|
|
 ANNUAL INFORMATION STATEMENT Â
AND FORM26AS  ​ of Income tax Department
Dated 13.03.2023 : From AY 2023-24 onwards, Form 26AS - Annual Tax Statement available on TRACES portal will display only TDS/TCS related data. Other details would be available in the AIS (Annual Information Statement) .  For data prior to AY 2023-24, there would be no change in display
ANNUAL INFORMATION STATEMENT and FORM 26AS ( AIS )
  ​FAQ’s on AIS (Annual Information Statement) :Â
Dated 21.07.2022 : Income Tax department has come out with Answers  for frequently Asked Questions (  FAQ )  on AIS  and Form 26AS .Â
The  article helps  the tax payers who have any doubts on them . One can go through the FAQ by clicking hereÂ
Dated 21.07.2022 : Income Tax department has come out with Answers  for frequently Asked Questions (  FAQ )  on AIS  and Form 26AS .Â
The  article helps  the tax payers who have any doubts on them . One can go through the FAQ by clicking hereÂ
Annual information Statement -Income Tax Department issued
DIFFERENCE BETWEEN AIS AND FORM 26AS :Â
AIS is the extension of Form 26AS. Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover etc. AIS also provides the taxpayer the option to give feedback on the transactions reported. Further, the aggregation of transactions on information source level is also reported in TIS. Â
From AY 2023-24 onwards, Form 26AS -Annual Tax Statement available on TRACES portal will display only TDS/TCS related data. Other details would be available in the AIS (Annual Information Statement) .  For data prior to AY 2023-24, there would be no change in display
AIS is the extension of Form 26AS. Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover etc. AIS also provides the taxpayer the option to give feedback on the transactions reported. Further, the aggregation of transactions on information source level is also reported in TIS. Â
From AY 2023-24 onwards, Form 26AS -Annual Tax Statement available on TRACES portal will display only TDS/TCS related data. Other details would be available in the AIS (Annual Information Statement) .  For data prior to AY 2023-24, there would be no change in display
   THE NEW ANNUAL INFORMATION STATEMENT ( AIS ) ROLLED OUTÂ
Dated 02.11.2021 :    Income Tax Department has rolled out the new Annual Information Statement (AIS) on the new Income tax e-filing  Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. which may not be available in Form 26AS  .  Hence it will reflect all your normal financial transactions including purchase and sale of equity shares and Mutual funds .Â
Presently the New AIS  will run concurrently with Form 26AS and Tax payer can have complete picture  of their  financial transaction which is available with  the Income Tax department . The new AIS is expected  to replace the existing Form 26AS over the times as it contains many additional  information . However as the new AIS  is  new and being tested for accuracy , Department has asked the tax payers to  view the new AIS Statement and provide feedback on the correctness of the information provided therein .  In case there is discrepancy between AIS and Form 26AS , the information available on Form 26AS  is taken for the purpose of verification of IT returns by  the Income tax department  .Â
In the words of income Tax Department
"  In case there is a variation between the TDS/TCS information or the details of tax paid as displayed in Form26AS on TRACES portal and the TDS/TCS information or the information relating to tax payment as displayed in AIS on Compliance Portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing of ITR and for other tax compliance purposes " .
