#Form26AS

[taxassistantorg]

Don’t Rely Solely on Form 16: Essential Documents for Your AY 2025-26 ITR

Is Form 16 enough for filing your Income Tax Return (ITR) this year (Assessment Year 2025-26 / Financial Year 2024-25)? The short answer is no. While Form 16 from your employer is a crucial document, it only tells part of your financial story.

What Form 16 Covers (and Doesn’t):

Form 16 is essentially your employer’s report card on your salary and the Tax Deducted at Source (TDS) from it, along with deductions you declared through them. However, it’s limited to your employer-employee relationship. It doesn’t account for any financial activities or incomes outside of that.

Here’s what Form 16 won’t tell you, and why you need to look beyond it:

1. Income Beyond Your Salary:

Interest Income: Earnings from fixed deposits (FDs), savings accounts (above exemption limits), recurring deposits (RDs), or bonds are not on Form 16, even if banks deducted TDS. You must report all of it.

Freelancing/Gig Work: Any income from consulting, writing, design, or ride-sharing activities outside your regular job is taxable and completely absent from Form 16.

Other Incomes: Lottery winnings, taxable gifts, and family pensions fall under “Income from Other Sources” and require separate reporting.

2. Capital Gains (Investments):

Stock Market Profits: Any profits from selling listed or unlisted shares (short-term or long-term capital gains) are not reflected in your Form 16.

Crypto Gains/Losses: Income from Virtual Digital Assets (VDAs) like cryptocurrencies or NFTs, or any losses you want to set off, are never part of Form 16.

Property/Mutual Funds: Profits from selling property or redeeming mutual fund units (especially debt funds or equity funds sold before the qualifying period) generate capital gains that must be reported separately.

3. Rental Income & Second Home Implications:

Rent Received: If you rent out a property, this taxable income under “Income from House Property” isn’t captured by Form 16.

Deemed Rent on Second Home: If you own more than one residential property and don’t rent out the additional ones, the Income Tax Department may consider a “Deemed Rental Income” for the non-self-occupied property. This tax liability won’t be on Form 16.

4. Deductions Not Routed Through Your Employer:

Form 16 only includes deductions you submitted proof for to your employer. Many other legitimate deductions you made directly are not included:

Health Insurance (Section 80D): Premiums paid for yourself, family, or parents outside your employer’s system.

Charitable Donations (Section 80G): Donations to eligible charities.

Education Loan Interest (Section 80E): Interest paid on an education loan for yourself, spouse, or children.

Deductions for Disabled Dependent (Section 80DD/80U) / Medical Treatment (Section 80DDB): Specific deductions for certain conditions.

5. The “Real Story” with AIS/Form 26AS:

Form 16 is your employer’s perspective. However, the most comprehensive record of your financial transactions linked to your PAN is found in your Annual Information Statement (AIS) and Form 26AS. These documents show:

TDS deducted by all deductors (banks, clients, tenants, brokers), not just your employer.

Reported high-value transactions (mutual fund purchases/sales, property deals, large deposits).

Interest income reported by banks.

Tax payments (advance tax, self-assessment tax).

Crucially, always reconcile your Form 16 details with your AIS/26AS. Mismatches can occur (e.g., employer reported lower TDS, or delays in reporting).

How to Ensure Accurate ITR Filing:

Download Your AIS & Form 26AS: Log in to the Income Tax e-filing portal (https://www.incometax.gov.in/iec/foportal/) and download both for FY 2024-25 (AY 2025-26).

Compare Salary TDS: Match Form 16’s TDS and Employer’s TAN with your AIS/Form 26AS.

Scan for All Income & TDS: Thoroughly review your AIS/Form 26AS for any other interest income, TDS by banks or clients, capital gains transactions reported by brokers, or property details.

Note Discrepancies: If you find differences or unexpected income/TDS, investigate and resolve them with the relevant party (employer, bank, broker) before filing.

To Avoid Future Income Tax Notices:

Gather All Documents: Collect salary slips, Form 16, bank statements (for interest), capital gains statements, rent agreements, freelance proofs.

