. Tax is a funny business! The other day, my friend, Ms Income Tax Department was telling me that I can check all the tax that has been deducted from my account in some kind of… 26 form.
Mr Tax2win: Haha. Yes, of course! She was absolutely correct. There is a form known as Form 26AS.
TP: What is Form 26AS?
T2W: Form 26AS is a consolidated annual statement containing information about the tax credit of an individual and is issued to PAN holders, like yourself.
TP: Um, What?
T2W: Was I talking to you in my CA language again? Form 26AS is a statement, which shows all the details about the tax deducted and paid on your behalf to the Income Tax Department. such TDS is deducted by the employer or other persons who are required to deduct tax from your income.
TP: So, you mean, all that income that I have been paying as TDS, is shown in Form 26AS?
T2W: Oh yes, exactly that!
TP: So, what all does Form 26AS contain?
T2W: Form 26AS reflects the details about the:
TP: Who will give me my Form 26AS?
T2W: Form 26AS is generated by the Income tax department from the information in their database about the tax credit of each taxpayer. You can view it with the help of your net banking account or by simply logging-in to https://incometaxindiaefiling.gov.in/ using your income tax website account
TP: And, what does Form 26AS look like?
T2W: Form 26AS consists of 5 parts:
TP: Mr Tax2win, now I have an idea of what Form 26AS is, but why is it so important?
T2W: Form 26AS is important mainly because it:
If however, your PAN is not correctly mentioned to the deductor/collector of tax, the amount of tax deducted will not be reflected in Form 26AS.
TP: Okay, but what if I am unable to view my TDS in Form 26AS?
T2W: After the deductor files the TDS return, Form 26AS is usually updated in 10-15 days. So you can check it up till 15th June. Hence, always take care that your details are correctly noted with the deductor and in case of any discrepancies, make sure you get in touch with them and the department to resolve the issue in time.
TP: Thanks once again, Mr Tax2win for saving the day! Now I know all about Form 26AS.
T2W: You are welcome my friend!
When you have salary upto 50 lakhs then ITR 1 is required,when the salary is more than 50 lakhs ITR 2 is required.If the client has presumptive income it will be covered in ITR-4 and business income then ITR-3
Form 26AS fully updated within 7 days of the TDS return filing.
No, as deductions and allowances data is not covered in 26AS.
You are required to discuss it with concerned party. if any faulty income is shown under Form 26AS
Please contact the organisation who has deducted your TDS, make sure to obtain TDS certificate i.e. Form 16 for TDS on salary payment.when you receive TDS certificate Make sure appropriate amount is denoted and Form 26AS will be updated.
Yes, you need to file IT return but make sure to verify the discrepancies of Form 26AS.
You are required to ask your employer and make sure the confirmation from IT department.
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