ITR Filing 2024: How To Verify TDS Details In Form 26AS?

Form 26AS, also known as the Annual Information Statement (AIS), is a crucial document for taxpayers in India. It acts as a consolidated record of all your tax-related information for a specific financial year, linked to your Permanent Account Number (PAN).

Also Read: How To File ITR Online For AY 2024-25? Check Step-by-step Guide Now

What’s in Form 26AS?

Form 26AS provides a comprehensive overview of your financial activities throughout the year. Here are the key details it includes:

• TDS/TCS details: This is the core information, showing the amount of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) deducted from your income by various sources like employers, banks, etc.
• Tax payments: It reflects any advance tax or self-assessment tax payments you made directly to the government.
• High-value transactions: The form also includes details of specific high-value financial transactions you might have undertaken, such as sale of property, purchase of mutual funds, or foreign remittances.

What is Form 26AS used for?

Form 26AS plays a vital role in your Income Tax Return (ITR) filing process. Here’s how it helps:

• Verify TDS: It allows you to verify that the TDS deducted from your income has been deposited with the government by the deducting parties.
• Accurate ITR filing: By comparing the information in Form 26AS with your income sources and TDS certificates, you can ensure accurate reporting of your income and taxes in your ITR.
• Claim tax credits: The form helps you claim the tax credit for the TDS deducted throughout the year, potentially reducing your tax liability.
• Reconciliation: It allows you to reconcile any discrepancies between the TDS information you have and what the government records show.

Where to access Form 26AS?

You can easily download your Form 26AS for free from the Income Tax Department’s e-filing website (https://www.incometax.gov.in/iec/foportal/) or the TRACES website (https://www.tdscpc.gov.in/).

To download Form 26AS, follow these simple steps:

• Start by visiting the e-filing website.
• Enter your user ID, which may either be your PAN or your Aadhaar number.
• Enter your password.
• The main screen will appear once you’ve logged in.
• Navigate to the ‘e-file’ section, select ‘Income Tax Returns,’ and then ‘View Form 26AS’ from the menu that appears.

ITR Filing Last Date 2024: The deadline to file your Income Tax Return for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024.

However, you can still file a belated return by December 31, 2024, though you might incur a penalty depending on your income.