Soumya Laha
Quick Summary
Nowadays, some taxpayers do not wait for form 16 or form 16A certificates. Some of the taxpayers submitan Income Tax Return with the details of form 26AS. But there is a chance of mistakes in TDS entry if any taxpayer files ITR only with form 26AS and doesnt tally form 26AS details with form 16 or f
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FAQ :
TDS, or Tax Deducted at Source, is income tax deducted from specified payments like salary, professional fees, or interest before the recipient receives the money. The payer deducts this tax and remits it to the government.
Form 26AS is a consolidated tax statement that shows details of tax deducted on your income, tax collected, advance tax and self-assessment tax paid, regular assessment tax deposited, refunds received, and high-value transactions.
Filing your ITR using only Form 26AS can be risky because TDS details for the last quarter (January-March) are often updated in Form 26AS after the 31st May deadline. This means you might not have complete TDS deduction information when filing your return.
If you file your Income Tax Return before 31st May using only the TDS details from Form 26AS, you may not be able to include all your TDS deduction amounts. This could lead to an incorrect refund amount.
Form 16 is a TDS certificate for salary income, while Form 16A is for TDS on income other than salary. Form 26AS is a consolidated statement that includes information from these certificates, plus details on tax payments and refunds.
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