​You are asked to  provide feedback on the contents  of New  AIS if you find any error in it .  .Â
HOW TO VIEW AND DOWNLOADÂ Â NEW AIS Form in Income Tax filing website ?Â
1. GO TO NEW INCOME TAX E-FILING WEBSITE  Â
2. Login using your PAN Number  and password .Â
3. In the  next screen , go to " Services"   and in the dropdown menu select "  Annual information Statement "Â
4. In the next screen , click on " proceed "  .Â
5. In the next screen , you click on AIS  .Â
6. You will get  two optionsÂ
a. Taxpayer Information summary ( TIS )Â
b. Annual Information statement  Â
The  Tax Information Summary  will have following information among  all other financial transactions you have done during te year :Â
1. Salary Information Â
2. DividendÂ
3. Interest from DepositÂ
4. Interest from Savings BankÂ
5. Foreign TravelÂ
6. Sale of Securities and Mutual FundsÂ
7. Purchase of Securities and Mutual FundsÂ
All the above information is to be added to your income in IT Returns and may have  bearing on the Tax payable by youÂ
 The Annual Information Statement ( AIS ) will contain following information :Â
PART A : General Information like PAN NUMBER , Address , email address , Mobile number and Date of BirthÂ
PART B :Â Â
1. TDS/ TCS Information : Detailed information on Salary , Dividend etc
2. SFT Information  : Information on sale and Purchase of securitiesÂ
3. Payment of TaxesÂ
4. Demand and refund ; Information on  earlier year's  tax paymentÂ
5. Other InformationÂ
​You may download the statements and verify for correctness . It appears that Feedback facility is not yet available in the portal .Â
​
Dated 02.11.2021 :    Income Tax Department has rolled out the new Annual Information Statement (AIS) on the new Income tax e-filing  Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. which may not be available in Form 26AS  .  Hence it will reflect all your normal financial transactions including purchase and sale of equity shares and Mutual funds .Â
Presently the New AIS  will run concurrently with Form 26AS and Tax payer can have complete picture  of their  financial transaction which is available with  the Income Tax department . The new AIS is expected  to replace the existing Form 26AS over the times as it contains many additional  information . However as the new AIS  is  new and being tested for accuracy , Department has asked the tax payers to  view the new AIS Statement and provide feedback on the correctness of the information provided therein .  In case there is discrepancy between AIS and Form 26AS , the information available on Form 26AS  is taken for the purpose of verification of IT returns by  the Income tax department  .Â
In the words of income Tax Department
"  In case there is a variation between the TDS/TCS information or the details of tax paid as displayed in Form26AS on TRACES portal and the TDS/TCS information or the information relating to tax payment as displayed in AIS on Compliance Portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing of ITR and for other tax compliance purposes " .
​You are asked to  provide feedback on the contents  of New  AIS if you find any error in it .  .Â
HOW TO VIEW AND DOWNLOADÂ Â NEW AIS Form in Income Tax filing website ?Â
1. GO TO NEW INCOME TAX E-FILING WEBSITE  Â
2. Login using your PAN Number  and password .Â
3. In the  next screen , go to " Services"   and in the dropdown menu select "  Annual information Statement "Â
4. In the next screen , click on " proceed "  .Â
5. In the next screen , you click on AIS  .Â
6. You will get  two optionsÂ
a. Taxpayer Information summary ( TIS )Â
b. Annual Information statement  Â
The  Tax Information Summary  will have following information among  all other financial transactions you have done during te year :Â
1. Salary Information Â
2. DividendÂ
3. Interest from DepositÂ
4. Interest from Savings BankÂ
5. Foreign TravelÂ
6. Sale of Securities and Mutual FundsÂ
7. Purchase of Securities and Mutual FundsÂ
All the above information is to be added to your income in IT Returns and may have  bearing on the Tax payable by youÂ
 The Annual Information Statement ( AIS ) will contain following information :Â
PART A : General Information like PAN NUMBER , Address , email address , Mobile number and Date of BirthÂ
PART B :Â Â
1. TDS/ TCS Information : Detailed information on Salary , Dividend etc
2. SFT Information  : Information on sale and Purchase of securitiesÂ
3. Payment of TaxesÂ
4. Demand and refund ; Information on  earlier year's  tax paymentÂ
5. Other InformationÂ
​You may download the statements and verify for correctness . It appears that Feedback facility is not yet available in the portal .Â
