It is necessary to check Form 26AS before filing ITR, otherwise there may be loss

Highlights

The last date for filing ITR is 31st July.
Form 26AS is a consolidated tax statement.
Form 16 contains information about the tax deducted from the salary.

New Delhi. The last date for filing Income Tax Return (ITR) is July 31. Taxpayers have now started filing ITR. Before filing ITR, the income tax payer should always keep some things in mind and must check some documents. One such document is Form 26AS. This form needs to be matched with Form 16/16A before filing ITR. Before filing ITR, make sure that the amount deducted as TDS is included in Form 26AS or not.

Form 26AS is a consolidated tax statement. It contains the details of tax deducted from different sources of income of the taxpayer. For example, details like tax deduction at source (TDS), tax collection at source (TCS), advance tax or self-assessment tax paid, regular tax, refund are included. Form 16 gives complete details of tax deducted from salary, whereas Form 16A gives details of TDS deducted on income other than salary. Form 16 is provided by the employer to the employee.

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Why is matching important?
Moneycontrol According to a report in the U.S., Form 26AS contains information about the amount of TDS deducted from your income in a financial year and deposited with the government. The company deposits the deducted amount with the government along with your PAN number. In addition to salary, Form 26AS also contains information about TDS deducted on interest by the bank and advance tax deposited by you. Therefore, it is necessary to match the information entered in Form 16 with the information entered in this form.

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Correct the information if it is wrong
The information given in Form 26AS can be wrong due to various reasons. It may happen that the information given in the TDS certificate that you have received does not match with the information given in Form 26AS. If the information is wrong then it is very important to rectify it. The repair process is different. If your company or bank has made a mistake in depositing tax with the government with your PAN number, then you have to go to your company or bank deducting tax. You have to ask the company or the bank to revise the TDS return. Once you file your TDS return with the correct details, your Form 26AS will show the correct information.

Tags: business news, income tax, ITR, ITR filing

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