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Income Tax Planning: What Form 26AS Is And Why It Is Important To Check It

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Income Tax Planning: What Form 26AS Is And Why It Is Important To Check It

Form 26AS is a crucial doc for taxpayers, staff and freelancers alike.

Form 26AS is beneficial in self-assessing your earnings tax legal responsibility in a monetary 12 months, and subsequently, plan your taxes accordingly. For salaried people, together with Form 16 – which comprises data on tax deducted at supply by your employer whereas paying you your wage – a Form 26AS particulars your tax credit score historical past, which means a report of your funds to the Income Tax Department. Form 26AS is a vital doc that an earnings tax assessee can use earlier than planning the taxes for a given 12 months. It could be accessed from the I-T division’s web site, utilizing your Permanent Account Number (PAN). 

(Also Read: New Form 26AS To Ask For Details On High-Value Transactions, Says Taxman)

Tax consultants emphasize how essential it’s for potential particular person taxpayers to entry this type. Form 26AS permits a person to verify whether or not all cases of TDS deduction from the wage —
 moreover earnings from sources corresponding to funding in fastened deposit — are duly accounted for.

The Income Tax Department checks filed earnings tax returns for any shortfall in TDS as proven in Form 26AS with the precise legal responsibility, they add. 

(Also Read: New Form 26AS Faceless Hand-Holding Of Taxpayers: Income Tax Department)

What Is TDS And TCS?

A taxpayer could pay tax in both of the 2 kinds: Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). 

What Is Form 26AS?

Form 26AS is a crucial doc for taxpayers, staff and freelancers alike, say tax consultants.

(Also Read: How To Check Your Income Tax Credit Status Using Form 26AS)

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Any entity deducting tax at supply is remitted by legislation to furnish the main points to the Income Tax Department.

At instances, the quantity of TDS/TCS deducted towards a PAN could differ from particulars showing in Form 26AS. For instance, the full tax credited in keeping with Form 26AS could also be lower than precise TDS.

Checking the shape intently provides the earnings tax assessee a possibility to repair any such discrepancies.

For instance, Form 26AS permits salaried people to verify that their employers have deducted tax on wage. The Form 26AS could be accessed from the earnings tax web site utilizing the Permanent Account Number (PAN).

The taxman maintains a database of the full tax paid by a taxpayer. This data is saved in Form 26AS, which is created yearly. Simply put, a Form 26AS comprises data on tax credit score showing in a taxpayer’s PAN. This type covers TDS, TCS, advance tax and self-assessment tax and many others.

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