ITR Tips: Form 26AS contains the complete horoscope of the taxpayer, you must know it before filing ITR..

As soon as the time comes to file the Income Tax Return (ITR), the discussion of various documents starts among the taxpayers. One of the most important documents among these is Form 26AS, also known as the Tax Passbook. If you are filing ITR for the first time, then it is very important for you to understand this form.

What is Form 26AS?

Form 26AS is an annual tax statement linked to your PAN number. It contains information about TDS (Tax Deducted at Source), TCS (Tax Collected at Source), advance tax, refund, and other major transactions deducted from your income during that financial year. This document ensures that the tax you have paid or deducted on your income is correctly recorded in the records of the Income Tax Department.

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While filling out ITR, with the help of Form 26AS, you can ensure whether the TDS deducted by your company, bank, or any other institution has been deposited to the government correctly or not. This saves you from making mistakes and also reduces the chances of getting a tax notice. The status of the tax refund can also be seen in this form.

Information in Form 26AS is divided into 9 parts.
Part A contains information about TDS deducted on income. Part A1 contains details of TDS not deducted on submission of the 15G/15H form. Part A2 gives information about TDS deducted on property sale. Part B contains information about TCS. Part C contains details of advance tax and self-assessment tax. Part D contains details of the tax refund. Part E contains information about large financial transactions like shares and mutual funds. Part F contains information about TDS deducted on property purchase. Part G contains details of transactions in which TDS was not deducted but should have been deducted.

Form 26AS is an important document during tax filing, through which taxpayers can correctly match all their tax related transactions. This not only ensures transparency in paying tax, but also helps in avoiding mistakes and penalties.

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