Review AIS/Form 26AS: Treat these as your ultimate source of truth for reported transactions.

Account for All Income: Include salary, interest, capital gains, rent, freelance, and any other income. Don’t rely solely on Form 16.

Claim All Eligible Deductions: List deductions claimed via your employer and those paid directly, ensuring you have proofs.

Verify Pre-filled Data: The ITR form’s pre-filled data comes from AIS. Scrutinize it for accuracy and completeness.

File on Time: The deadline for salaried individuals for AY 2025-26 is September 15, 2025.

Remember, employers are mandated to provide Form 16 by June 15. If you haven’t received it yet, check your company’s HR portal.

[dailyfinancial]

Income Tax Dept is Watching! Why IT department is comparing your last year ITR with current year’s ITR 

“The Income Tax Department now compares last year’s ITR with current filings to detect discrepancies. Learn how this impacts taxpayers, key areas under scrutiny, and ways to avoid penalties. Stay compliant with expert tips on ITR filing, Form 26AS, and AIS checks. Read now to safeguard against tax notices!” The Income Tax Department (ITD) has introduced a new compliance measure to enhance tax…

[thetaxheavenjpr]

Form 26AS - What is Form 26AS? View And Download Form 26AS Online

Introduction

In the realm of income tax filing in India, Form 26AS plays a pivotal role. It serves as a comprehensive record of tax-related information, which is crucial for both taxpayers and tax authorities. In this article, we will delve into the significance of Form 26AS, what it entails, and how to view and download it online.

What is Form 26AS:

Form 26AS, often referred to as the "Annual Tax Statement," is a consolidated tax statement that provides a comprehensive view of all tax-related transactions associated with a taxpayer's Permanent Account Number (PAN). It is generated by the Income Tax Department of India and is a crucial document for taxpayers and tax authorities alike.

Key Components of Form 26AS:

Details of Tax Deducted at Source (TDS): This section includes information about the tax deducted by various entities, such as employers, banks, or any other deductor, on income earned by the taxpayer.

Details of Tax Collected at Source (TCS): Here, you will find information about tax collected at source by sellers, which is applicable in certain transactions, like buying a car or property.

Advance Tax and Self-Assessment Tax Payments: This section reflects any advance tax or self-assessment tax payments made by the taxpayer during the financial year.

Details of High-Value Transactions: It includes information about high-value transactions reported by banks and financial institutions, like large cash deposits, that may draw the attention of tax authorities.

Details of Refunds: If you are eligible for an income tax refund, it will be mentioned in this section.

Details of AIR Transactions: Information related to specified financial transactions reported under the Annual Information Return (AIR) is also included in Form 26AS.

Significance of Form 26AS:

Verification and Filing of Income Tax Returns: Before filing your income tax return, it is essential to cross-verify the details in Form 26AS with your own records to ensure accuracy.

Preventing Tax Evasion: The presence of Form 26AS acts as a deterrent to tax evasion since it enables the tax authorities to track discrepancies between reported income and actual transactions.

Claiming Tax Credits: Form 26AS helps taxpayers claim the correct amount of tax credits, which can reduce their tax liability or result in refunds.

[delhi-7a]

[mehtarajesh959-blog]

Decoding Form 26AS – A Handy Guide for Beginners

With the income tax filing season in full swing, it is only natural that each of us takes stock of our situation with regards to ensuring easy filing of income tax returns. Two of the documents that are considered to be key for the purpose of income tax filing are Form 16 and Form 26AS. The first of these is provided by the employer and only applicable to salaried employees/pensioners. The other one – Form 26AS is available for download on the TRACES (TDS Reconciliation, Analysis and Correction Enabling System) website and available to all tax assessees irrespective of whether they are salaried, self-employed or self-employed professionals. In the following sections we will discuss the key features and details of Form 26AS.   

What exactly is Form 26AS?

