Income Tax: Why is it necessary to check Form 26AS while filing income tax return? Where to download it

Explained : Why Form 26AS is important in Income Tax Filing : All the employees who pay income tax are definitely aware of Form-16. They know that Form-16, which is given by their employer, is required to file income tax return. If you get your return filed by a chartered accountant, then they too first ask for Form 16 from you. But there is another form, which is necessary to check before filing the return. This important document is your Form 26AS, which is prepared with the Income Tax Department.

What is Form 26AS

Form 26AS is an annual tax statement, which is kept with the Income Tax Department and is prepared separately for each taxpayer. This form contains details of the income of each taxpayer during the entire year and the information about the TDS and tax collection levied on them. If you are a taxpayer, then by downloading your Form 26AS you can see all the details including your salary, income from business and profession and interest received from banks. This detail is provided to the Income Tax Department through the returns filed every three months by all employers, tax deductors and collectors and banking institutions. Apart from this, Form 26AS also includes information about tax deductions made during the purchase and sale of immovable property and virtual digital assets.

Also read: ITR filing: If you want to get refund easily after filing income tax return, then do this work now

Form 26ASwhy is it important

Form 26AS is important during income tax filing because the information related to your income and tax deduction given in it should match the details filled in your income tax return. The figure of salary income filled by salaried people in ITR or the amount of turnover or sales mentioned by businessmen and professionals in their returns should match the total amount paid/credit given in Form 26 AS. Similarly, the TDS deduction you have mentioned in your ITR should also be there in your Form 26AS. This ensures that you have reported your income and tax credit details correctly.

Also read: ITR Filing: How to choose the right form to file income tax return? Avoid these common mistakes

If the details do not match then you will have to give clarification

If this is not done, then the Income Tax Department may ask you for clarification or explanation. If the details filled in your ITR and the details of Form 26AS are the same, then not only will it help in claiming tax credit, but the processing of returns and refunds will also be quick. Although you can download Form 26AS through the Income Tax Portal or Net Banking at any time during the entire financial year. But it is best to see it after June 15, because by this time most tax deductors, tax collectors and banks etc. have filed their returns.

Also read: Income tax: Before filing income tax return, understand your slab, how much tax will be levied in the new and old tax regime

Better to check beforehandDetails

In the last few years, many tasks of the Income Tax Department have become automated due to the Centralized Processing System (CPC). For example, processing the Income Tax Return (ITR), processing the refund by cross-checking/verifying it with Form 26AS, tax audit report, etc. If any mismatch is found during this cross-checking, the automated system automatically issues a notice. Therefore, it is better to cross-check all the details with Form 26AS before filing the return, so that no new problems arise during its processing.

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How to download Form 26AS

The step-by-step process to download Form 26AS is as follows:

Step 1: Login to the e-filing portal https://www.incometax.gov.in/iec/foportal/.

Step 2: Go to ‘e-file’> Income Tax Returns and click on ‘View Form 26AS.

Step 3: Read the disclaimer and click on ‘Confirm’.

Step 4: The user will be redirected to the TDS-CPC portal.

Step 5: Click on ‘Proceed’ after entering consent on ‘acceptance of usage’ on the TDS-CPC portal

Step 6: Click on ‘View Tax Credit (Form 26AS)’

Step 7: Select ‘Assessment Year’ and ‘View type’ (HTML, Text or PDF)

Step 8: Click on ‘View / Download’

If you want to export the statement, you can first click on HTML and then click on ‘Export as PDF’.