Role of Form 26AS under Income Tax Rules

At the time of filing of ITR or on any other occasion you might heard this word from your consultant that this information is available under Form 26AS.

Form 26AS is a description of financial transactions done by the taxpayer during the particular financial year i.e. details of income and certain purchases made by the taxpayer.

This form also signifies the purchasing power and source of income details. The taxpayer should consider Form 26AS before submission of the Income Tax Return (ITR).

A taxpayer can access Form 26AS by logging into an income tax e-filing account.

The following information can be available under Form 26AS: –

• Tax deducted at source (TDS)
• Tax collected at source (TCS)
• Details of salary or business receipt.
• Payment of taxes under advance tax and self-assessment tax.
• Demand and refund under Income Tax.
• Interest on IT refund.
• Foreign remittance.
• Dividend receipt.
• Interest on bank Fixed deposit and savings account.
• Transaction for purchase of vehicle and immovable property.
• Purchase of mutual funds and other securities.
• Turnover reported under GST return.
• Information received from any other person to the extent in the interest of revenue authority.

What to do if a discrepancy is found in Form 26AS?

In case of any discrepancy, the taxpayer should approach the deductor or reporting agency and request them to take the necessary steps to rectify the discrepancy by filing a TDS/TCS correction statement to the income tax department.