ITR Filing Form 26AS : Form 26AS contains details of the TDS amount deducted from your income in a financial year and deposited with the government. The company deposits the deducted amount with your PAN number with the government.
Before filing Income Tax Return, you should check Form 16 once. It is also necessary to check whether the amount of TDS mentioned in the TDS certificate is included in Form 26AM or not. Form 26AS is also one of the documents required to file income tax return.
Form 26AS contains details of the TDS amount deducted from your income in a financial year and deposited with the government. The company deposits the deducted amount with your PAN number with the government. Apart from salary, Form 26AS also contains information about TDS deducted by the bank on interest income and advance tax deposited by you.
As per Income Tax rules, if you buy a vehicle worth more than Rs 10 lakh, the dealer is required to deduct TCS (Tax Collected at Source) from you. A percentage of the total amount you pay is collected as TCS. In lieu of this, the dealer will issue you Form 27D. The information about the TCS amount taken from you is also in Form 26AS.
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. The information given in Form 26AS can be wrong due to various reasons. Correction of misinformation is necessary. The process of correction depends on what is the reason for the misinformation.
For example, your company or bank may have made a mistake in depositing tax with the government with your PAN number. If this happens, you will have to contact your tax deducting company or bank. 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.
The last date for filing income tax return is July 31. You are required to file Income Tax Return for the previous financial year (2021-22) by this date. If you do not do this you will have to pay a fine. Therefore, before filing the return, you should check the information given in your Form 26AS. If you make a mistake, you can get it rectified before filing the return.