​
How to rectify errors in Annal Information Statement ( AIS )
HOWÂ TO CORRECTÂ THE INFORMATION ON AIS ?Â
If you find any of the information is incorrect or not pertaining to your PAN Number , you may inform such details on the above form it self  after  logging in . Click on the information category  in the AIS you find incorrect or not related to you and  you will get a screen showing detailed list of  the transactions in  that category ( say  salary )  .  You will get details of individual  transactions with  last column as " Feedback "' .  On the particular transaction which is incorrect , you click on " Options " Button .  You will get a screen showing  following 6 options under the " choose Feedback Type " :Â
1. Information is correctÂ
2. Income is not TaxableÂ
3. Information is not fully correctÂ
4. Information relates to other PAN /Â year
5. Information is Duplicate / included in other informationÂ
6. Information is denied .Â
You click on the appropriate box . The website may seek additional answers  based on the type of your feedback and then rectify the errorÂ
If you find any of the information is incorrect or not pertaining to your PAN Number , you may inform such details on the above form it self  after  logging in . Click on the information category  in the AIS you find incorrect or not related to you and  you will get a screen showing detailed list of  the transactions in  that category ( say  salary )  .  You will get details of individual  transactions with  last column as " Feedback "' .  On the particular transaction which is incorrect , you click on " Options " Button .  You will get a screen showing  following 6 options under the " choose Feedback Type " :Â
1. Information is correctÂ
2. Income is not TaxableÂ
3. Information is not fully correctÂ
4. Information relates to other PAN /Â year
5. Information is Duplicate / included in other informationÂ
6. Information is denied .Â
You click on the appropriate box . The website may seek additional answers  based on the type of your feedback and then rectify the errorÂ
 INFORMATION UPLOADED   ON NEW AIS FORM  :Â
Dated 18.11.2021 :  The  New Annual Information statement  is very elaborative  and contains almost all types financial transactions you have done during the year  whether it is banking transactions , property transactions , shares or mutual fund transactions or  credit or debit card transactions ,  foreign travel undertaken  or you have effected a foreign remittance . You would not have escaped from the lens of the tax department  . Whatever information IT Department gathers on you will be reflected in New AIS Statement . Income Tax Department will  upload following 50 such information in the New Annual Information Statement  within three  months from the end of the month in which the information is received :Â
1. SalaryÂ
2. Rent receivedÂ
3.DividendÂ
4. Interest from savings BankÂ
5.  Interest from DepositsÂ
6.  Interest from others
7.  Interest from Income tax refundÂ
8.  Rent on plant & Machinery
9. Winning from lottery or crossword puzzleÂ
10. Winning from Horse RaceÂ
​11. Receipt from provident fundÂ
12. Interest from Infrastructure Debt FundÂ
13.  Interest from specified Non resident company
14.  Interest from Bonds & Government securitiesÂ
15 . Income from units of Non-resident unitsÂ
16. Income & long Term capital gain from off-shore fundsÂ
17. Income & long Term capital gain from Foreign currency bondsÂ
18. Income of Foreign institutional investorsÂ
19. Insurance commissionÂ
20. Receipts from insurance policyÂ
21. Withdrawal of deposits from National savings CertificatesÂ
22. Receipt of commission on sale of lattery ticketsÂ
23. Income from Investment in securitization trustÂ
​24. Income on repurchase of MFÂ
25 . Interest or Dividend payable to governmentÂ
26. Payment to non-resident sportsmenÂ
27. Sale of land or buildingÂ
28. Receipt from transfer of immovable propertyÂ
29. Sale of vehicleÂ
30. Sale of securities and mutual fundsÂ
31. Off market Debt transactionsÂ
32. Off market Credit transactionsÂ
33. Business receiptsÂ
34. Business ExpensesÂ
35. Rent paymentsÂ
36. Miscellaneous paymentsÂ
37. Cash depositsÂ
38. Cash withdrawalsÂ
39. Cash paymentsÂ
40. Outward Foreign remittance / purchase of foreign currencyÂ
41. Receipt of foreign remittanceÂ
42. Foreign travelÂ
43. Purchase of immovable propertyÂ
44. Purchase of vehicleÂ
45. Purchase of time depositsÂ
46. Purchase of mutual fundsÂ
47. Credit/ debit card
48. Balance in accountsÂ
49. Income distributed by business trust
50. Income distributed by investment fundÂ
​The complete details of new AIS can be got by reading the HANDBOOK published by the IT dEPARTMENTÂ
