Important: Don't forget Form 26AS while filing IT return!The due date to file Income Tax (IT) return for 2015-16 is 31 July, 2016. Among the documents which an assessee needs to file the return, the most important one is Form 26AS. Let's discuss about Form 26AS and its importance.
Form 26AS is the annual consolidated credit statement issued under the Income Tax Act, 1961. It contains details of various taxes deducted on a tax-payer's income by deductors, may be the employer or the bank, etc. It also contains details of any advance tax or self-assessment tax paid during the year. Besides these, details of tax collected at source are also mentioned in this statement. It also gives details of any income tax refund received from the tax department during the financial year.
Every taxpayer is required to cross-check Form 26AS to ascertain that the taxes deducted and the advance tax paid during the year match with the tax deposited as per the Tax Department's records. Any discrepancy could lead to the tax authority issuing a notice. It would be prudent to note of any income that is reflected in the Form 26AS but does not match the income that the assessee has received, or vice versa. The mismatch could have occurred due to wrong entry of Permanent Account Number (PAN), or for some other reasons.
Form 26AS can be downloaded from IT department's website (www.incometaxiniaefiling.gov.in) and also from the assessee's net banking account.
So, while filing Income Tax return, don't be in a hurry. Check Form 26AS minutely and take care of discrepancies, if any.