The official definition provided by the Income Tax Department defines Form 26AS as a tax credit statement that contains records of any and all transactions featuring TDS during a specific financial year. As a result, this document is also known as the Annual Tax Statement. In order to collect this data, the IT department uses your PAN (Permanent Account Number) which is mandatory for a range of financial transactions. The generation of this form is as per regulations specified in Section 203AA of the Income Tax Act, 1961

What information can I find in my Form 26AS?

The following are the key information that is available in your Form 26AS:

Your personal details such as Name, PAN, Address, Financial Year and Assessment Year

TAN (Tax Deduction and Collection Account Number) of deductor

Details of TDS (Tax Deducted at Source) deposited with the government including individual TDS deposits and date of each deposit

Break down of different types of TDS applicable to your transactions for the applicable AY

What are the Key Sections of Form 26AS?

Form 26AS features multiple parts each of which features data regarding a specific type of TDS applicable to transactions related to your PAN for the applicable period. The following is a short overview of each of these parts of the form: 

Part A – Tax Deducted by your Employer from salary payouts in lieu of income tax liability

Part A1 – TDS on bank FD/RD and other transactions on which Form 15G or Form 15H are applicable

Part A2 – TDS applicable to sale of immovable property (Section 194IA)and rent on property (Section 194IB) if you are seller or landlord

Part B – Detailed information of tax collected at source (TCS)

Part C – Details of Tax Paid apart from TDS and TCS

Part D – Refund paid by IT Department during the applicable FY

Part E – AIR (Annual Information Return) transaction TDS details

Part F - TDS applicable to sale of immovable property (Section 194IA)and rent on property (Section 194IB) if you are buyer or renter

Part G – TDS defaults information on processing of statements

How Do I Download Form 26AS? 

Form 26AS is available for free download from the TRACES website. You can complete the free download of the form in the following ways: 

Create and register for an account on the TRACES website

Log on to your Income Tax e-Filing Account and click on the Download Form 26AS

Log onto your Internet Banking account and locate the Download Form 26AS link located under the “tax services” menu (supported by most major public and private sector banks in India) 

If you avail the second or third option listed above, you will be redirected to the TRACES website where you can select the applicable FY and download the Form 26AS in PDF format or view it on the screen.  

Why do I need my Form 26AS? 

Form 26AS is the key document that the assessing officer utilises to view all applicable data of your income tax and TDS-related transactions for the applicable assessment year. In fact, the data featured in Form 26AS can be used in order calculate your income, TDS and tax liability, which is in fact what your assessing officer does. In case of a mismatch between TDS information between Form 26AS and any other tax document such as Form 16, the data contained in Form 26AS will supersede all other data. The following are the key reasons to download and check Form 26AS: 

Ensure correctness of data on other tax documents when compared to Form 26AS

Ensure that none of the TDS transactions have been missed

Ensure that your tax liability and income tax payable calculations are in line with details available in Form 26AS

What to do if there is a mismatch between Form 26AS and any other tax form?  

In case you find a mismatch between Form 26AS data vs. any other tax document, you need to address it immediately and get in touch with the applicable authority seeking a clarification. The following are the applicable authority you need to get in touch with depending on the section of Form 26AS where you find the discrepancy: 

[humsabkaadvisor]

Form 26AS: The easiest way of recalling TDS during the year.

Contact us now! Call or WhatsApp: (0120)4260508/ 87008 46995

Know More: https://humsabkaadvisor.com/ Facebook: https://www.facebook.com/humsabkaadvisor Instagram: https://www.instagram.com/humsabkaadvisor/ LinkedIn: https://www.linkedin.com/company/humsabkaadvisor Twitter: https://twitter.com/HumsabkaAdvisor

[cadeveshthakur]

#form26as #newform26as #newformatfor26as #annualinformationstatement https://www.instagram.com/p/CAvpBVAn1_f/?igshid=1b623l5c8p11v

[allindiaitr]

CBDT extends the due date for filing of TDS statement in Form 24Q to 30th June 2019

In another major decision, the CBDT (Central Board of Direct Taxes) has extended the due date for TDS filing- Form 24Q i.e. quarterly TDS statement in respect of salaries for the financial year 2018-19 from May 31, 2019 to June 30, 2019. Meanwhile, the Income Tax department has also extended the deadline for employers to issue Form 16 TDS certificate to employees to from 15th June to 10th July 2019. However, the last day for efiling ITR for AY 2019-20 is July 31.  

