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  • Category: Miscellaneous

    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.
  • #570995

    The form 26As also reflects the information pertaining to the AIR in respect of the individual.
    Annual Information Return (AIR) is filed by different entities in respect of specified high value transactions e.g. -
    1. Cash deposits of Rs. 10 lakh or more in a savings bank account in a year.
    2. Payment of credit card bills exceeding Rs. 2 lakh in a year.
    3. Buying units of mutual funds worth Rs. 2 lakh or more in a year.
    4. Buying bonds/debentures worth Rs. 5 lakh or more.
    5. Buying shares worth Rs. 1 lakh or more during the year.
    6. Purchase/sale of an immovable property worth 30 lakh or more.
    7. Buying RBI bonds worth Rs. 5 lakh or more during a year.
    Such data is filed in the Annual Information Return (AIR) against the PAN of the individual.
    Thus the form 26AS contains following -
    1. Details of tax deducted on your income by deductors
    2. Details of tax collected by collectors
    3. Advance tax paid by the taxpayer
    4. Self-assessment tax payments
    5. Regular assessment tax deposited by the taxpayers (PAN holders)
    6. Details of refund received by you during the financial year
    7. Details of the High value Transactions in respect of shares, mutual fund etc.


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