Mumbai, June 25: Filing income tax returns is a critical responsibility for individuals and businesses and failure to do so can result in penalties, interest, and legal action. Timely and accurate filing helps avoid fines and additional charges imposed by tax authorities for late or incorrect submissions. Tax returns serve as official documentation of your income, which can be necessary for various financial transactions.

Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. It is a consolidated annual statement maintained by the Income Tax Department and contains the tax credit information of each Taxpayer against his PAN. It is the crucial document for tax filing that gives all the details of any amount deducted as TDS or TCS from different income sources. ITR Filing: Record 6.77 Crore Income Tax Returns for Assessment Year 2023-24 Filed Till July 31, Says Income Tax Department.

Form 26AS plays an important role in the tax process as it helps taxpayers to verify the deductions of the TDS and TCS from their income. If the taxpayers pays excess TDS or TCS, they can use Form 26AS to back their refund claims, hence this document serves as an important document that taxpayers should keep handy. Income Tax Department Extends Deadline for Registration by Charitable and Religious Trusts Till June 30.

Here's How to Download Form 26AS:

  1. Taxpayers have to visit the income tax website - incometaxindiaefiling.gov.in and login using your income tax department login & password.

  2. Now go to 'My Account' Click on 'View Form 26AS' from the dropdown menu

  3. Click on 'Confirm' so that you are redirected to the TRACES website.

  4. On the TRACES website, select the box on the screen and click on 'Proceed' and then click View Tax Credit (Form 26AS) to view your Form 26AS'.

  5. You have to choose the Assessment Year and the format in which you want to see Form 26-AS.

Form 26AS is also known as the tax credit statement and is believed to be one of the important documents that taxpayers should have when filing taxes. As per reports, the Form 26AS format came into effect on June 1, 2020. The new structure will contain the details of all the financial transactions and provide information about the specified financial transaction (SFT) and pending tax proceedings

(The above story first appeared on LatestLY on Jun 25, 2024 05:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).