With a view to redressing genuine hardship of deductors in timely filing of TDS statement in Form 24Q on account of revision of its format and consequent updating of the File Validation Utility for its online filing, CBDT has ordered the following:

·         Extended the due date of filing of TDS statement in Form 24Q for the financial year 2018-19 from 31st of May, 2019 to 30th of June, 2019 and

·         Extended the due date for issue of TDS certificate in Form 16 for the financial year 2018-19 from 15th of June, 2019 to 10th of July, 2019.

What is Form 24Q?

Form 24Q is used for preparing TDS returns for the TDS deducted on salary under section 192 of the income tax act 1961. The form has to be submitted on a quarterly basis by the deductor. Along with this, it contains details like salaries paid and the TDS deducted of the employees by the employer. It has been ascertained that this form is mandatory in order to declare an individual’s returns in detail, hence one has to complete this form.

The form 24Q consists of 2 annexures that are Annexure I and Annexure II. It contains 2 annexures namely Annexure-I and Annexure II. Annexure-I contains details of the deductor, deductees, and challans, it has to be submitted by the deductor for all the four quarters of the financial year. On another hand, Annexure II need not be submitted in the first three quarters of the financial year but has to be furnished and submitted in the fourth quarter of the financial year with details of the employees’ salaries of the entire financial year. Eventually, Tax Deducted at source on salary has to be deducted as per income tax return slab. The employer has to consider all the deductions and investments of the employee.

Although, you can submit the form online as well as submitted in person along with the needed documents. However, for certain people, it is compulsory to collate and submit the quarterly return online. That is if the deductor is:

•   A Government office

•   A company’s principal officer

•   The assessee has had its accounts audited for the previous year under 44AB of the Income Tax Act, 1961.

•   If the record of deductees in a statement is 20 or more during any quarter of a particular financial year.

[personalfn-blog]

Beware! The Government Is Eyeing Your Interest Income

People investing in fixed deposits——-including a vast majority of senior citizens——are worried aboutearning a lower interest on their deposits, and also because the incidence of tax has been eroding their interest earnings severely. So what’s the remedy? They simply don’t report or underreport their interest income, which isn’t the right solution though. It’s a reflection of their belief in some myths that can prove dangerous for them. Are you under the wrong impression too? Myth 1: I am a small fish for the tax department, and my interest income will not catch the taxman’s attention; so I can afford to conceal it and miss the tax thereon. Fact: At the time of making a fixed deposit, you have to submit your PAN details. As the PAN is mapped against all your deposits; you cannot get away by concealing any income activity. Income-Tax (I-T) Departmentwill call your bluff, and you will have nothing going in your favour. Myth 2: I don’t have to pay tax on my interest income as it’s been already deducted in the form of TDS (Tax Deducted at Source). Fact: Banks, Non-Banking Financial Company (NBFCs), or other entities accepting deposits deduct tax only at 10% of the interest due to you. If you fall in the higher tax slab, you have to pay the balance tax from your pocket. Myth 3: I can submit the form 15G/15H with the bank and other institutions where I have fixed deposits, as I am paying tax at the end of the Financial Year. TDS is a freebie awarded to the Government. Why should I do such charity? Fact: You have to satisfy certain conditions before you can claim relaxation from the TDS provisions. Please note, whenever your interest income from fixed or recurring deposits exceeds Rs 10,000 in a financial year, provisions of TDS are applicable. However, the tax laws have offered some concessions. You should submit Form 15G if

Your net taxable income doesn’t exceed the basic exemption limit of Rs 2.5 lakh.

Your total interest income including the interest income exempt from tax, e.g. interest on PPF and tax-free bonds, doesn’t exceed Rs 2.5 lakh.

