ITR Filing 2024: 26AS contains information about salary as well as TDS deducted by the bank on interest and advance tax deposited by you.
ITR Filing 2024: Every income tax payer should take utmost care while filing his income tax return (ITR Filing). Before filing ITR, it is not only necessary to collect all the necessary documents, but it is also necessary to check them thoroughly. Because wrong information recorded in any document can get your ITR cancelled or delay the refund. Form 26AS is also one of those important documents, which is necessary to check before filing Income Tax Return (ITR). Form 26AS should be matched with Form 16/16A before filing the return. Make sure whether the money deducted as TDS is included in Form 26AS or not.
Form 26AS gives information whether the TDS deducted by the company has been deposited to the government or not. It contains details of tax deducted from different sources of income of the taxpayer. These include details like tax deduction at source (TDS), tax collection at source (TCS), payment of advance tax or self-assessment tax, regular tax, refund. On the other hand, Form 16 contains complete information about the tax deducted from the salary. Form 16A contains information about TDS deducted on income other than salary.
That’s why matching is necessary
Many a times it happens that the information given in Form 16 does not match with the information given in Form 26AS. This happens due to the wrong information recorded in Form 26AS. In such a situation, if you file ITR with wrong information without matching both, then while it can cause you financial loss, there is also a risk of your ITR being cancelled. If the information is wrong then it is very important to correct it.
If your company or bank has made a mistake in depositing tax with the government with your PAN number then you have to approach your company or bank to deduct the tax. You have to ask the company or bank to revise the TDS return. Once you file your TDS return with the correct details, your Form 26AS will show the correct information.
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