Dated 18.11.2021 :  The  New Annual Information statement  is very elaborative  and contains almost all types financial transactions you have done during the year  whether it is banking transactions , property transactions , shares or mutual fund transactions or  credit or debit card transactions ,  foreign travel undertaken  or you have effected a foreign remittance . You would not have escaped from the lens of the tax department  . Whatever information IT Department gathers on you will be reflected in New AIS Statement . Income Tax Department will  upload following 50 such information in the New Annual Information Statement  within three  months from the end of the month in which the information is received :Â
1. SalaryÂ
2. Rent receivedÂ
3.DividendÂ
4. Interest from savings BankÂ
5.  Interest from DepositsÂ
6.  Interest from others
7.  Interest from Income tax refundÂ
8.  Rent on plant & Machinery
9. Winning from lottery or crossword puzzleÂ
10. Winning from Horse RaceÂ
​11. Receipt from provident fundÂ
12. Interest from Infrastructure Debt FundÂ
13.  Interest from specified Non resident company
14.  Interest from Bonds & Government securitiesÂ
15 . Income from units of Non-resident unitsÂ
16. Income & long Term capital gain from off-shore fundsÂ
17. Income & long Term capital gain from Foreign currency bondsÂ
18. Income of Foreign institutional investorsÂ
19. Insurance commissionÂ
20. Receipts from insurance policyÂ
21. Withdrawal of deposits from National savings CertificatesÂ
22. Receipt of commission on sale of lattery ticketsÂ
23. Income from Investment in securitization trustÂ
​24. Income on repurchase of MFÂ
25 . Interest or Dividend payable to governmentÂ
26. Payment to non-resident sportsmenÂ
27. Sale of land or buildingÂ
28. Receipt from transfer of immovable propertyÂ
29. Sale of vehicleÂ
30. Sale of securities and mutual fundsÂ
31. Off market Debt transactionsÂ
32. Off market Credit transactionsÂ
33. Business receiptsÂ
34. Business ExpensesÂ
35. Rent paymentsÂ
36. Miscellaneous paymentsÂ
37. Cash depositsÂ
38. Cash withdrawalsÂ
39. Cash paymentsÂ
40. Outward Foreign remittance / purchase of foreign currencyÂ
41. Receipt of foreign remittanceÂ
42. Foreign travelÂ
43. Purchase of immovable propertyÂ
44. Purchase of vehicleÂ
45. Purchase of time depositsÂ
46. Purchase of mutual fundsÂ
47. Credit/ debit card
48. Balance in accountsÂ
49. Income distributed by business trust
50. Income distributed by investment fundÂ
​The complete details of new AIS can be got by reading the HANDBOOK published by the IT dEPARTMENTÂ
FORM 26AS
WHAT IS FORM 26AS OF INCOME TAX DEPARTMENT ?
Form 26AS is an annual income tax form that  contains detailed  information on individual's  income ,  income tax paid .  It contains all information about taxes that have been deducted, such as TDS, tax on salary, professional tax, TDS by banks, any advance taxes or self-assessment taxes paid, etc. It also contains information about refunds that you may have received as an individual.  It is sssued  by Income Tax department  on the basis of information collected by them from various sources  like your employer , banker  or demat holder . Â
FORM 26AS IN THE CURRENT YEAR FY 2022-23 ( AY 2023-24 ) :  From AY 2023-24 onwards, Annual Tax Statement available on TRACES portal will display only TDS/TCS related data. Other details would be available in the AIS (Annual Information Statement )  data . Prior to AY 2023-24, there would be no change in display
Form 26AS  contains 8 parts, from I to VIII.
 PART-I-Details of Tax Deducted at Source    : It contains  your individual income from salary , pension , interest  , dividend and any other income  if any  along with TDS collected for each transaction .
PART-II-Details of Tax Deducted at Source for 15G/15HÂ Â Â
PART-III-Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194SÂ Â
PART-IV-Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Payee of resident contractors and professionals/ Payee of Virtual Digital Asset)
PART-V-Details of Tax Collected at Source  : TCS could have been collected by you if  you had purchased / spent in the financial year for the likes of following  :Â
1. Liquor, scrap, tendu leaves, luxury motor vehicles etc.
2. Overseas Remittances made by you under Liberalized Remittance Scheme (LRS) of RBI  .Â
3. Spent on overseas tour  packagesÂ
4. Cryptocurrency transactionsÂ
PART-VI-Details of Paid Refund (For which source is CPC-TDS. For other details refer AIS at E-Filing Portal)  : It contains  details of any tax refund received in the financial year such as TAN refund, ITR refund, 26QB refund, etc.
