Form 26AS
The Income Tax Department has received all a taxpayer’s information regarding taxes that have been deducted from their income and deposited on Form 26AS. It serves as a consolidated statement for income tax purposes, detailing details like tax refunds and high-value transactions, as well as tax deducted at source (TDS) by employers, banks, or other entities, advance tax or self-assessment tax paid by the taxpayer, and so on. Section 203AA of the Income Tax Act of 1961 authorizes the issuance of this form, which is also referred to as the Annual Statement or Tax Credit Statement.
Taxpayers need the form because it enables them to match the tax deducted and deposited by the diductor with their own records to ensure that their tax returns are accurate. Additionally, it is required when submitting income tax returns as proof of payment. Additionally, taxpayers can use Form 26AS to correct any errors or discrepancies quickly and easily in their tax records.
On the Income Tax Department’s website, the taxpayer can download Form 26AS from their account. Checking the form on a regular basis throughout the year, but especially before filing the income tax return, will help ensure that all information is current and accurate. In the event of any mistakes or errors, the citizen ought to contact the applicable diductor and correct the issue at the earliest opportunity to keep away from any punishments or lawful outcomes.