It is important to note that Form 26AS is not filed by the taxpayer themselves but is generated and made available by the Income Tax Department of India through their online portal.
Form 26AS contains details such as the name of the deductor, amount of tax withheld, date of deduction, date of deposit.
Form 26AS is a statement that shows various details including tax withheld or collected at source, withholding or self-assessment tax, itemized financial transactions Demand/refund pending/completed procedures for a taxpayer’s permanent account number as per the Income Tax Department database.
It is important to note that Form 26AS is not filed by the taxpayer themselves but is generated and made available by the Income Tax Department of India through their online portal. Taxpayers can access their Form 26AS by logging into their account on the Income Tax Department website.
Form 26AS is a consolidated tax credit issued by the IT department. It contains details of all taxes withheld from your income by your employer, bank, or other deduction and deposited with the government on your behalf.
A taxpayer can pay tax in one of the following forms:
– Tax withheld at source (TDS)
– Tax Collected at Source (TCS)
– Withholding tax or Own tax
The Income Tax Department maintains a database of the total tax paid by all taxpayers, called this tax credit on the taxpayer’s account. The ITD generally allows taxpayers to claim the credit of taxes as shown on their Form 26AS.
Who needs Form 26AS?
Form 26AS must be filed by anyone who has a PAN and received any of the following types of income during the fiscal year:
Income from;
– Salary or pension
– Interest on fixed deposits or savings account
– Rent
– Capital gains
– Dividends
– Any other source where tax at source (TDS) has been withheld by the payer
Form 26AS contains details such as the name of the deduction, the amount of tax withheld, the date of the deduction, the date of filing with the government, and other relevant details. It also contains tax refund information and any other tax-related information that may be relevant to you.
Form 26AS is an important document to refer to when filing your income tax return because it helps you verify the taxes withheld and deposited on your behalf. It also helps you claim any tax credits for the taxes withheld at source.
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