PART-VII-Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Payer of resident contractors and professionals/Payer of Virtual Digital Asset)
PART-VIII-TDS/TCS Defaults* (Processing of Statements)
 Â
 Â
FORM 26AS IN THE CURRENT YEAR FY 2022-23 ( AY 2023-24 ) :  From AY 2023-24 onwards, Annual Tax Statement available on TRACES portal will display only TDS/TCS related data. Other details would be available in the AIS (Annual Information Statement )  data . Prior to AY 2023-24, there would be no change in display
Form 26AS  contains 8 parts, from I to VIII.
 PART-I-Details of Tax Deducted at Source    : It contains  your individual income from salary , pension , interest  , dividend and any other income  if any  along with TDS collected for each transaction .
PART-II-Details of Tax Deducted at Source for 15G/15HÂ Â Â
PART-III-Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194SÂ Â
PART-IV-Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Payee of resident contractors and professionals/ Payee of Virtual Digital Asset)
PART-V-Details of Tax Collected at Source  : TCS could have been collected by you if  you had purchased / spent in the financial year for the likes of following  :Â
1. Liquor, scrap, tendu leaves, luxury motor vehicles etc.
2. Overseas Remittances made by you under Liberalized Remittance Scheme (LRS) of RBI  .Â
3. Spent on overseas tour  packagesÂ
4. Cryptocurrency transactionsÂ
PART-VI-Details of Paid Refund (For which source is CPC-TDS. For other details refer AIS at E-Filing Portal)  : It contains  details of any tax refund received in the financial year such as TAN refund, ITR refund, 26QB refund, etc.
PART-VII-Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Payer of resident contractors and professionals/Payer of Virtual Digital Asset)
PART-VIII-TDS/TCS Defaults* (Processing of Statements)
 Â
 Â
FORM 26AS DOWNLOAD |
Form 26AS income tax e-filing site
HOW TO DOWNLOAD   FORM 26AS  ON INCOME TAX E-FILING WEBSITE ? Â
1. GO TO NEW INCOME TAX E-FILING WEBSITE  Â
2. Login using your PAN Number  and password .Â
3. In the  next screen , go to " e-file "   and in the dropdown menu select "  Income Tax Returns "Â
4. In the next drop down menu select " View Form 26AS  " and click on it .Â
5. Now you will be taken to TDS -CPC Website to view Form 26as . Please confirm  .Â
6. In the TDS-CPC Website ,  agree to usage to proceedÂ
7. Then go the top and click on " View / Verify tax credit " Â
8. Then click on the relevant assessment year and select view type   .  Â
9. Click at " View / Download  "Â
​10 . You will have form 26as on your screen .Â
1. GO TO NEW INCOME TAX E-FILING WEBSITE  Â
2. Login using your PAN Number  and password .Â
3. In the  next screen , go to " e-file "   and in the dropdown menu select "  Income Tax Returns "Â
4. In the next drop down menu select " View Form 26AS  " and click on it .Â
5. Now you will be taken to TDS -CPC Website to view Form 26as . Please confirm  .Â
6. In the TDS-CPC Website ,  agree to usage to proceedÂ
7. Then go the top and click on " View / Verify tax credit " Â
8. Then click on the relevant assessment year and select view type   .  Â
9. Click at " View / Download  "Â
​10 . You will have form 26as on your screen .Â
FORM 26AS TRACES
How to download Form 26AS in Traces
 The another way of  downloading Form 26AS by going directly to to TDS-CPC website  . You mayÂ
1. Go to to TDS -CPC Website to view Form 26as Â
2. In the TDS-CPC Website ,  agree to usage to proceedÂ
3. If you have not registered with   website , you may register by  going tax payer  and register  as New user
4. For registering , you have to fill PAN Number , your name and verification code  .Â
5. Once you login . then go the top and click on " View / Verify tax credit " Â
6. Then click on the relevant assessment year and select view type  . Â
7. Click at " View / Download  "Â
​ 8. . You will have form 26as on your screen .Â
1. Go to to TDS -CPC Website to view Form 26as Â
2. In the TDS-CPC Website ,  agree to usage to proceedÂ
3. If you have not registered with   website , you may register by  going tax payer  and register  as New user
