The Income Tax Return filing season is here and the two terms that you will come across often are Form 16 and Form 26AS. Form 16 provides you the details related to salary Income, tax deducted and deposited by the employer to the Government of India, on the other hand Form 26AS contains all the details related to tax deducted against a taxpayer’s PAN from various sources.
What is Form 26AS?
Form 26AS gives you the whole idea of your Income Tax Deducted in a particular financial year from the various sources of income like tax deducted on commission income, tax deducted on interest received from Fixed deposits, tax deducted on salary etc.
Not just this, Form 26AS also contains the details of the tax deducted from your Income by your employer, bank etc. It also displays the details of the advance tax and self-assessment tax that is paid by the taxpayer during the relevant Financial Year. Form 26AS also contains the details of the tax refund that a taxpayer has received during the relevant financial year from the Income Tax Department. It also has a column that contains the details of Annual Information Return or AIR, which is filed by your bank in case you have entered in some specified transactions.
Form 26AS is an important document that helps you to compare your taxes deducted at various sources and identify if you don’t have any multiple deductions in your account.
How to download Form 26AS?
Any taxpayer who has a valid PAN can download his/her Form 26AS by logging in to the Income Tax Department’s e-filing portal. Then you will have to go to your account and select View Form 26AS.You will be redirected to another website. You can click on continue button. Then you will have to select the year for which you would require your form 26AS and need to download the form to view your tax credit details.