And Form 15H if You are a senior citizen, and your net taxable income doesn’t exceed Rs 3 lakh, you can submit Form 15H. The limit is further extended to Rs 5 lakh in case of very senior citizens—those above 80. But submitting 15G and 15H, when you don’t fulfil the set criteria, can land you in trouble. When you submit 15G or 15H to a bank or anyone paying you interest; you won’t be questioned by that entity/person. However, as per the reporting mechanism, they will intimate the I-T Department about your submission of the 15G/15H form. You will face real trouble when the information about your interest income from all sources will be clubbed under Form 26AS.

What’s 26AS?

Besides offering details of advanced tax you have paid, Form 26AS gives you a consolidated account of your income and TDS in a given Financial Year. It also contains details about tax paid to the Government by a person/entity deducting your tax. It offers information on tax refunds as well. It can be obtained from the website of the I-T Department and is updated on quarterly basis.

Myth 4: You can give a monetary gift to your spouse and to the minor children. Since this doesn’t attract any gift tax, income earned or accrued on gifted money won’t be counted as the receiver’s income. Fact Although gifting money to your dependent spouse or minor children isn’t taxable; provisions of clubbing the income still apply on the interest earned or accrued on deposits made on the money. In the case of children, there’s an exemption of income of upto Rs 1,500 per children, upto two children. Nonetheless, provisions of clubbing income won’t apply if a son/daughter gifts money to his/her parents and they earn interest on it. At a time when your PAN is linked to your Aadhaar and Aadhaar is becoming mandatory for almost everything, you will not get away with any attempts to evade taxes. To keep in the clear, pay all your tax dues and file your tax return before the deadline without compromising on any legal requirements.

This post on " Beware! The Government Is Eyeing Your Interest Income " appeared first on "PersonalFN"

[babatax]

10 Key things taxpayers must know about New Form 26AS

10 Key things taxpayers must know about New Form 26AS #incometax #form26as

The Income Tax Department has launched the new Annual Information Statement (AIS) on the Compliance Portal, which provides a taxpayer with a full view of information as well as the option to provide feedback online. The Department is widening the list of high-value transactions covered by Form 26AS with the launch of AIS. Notably, until the new AIS is validated and fully operational, the…

[taxread]

#taxread #tds #allahabadhighcourt

#section194i #tenant

#realestatesector #property #owner #business #form26as #cbdt #tcs #rentalproperty #rentalincome

[sumareddysblog]

Form 26AS - IT status

Form 26AS – IT status

New income tax website: Here’s how you can download Form 26AS Form 26 AS, which is also known as annual consolidated statement, is an important document that contains all tax-related information of the taxpayer like TDS (Tax Deduction at Source), advance tax, etc. The income tax department of India rolled out its new website — http://www.incometax.gov.in on 7th June 2021. This new income tax…

[caankurmundhra-blog]

#Incomeatax 26AS, Now you can see more details in Updated #Form26AS from 01.06.2020

#Incomeatax 26AS, Now you can see more details in Updated #Form26AS from 01.06.2020

BENEFITS TO INCOME TAX AUTHORITIES AND INCOME TAX PAYERS:-

FOR INCOME TAX AUTHORITIES

Tax authorities will be able to easily compare information available in Form 26AS with information reported by taxpayer in ITR and any mismatch may be easily flagged by the systems to tax authorities.

FOR INCOME TAX TAX PAYERS

Information about financial transactions can be seen in this new 26AS Statement and…

[humsabkaadvisor]

What is Form 26AS? Contact us now!7669256170/ 87008 46995Know More: https://humsabkaadvisor.com/Facebook: https://www.facebook.com/humsabkaadvisorInstagram: https://www.instagram.com/humsabkaadvisor/LinkedIn: https://www.linkedin.com/company/humsabkaadvisorTwitter: https://twitter.com/HumsabkaAdvisor#form26as #form26aschange #form26asnotification #form26asfortaxpayers #form26asupdatedbycbdt #form26asdetailedanalysis #form26asnowincludegstturnover #humsabkaadvisor #humsabkaadvisor👈

[aiattally-blog]

The fourth tab within the online ITR-1 form is 'Tax Details'.This tab has the details of all the taxes that are deducted from your income in FY 2018-19. This tab comes after the third tab 'Computation of Income & Tax' where you have to fill in details of your income from salary, house property and other sources. Once you have filled in the income details and deductions that you are eligible to claim, then the tax payable by you will be automatically calculated.

