This does not, however, mean that you should go solely by Form 26AS. The income tax department allows only that TDS to be claimed against tax payable which appears in this form,” explains Archit Gupta, Founder and CEO, Clear.in. “Before filing the income tax return, you should check your Form 26AS so that you do not miss out on any income to report and there is no short claim of the tax credit.

Therefore, before you proceed with the return-filing, it is critical to make sure that this information is correct.

It helps identify those sources of income on which tax has been deducted and accordingly, the taxpayer may claim credit against such details mentioned in Form 26AS,” says Suresh Surana, Founder, RSM India, a chartered accountancy firm.įor instance, tax deducted by your employer on your salary or your bank on fixed deposit (FD) interest earned by you, refunds issued and also certain specified financial transactions (SFT).

“You will be able to view the summary of your interest income, transactions in immovable property on which TDS is deducted, etc - put simply, the quantum of tax paid by you during the previous year. The tax credit statement, or Form 26AS, contains details of tax deducted at source (TDS), tax collected at source (TCS), any advance tax or self-assessment tax paid, and so on. Put simply, AIS provides extensive, comprehensive data than Form 26AS.Īlso watch: How to access Annual Information Statementįorm 26AS displays taxes deducted, collected at source Both Form 26AS and AIS can be downloaded from the Income Tax portal () after logging in. Start with carrying out basic checks and have the key documents in place – Form-16, Form 26AS, annual information statement (AIS), and bank as well as capital gains statements. Even before the process of accessing your ITR form and entering the details, however, you need to tick a crucial box – verifying the details in your Form 26AS as also the Annual Information Statement (AIS).Īlso read: All about the Annual Information Statement (AIS) So, there is barely any time to lose for individual tax-payers. July 31 – the due date for filing income tax return (ITR) for assessment year (AY) 2022-23 – is just a few weeks away.

Form 16 online submission