financial services

Why Form 26AS is important

31st July is the last date to file Income Tax Return for the Financial Year 2017-18 or Assessment Year 2018-19. Form 26AS is one of the most important documents while filing ITR. You must cross-check the details of your ITR with Form 26AS. Taxpayer must sure that the entries appearing in the taxpayers Form 26AS must belong to the taxpayer and any mismatch in data must be corrected before filing of ITR in order to avoid any kind of notice from the Income Tax Department.

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What is Form 26AS?

Form 26AS is the document that contains all the details related to the taxes a taxpayer has paid in a particular financial year. A taxpayer can check from his Form 26AS whether the taxpayer has deposited the TDS amount with the government.

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Why you are required to cross-check form 26AS while filing your ITR?

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A taxpayer should make sure that the income tax return is in sync with Form 26AS. In case of any mismatch, the income tax department may issue tax notice to seek explanation for such mismatches in the figures of income or TDS appearing in Form 26AS and income tax return. This is the reason why you must always consider the details of your Form 26AS while filing ITR.

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