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Sharanya Radhakrishnan Nair

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Form 26 AS Decoded: Your Key to Easy Income Tax Filing

Filing your income tax return can be a daunting task, especially with the ever-changing rules and regulations. But fear not, taxpayers! Form 26AS is here to simplify the process and ensure you claim all the tax credits you deserve.

What is Form 26AS?

Form 26AS, also known as the Tax credit  Statement, is a pre-filled statement issued by the Income Tax Department. It contains details of all tax deducted at source (TDS) and tax collected at source (TCS) during the financial year. This includes information like:

  • Salary income and TDS deducted by your employer
  • Interest income and TDS deducted by banks
  • Rent income and TCS deducted by tenants
  • Capital gains tax deducted by stockbrokers
  • Advance tax payments made by you

Why is Form 26AS Important?

There are several reasons why Form 26AS is crucial for your ITR filing:

  • Accuracy: It helps you avoid discrepancies between your income reported in ITR and the information reported by your deductors. This reduces the chances of scrutiny by the tax authorities.
  • Pre-filled Data: You don’t need to manually enter all your income details, saving you time and effort.
  • Claiming Tax Credits: It ensures you claim all the TDS and TCS credits you are entitled to, potentially reducing your tax liability.

Early Verification: You can use Form 26AS to verify your tax refund status beforehand.

How to Access Form 26AS?

Accessing Form 26AS is easy and convenient. You can download it from the e-filing portal of the Income Tax Department using your PAN and password.

  • New Design: The form has been redesigned with a more user-friendly interface.
  • Additional Information: It now includes details of specified financial transactions like property and share transactions.
  • Improved Accessibility: You can now access Form 26AS from your mobile phone through the mTax app.

Key Changes in Form 26AS for FY 2023-24

  • New Design: The form has been redesigned with a more user-friendly interface.
  • Additional Information: It now includes details of specified financial transactions like property and share transactions.
  • Improved Accessibility: You can now access Form 26AS from your mobile phone through the mTax app.

Tips for Using Form 26AS Effectively

  • Download and review your Form 26AS early. This will give you ample time to reconcile any discrepancies with your records.
  • Compare the information in Form 26AS with your Form 16 (if applicable). Ensure all TDS deducted by your employer is reflected accurately.
  • Use Form 26AS to pre-fill your ITR. This will save you time and effort.
  • Report any discrepancies to the Income Tax Department immediately.

Conclusion :

By understanding and utilizing Form 26AS effectively, you can make your income tax filing process for FY 2023-24 smooth and hassle-free. Remember, it’s your key to claiming all your tax credits and minimizing your tax liability. So, go ahead, download your Form 26AS today, and conquer your tax filing with confidence!

Frequently Asked Questions on ITR-2 Form:

Yes, ITR-2 is perfect for individuals with income from multiple sources, including salary, professional fees like freelance work, and business income.

Absolutely! You can claim various deductions under Section 80D for medical expenses incurred for yourself, your spouse, and dependent parents.

No, attaching physical documents is not required for electronically filed ITR-2s. However, it’s advisable to retain relevant documents for at least seven years for reference or potential verification by the Income Tax department.

You can e-verify your ITR-2 through various methods, including using Aadhaar OTP, internet banking, or your bank Demat account.

Generally, no, depreciation deductions are primarily for business assets.

Yes, as long as they are justifiable business expenses.

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