These Five things you must check-in Form 26AS
Form 26AS is your annual tax statement. With the help of your PAN number, you can remove it from the website of the Income Tax Department. If you have paid tax on your income or any person/institution has deducted tax on your earnings, then you also get a mention of it in Form 26AS.
You can know about your income and tax with the help of Form 26AS. With this, your Form 26AS also mentions the name of the tax deductor/organization, the number and tax amount, etc. If you have received an income tax refund in a financial year, then there is also a description of it.
As an employee, you should check Form 26AS on the website of Traces from time to time. If the PAN number is linked to your TDS, you can see the tax credit statement on this website. This facility is available free on the website of Traces. Come, let’s talk about those 5 things in Form 26AS that you must see.
1. As mentioned, it contains details of tax deducted at source (TDS) on all types of income. In this case, it is important to check it. It also details tax collection at source (TCS) (where applicable). It should also be seen.
2. Information related to financial transactions with a particular person, mutual fund, bank, bond issuing company, etc. is available in Form 26AS. It is good to check.
3. It is also important to check the information related to income tax payment in Form 26AS. If the taxpayer pays advance tax and self-assessment tax, then these should be checked.
4. In this form, information about tax demand and tax refund is given by the Income Tax Department. It makes sense to check it. With this, you can fill tax on-demand, or you can inquire about it with the department.
5. Sometimes the process of income tax is not completed. If it is so, its details remain in Form 26AS. Along with this, the details of the completed process are also given. In such a situation, it is mandatory to see it.