Income Tax Return: Why You Need Form 26AS When Filing ITR?

Form 26AS is a statement which shows various details including tax deducted or collected at source, Advance Tax or Self-Assessment Tax, Specified Financial Transactions Demand/refund pending/completed proceedings for a taxpayer’s Permanent Account Number as per Income Tax Department’s database. A taxpayer may pay tax in any of the following forms: – Tax Deducted at Source – Tax Collected at Source – Advance tax or Self-assessment Tax The Income Tax Department maintains a database of the total tax paid by all taxpayers, which is called tax credit in the taxpayer’s account. Form 26AS is required to be filed by anyone who has a PAN and has received any of the following types of income during the financial year: Income from; – Salary or pension – Interest on fixed deposits or savings account – Rent – Capital gains – Dividends – Any other source where tax has been deducted at source by the payer Form 26AS includes details such as the name of the deductor, the amount of tax deducted, the date of deduction, the date of deposit with the government, and other relevant details. Form 26AS is an important document that you should refer to while filing your income tax returns as it helps you verify the taxes deducted and deposited on your behalf.