The 'Tax Details' tab shows all the main points of the tax subtracted, collected, and deposited with the government against your Permanent Account Number (PAN).These details are automatically populated within the online ITR-1 from your kind 26AS by the e-filing website code.However, if you are filing ITR-1 using Excel or Java utility, then these details will not be auto-filled.

Form 26AS is your annual consolidated tax passbook containing details of all the tax that has been deposited against your PAN. It usually contains details of tax deducted by your employer, banks, and advance-tax and self-assessment taxes, if any, paid by you.You can transfer this statement from the TRACES web site.

While this section of ITR1 on the e-filing website auto-populates the taxes paid from Form 26AS, you must cross check each of these details with the relevant documents (TDS certificates, Form 16, 16A, tax challans etc) to ensure that there is no error. If you have provided the wrong PAN information to tax deductors (banks/employers), then taxes deducted will not be reflected in Form-26AS.

Let us have a look at the five heads that you should check:

1. Details of tax subtracted at supply (TDS) from wage (as per Form-16)

This schedule contains details of tax deducted by your employer from your salary. It shows TAN number, name of your employer (present and former), and employer wise break-up of the income chargeable under the head salary and TDS by each of them in FY 2018-19.You should match tax details in type 26AS with TDS certificates received by you.

If there is a mis-match in your tax details, you should bring it to the deductor's notice and get it corrected. "If there is a mis-match in your Form26AS and TDS certificate, you will not get credit of the tax deducted.You will enter these details manually within the schedule however keep in mind that the tax department can raise you concerning the small print of the diminution availed.

However, please note that the tax department will give you the credit of TDS as per Form 26AS only. In such a case, you need to contact your employer and need to get Form 26A rectified

2. Details of TDS from financial gain aside from wage (as per Form16A)

The second schedule under this tab contains details of TDS deducted from incomes other than salaries such as TDS from interest earned from fixed deposits, taxable bonds etc. If interest earned from fixed deposits (FDs) with a bank exceeds Rs 10,000 in FY 2018-19, then TDS would be deducted and it would be reflected in this schedule. Similarly, interest earned from different sources like bonds of NBFCs is subject to TDS if it exceeds the specified limits. For senior citizens, TDS from interest incomes will be deducted if it exceeds Rs 50,000 in a financial year.

3. Details of TDS (as per Form 26QC furnished by the deductor)

In FY 2018-19, if you have received monthly rent of Rs 50,000 or above, then the payer (your tenant) should have deducted TDS.These TDS details would be reflected in schedule three of 'Tax Details'.You should raise your tenant to supply kind 16C for the small print of TDS and match these with the number reflective beneath this head.

4. Details of tax collected at source (TCS) (as per Form 27D issued by the collector)

This schedule contains the main points of the tax collected by the vendor."Tax is collected at source (TCS) if you have bought any old or new motor vehicle whose value exceeds Rs 10 lakh.The seller can collect tax at the rate of one % of the number paid by you to shop for that automobile.The seller would have issued you form 27D for the tax collected from you and deposited against your PAN.This will reflect in your Form 26AS online.

Therefore, if you have bought a motor vehicle in FY 2018-19, whose value exceeded Rs 10 lakh, then make sure this schedule is reflecting the correct details.

5. Details of advance tax and self- assessment tax

The last schedule in this tab will show the details of advance tax and self-assessment tax paid by you. These details are auto-picked from your Form-26AS and auto-filled in the schedule. It is advisable to check these with the details of the challan of the tax paid to ensure there is no mis-match.