The yearly tax credit statement, Form 26, is very significant. This form includes information on any TDS deductions made from your previous year's earnings. When it comes time to file your income tax taxes, this paper will come in helpful. It's a document that contains a variety of tax-related data, including the following:
a) Tax withheld from your earnings b) Tax paid in advance c) Tax paid through self-assessment d) Tax refunds received
A valid PAN card is required to view the tax credit statement. From June 2020, 26AS will additionally contain data on some financial activities.
What is the purpose of Form 26AS?
Form 26AS is a declaration that accomplishes the following:
a) A document that keeps track of the taxes you've paid when filling out your tax returns.
b) It serves as evidence that TDS was deducted and collected.
c) Serves as proof that the taxes have been received by the government.
d) Assists you in matching and verifying real transactions with those that have been recorded.
What is TRACES, and How Can I Use It?
The Income Tax Department's TDS Reconciliation Analysis and Correction Enabling System, or TRACES, is an online platform. Both tax deductors and taxpayers benefit from TRACES. You may check and reconcile your taxes paid by enrolling on this page.
This website provides easy access to Forms 16, 16A, and 26AS.
Why is it necessary to obtain a copy of Form 26AS?
Form 26AS is a consolidated statement that contains information concerning TDS and TCS, as well as the payment of refunds. This one form so aids you in identifying numerous aspects of your income tax and assists you in submitting returns.
There are three methods to obtain a copy of Form 26AS. These are the following:
1. Using TRACES
2. Using the internet banking system
3. e-filing of income tax returns
How can I get a copy of Form 26AS from Traces?
To obtain a copy of Form 26AS, complete the procedures below:
1. Verify that you are a registered user. If not, go to https://eportal.incometax.gov.in/iec/foservices/#/login to get started. To register, use the register button. This may be found in the website's top-right corner.
2. Enter your PAN number in the registration option and continue. Will the application and your account be secure? You may skip this step if you've already registered.
3. Fill in your login information on the login screen. This will be your PAN, AADHAR, or any other kind of identification you used to register. Continue by pressing the enter key.
4. Select 'please confirm your secure access message' from the drop-down menu. You may make your message more secure by modifying it. This may be done by going to the profile part of the website.
5. Type your password in.
6. Select 'file' from the section's dropdown menu. Select Income tax returns, see form 26AS from the drop-down menu. You will be routed to the TRACES website after verifying.
7. Select View Tax Credit Traces from the drop-down menu. This information will be provided at the bottom of the page.
8. The Form 26AS window pops up.
9. Fill in the blanks with the information requested. The following are some of them:
PAN card data for the year of assessment
Your full name and mailing address
To verify, enter the verification code that appears on your computer and then click on download. The PDF version of the form will be shown.
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