4. For registering , you have to fill PAN Number , your name and verification code  .Â
5. Once you login . then go the top and click on " View / Verify tax credit " Â
6. Then click on the relevant assessment year and select view type  . Â
7. Click at " View / Download  "Â
​ 8. . You will have form 26as on your screen .Â
FORM 26AS THROUGH NET BANKING - LIST OF BANKS PROVIDING VIEW 26AS FACILITY
 YOU CAN DOWNLOAD  FORM 26AS THROUGH  NET BANKING :Â
​
The facility is available to a PAN holder having net banking account with the following banks, provided your PAN Number is registered with the bank  and the PAN is mapped to your account account. The facility is available free of cost. Â
LIST OF BANKSÂ Â PROVIDING THE FACILITYÂ :Â
1. Axis Bank 2. Bank of Baroda 3. Bank of India 4. Bank of Maharashtra 5. Canara Bank 6. Citibank N.A. 7. City Union Bank Ltd. 8. ICICI Bank Ltd. 9. IDBI Bank Ltd. 10. Indian Overseas Bank 11. Indian Bank 12. Jammu & Kashmir Bank Ltd. 13. Karnataka Bank Ltd. 14. Kotak Mahindra Bank Ltd. 15. Punjab and Sind Bank 16. State Bank of India ​17. The Federal Bank Ltd. 18. The Karur Vysya Bank Ltd. 19. The Saraswat Co-operative Bank Ltd. 20. UCO Bank 21. Union Bank of India 22. HDFC Bank Limited 23. Central Bank of India 24. Punjab National Bank 25. IndusInd Bank 26. YES Bank Limited. 27. Equitas Small Finance Bank.Â
​
The facility is available to a PAN holder having net banking account with the following banks, provided your PAN Number is registered with the bank  and the PAN is mapped to your account account. The facility is available free of cost. Â
LIST OF BANKSÂ Â PROVIDING THE FACILITYÂ :Â
1. Axis Bank 2. Bank of Baroda 3. Bank of India 4. Bank of Maharashtra 5. Canara Bank 6. Citibank N.A. 7. City Union Bank Ltd. 8. ICICI Bank Ltd. 9. IDBI Bank Ltd. 10. Indian Overseas Bank 11. Indian Bank 12. Jammu & Kashmir Bank Ltd. 13. Karnataka Bank Ltd. 14. Kotak Mahindra Bank Ltd. 15. Punjab and Sind Bank 16. State Bank of India ​17. The Federal Bank Ltd. 18. The Karur Vysya Bank Ltd. 19. The Saraswat Co-operative Bank Ltd. 20. UCO Bank 21. Union Bank of India 22. HDFC Bank Limited 23. Central Bank of India 24. Punjab National Bank 25. IndusInd Bank 26. YES Bank Limited. 27. Equitas Small Finance Bank.Â
New Updated ArticleÂ
      TAX PLANNING FOR FY 2022-23 ( AY 2023-24 )Â
Comprehensive  Article on Income tax changes in Rules, Rates , Slabs , Rebates  and EstimationÂ
CLICK HERE TO READ ​​
      TAX PLANNING FOR FY 2022-23 ( AY 2023-24 )Â
Comprehensive  Article on Income tax changes in Rules, Rates , Slabs , Rebates  and EstimationÂ
CLICK HERE TO READ ​​
 FINANCIAL TRANSACTIONS THAT REQUIRE PANÂ
ARE YOU WORRIED ABOUT STATUS OF YOUR PAN NUMBER ? Â Â Â CLICK HEREÂ
FOR INCOME TAX NEWS Â Â CLICK HERE Â Â Â FOR BANKING NEWS Â CLICK HERE Â Â Â Â Â Â FOR NEWS ON IPO , NCD Â ETC , Â CLICK HEREÂ
FOR INCOME TAX NEWS Â Â CLICK HERE Â Â Â FOR BANKING NEWS Â CLICK HERE Â Â Â Â Â Â FOR NEWS ON IPO , NCD Â ETC , Â CLICK HEREÂ
 USES OF FORM 26AS  ISSUED BY INCOME TAX DEPARTEMT  :Â
1.  It's an official document issued by the income tax department of Government of India  and hence it's the official record of all  your income and income tax paid during a Financial year .Â
2. Income tax department uses the form widely for assessing your income  and making income tax claims  .  Hence by going through Form 26as  you will understand how the tax  is claimed by the income tax .Â
3. By viewing  the Form 26as  , you can check whether the tax collected from you by your employer or banker   is properly remitted to your account  with Income tax department .Â
4. Income tax department cross-verifies your Income tax  returns with the information  available   in your Fom 26as  . If it matches , refunds will be faster . If there is mismatch , you have to correspond  with IT Department and you ahve to rectify  IT Return submitted by you or  approach  your employer , banker and others for rectification  of the information submitted by them on your accountÂ
1.  It's an official document issued by the income tax department of Government of India  and hence it's the official record of all  your income and income tax paid during a Financial year .Â
