New Delhi, July 17: The season of filing income tax return has come to an end as July 31 remains the last day to file income tax return for the financial year 2016-17. The people those who are filing income tax after July 31 will be considered a belated return. Most of the salaried employee persons will search the first thing will be Form 16 for income tax returns.But Form 26AS one of the most important document that a salaried individual should have before filing ITR.
Form 16 is a document from your employer, certifying that TDS or tax deducted at source has been deducted on your salary. Form 26AS also called as Annual Statement, is a consolidated tax statement which has all tax related information (TDS, TCS, Refund etc) associated with a PAN. You can access Form 26AS from the tax department’s website.
According to Sandeep Sehgal, director of tax and regulatory at Ashok Maheshwary & Associates LLP “It is extremely important to go through the Form 26AS to ensure that all due credits for TDS deducted from a person’s salary, FD interest, etc. are duly accounted for.”
He further added saying that “Any shortfall of TDS reflected in Form 26AS than what is actually claimable in the income tax return will result in the automatic generation of demand by Centralized Processing Centre of Income Tax Department subsequent to the filing of income tax return.”
Mr Sehgal added while saying “Income Tax Department may question the person for the corresponding income which the person may not have shown in his/her income tax return. Hence, to avoid such hassles, it is necessary to tally the due TDS credit with Form 26AS.”
In case TDS figures in Form 16 are different from Form 26AS, Mr Sehgal says the “person should approach his/her employer or respective entity which has deducted TDS on any of his income and tell them to get their TDS return rectified to adjust.”
The taxpayer can track the record of their refund received by him/her for the previous assessment year in Form 26AS.
Facts about Form 26AS
Form 26AS is generated in every Financial Year.
It is a live document which is updated as the transactions are reported/processed for the given FY.
The taxpayers have to visit incometaxindiaefiling.gov.in and log into your account.
Go to ‘My Account’ tab and select Form 26AS from the drop down menu; After confirmation, the taxpayer will be directed to TDS Reconciliation Analysis and Correction Enabling System (TRACES) website.
The taxpayer can then select the assessment year and format in which he/she would like to view Form 26AS.
The password for opening Form 26AS will be your Date of Birth (in DDMMYYYY format), e.g., if your date of birth is 01-Feb-1980, the password will be 01021980.
Taxpayers can also view Form 26AS through net banking facility.
The address reflecting in Annual Tax Statement (Form 26AS) is picked up from Income Tax Department’s PAN database with the details of latest PAN card issued to you