Importance of Form 26AS for Filing Income Tax Returns

If you are a professional, business owner, or a salaried individual in India, you will by now be well aware of the importance of Form 26AS while filing income tax returns. It is nothing but a one-page that basically states the input tax credit for an individual’s Permanent Account Number or PAN. All payments of tax such as self-assessment tax, advance tax, penalties, refunds reflect on this form and it is a way for the IT department to cross-check whatever investments you have made so far.

During each year-end or during the course of a particular year, you (a person who has a PAN) will be eligible to know your total input tax credit or that is left for that particular fiscal year. Based on this information will you be able to decipher how much tax you owe to the Government before finally filing your tax return. Furthermore, Form 26AS serves other purposes as well. For example, if you are working for a certain organization/company, your TDS is most likely getting deducted by your employer. Therefore, with the help of your payslip and Form 26AS, you can cross check whether this amount is, in fact, being deducted by your employer. It will reflect in the monthly salary that you receive.

Mentioned below are a few important components contained in a Form 26AS:

• TDS information being deducted by the employer
• Information on Tax Collected at Source
• Particulars of advance tax being paid by a taxpayer
• Information on self-assessment tax being paid by the taxpayer
• Details about certain tax refunds that the IT Department has made to the taxpayer

How to access Form 26AS?

Accessing Form 26AS is fairly easy. Follow the below-mentioned steps to understand how to achieve this.

1. Visit the official website of the Indian Government. In case you haven’t already, register yourself first. This is the primary step. In case you have registered on the website already, simply log in using your credentials.

2. Once you choose the option for logging in, you will then be required to put in your username, password, birth date, and an auto-generated captcha code.

3. Once all the essential credentials have been placed in correct order, you will be required to move on the following page wherein you will have to choose the option named ‘’My Account’’. A drop down will immediately display after this action in which the option to choose Form 26AS is provided. Click on this option.

4. An entirely new window is displayed after this action and once you choose the option called ‘’confirm’’, you will be headed to a new page exhibiting Form 26AS.

5. Through the website of Traces or TDS-CPC, you will thereafter be able to access your Form 26AS completely. A small box will appear on your window which you will be required to choose and then proceed by clicking on ‘’Proceed’’. Your Form 26AS is fully viewable now!

In case you are planning on availing the benefits given under Form 26AS, you will have to proceed by first registering your PAN. You may also access your Form 26AS on the websites of NSDL and also through your personal net banking.

Form 16 (A TDS Certificate) and Form 16A are elements that need to be cross-verified with Form 26AS. All taxpayers are advised by professionals to thoroughly cross-check deduction dates, deducted amounts, and any other information before proceeding with filing returns.