2. Income tax department uses the form widely for assessing your income  and making income tax claims  .  Hence by going through Form 26as  you will understand how the tax  is claimed by the income tax .Â
3. By viewing  the Form 26as  , you can check whether the tax collected from you by your employer or banker   is properly remitted to your account  with Income tax department .Â
4. Income tax department cross-verifies your Income tax  returns with the information  available   in your Fom 26as  . If it matches , refunds will be faster . If there is mismatch , you have to correspond  with IT Department and you ahve to rectify  IT Return submitted by you or  approach  your employer , banker and others for rectification  of the information submitted by them on your accountÂ
REASONS FOR ERRORS IN FORM 26AS
  The details contained in your Form 26AS  can be erroneous for the following reasons  :Â
1. The details  in your PAN card may have wrong    details like of your name , address , phone number .Â
2. Your banker or employer  or any other TDS collector would have wrongly noted your PAN Number  while you they effect transactions .
3. Your banker or employer  or any other TDS collector would have furnished wrong information or no information on the likes of the amount paid to you or tax collected from you .  They would have   informed wrong PAN Number  while   submitting their returns , even though you have  informed them of correct numberÂ
4.   Your banker or employer  or any other TDS collector would have mentioned wrong assessment year  for a transaction .Â
1. The details  in your PAN card may have wrong    details like of your name , address , phone number .Â
2. Your banker or employer  or any other TDS collector would have wrongly noted your PAN Number  while you they effect transactions .
3. Your banker or employer  or any other TDS collector would have furnished wrong information or no information on the likes of the amount paid to you or tax collected from you .  They would have   informed wrong PAN Number  while   submitting their returns , even though you have  informed them of correct numberÂ
4.   Your banker or employer  or any other TDS collector would have mentioned wrong assessment year  for a transaction .Â
HOW TO VERIFY CORRECTNESS OF FORM 26AS ?
 Please  keep following documents with you to verify  Form 26AS  :Â
1.Salary certificate / Form 16 issued by employer in the new format ,
 2.Interest certificates issued by your banks for the deposits / education loans and housing loans  etcÂ
3. Bank account statements for savings bank accounts etcÂ
4. TDS Certificates  from employers / Deposit holdersÂ
5. Capital gain certificates / statements from your stock brokers Â
6. Dividend certificates Â
7. Details of self assessment tax / advance  tax paid by youÂ
8. Any other relevant documents if you have any other income Â
Then check each entry in Form 26AS with the documents you have   and confirm the information matches . If there is any mismatch , you may take up with them for rectification  before submitting your returns .Â
1.Salary certificate / Form 16 issued by employer in the new format ,
 2.Interest certificates issued by your banks for the deposits / education loans and housing loans  etcÂ
3. Bank account statements for savings bank accounts etcÂ
4. TDS Certificates  from employers / Deposit holdersÂ
5. Capital gain certificates / statements from your stock brokers Â
6. Dividend certificates Â
7. Details of self assessment tax / advance  tax paid by youÂ
8. Any other relevant documents if you have any other income Â
Then check each entry in Form 26AS with the documents you have   and confirm the information matches . If there is any mismatch , you may take up with them for rectification  before submitting your returns .Â
TAX ON RETIREMENT Â Â MORE THAN 2000 VIEWSÂ Â Â IN ITS FIRST WEEK OF PUBLICATION Â Â Â CLICK HERE TO READÂ
​  HOW TO  LINK YOUR AADHAAR TO PAN  ?  CLICK HEREÂ
​
WHAT IS NEW ON PLAN N PROGRESS ?    ​
​​​NEW ARTICLES PUBLISHED  :
PRECAUTIONS WHILE Â INVESTING.
PRECAUTIONS WHILE Â INVESTING.