Form 26 AS is a tax credit statement that is counted in typical documents which is used for filing the taxes. For download & view Form 26AS by income tax software without any nuisance along with a perfect manner.
What Do You Mean by Form 26AS ( Annual Statement )?
Here is the Form 26AS yearly declaration which focuses on the points relevant for-
- Tax Deducted at Source (TDS)
- Details in terms of reimbursement you obtain in a fiscal year.
- Figures in which the tax has been accumulated by the collectors.
- Filing the advance tax.
- Rumination of Tax Payment.
- Deposited regular assessment tax.
- Knowledge of high-value activities from shares to mutual funds and so on.
How is Form 26AS Crucial in Tax Credits?
Here are the various aspects to showcase Form 26AS is important:
- You would afford to rectify whether the deductor has submitted the TDS statement exactly or else the tax collector has accurately marked the record of Tax Collected at the Source (TCS).
- One can check if the tax deducted and collected from your behalf has been transferred to the government fund or not.
- You are able to figure out the tax credits along with the calculation of the income tax prior to filing ITR.
How is Purchasing Only Gen Income Tax Software Important?
Chartered accountants put the Gen Income Tax Filing (ITR) Software on top because of the fact where it operates Self Assessment and Advances Tax along with the interest calculation as per sections 234A, 234B, and 234C. It carries very engaging attributes such as auto return form, XML generation, PAN Application, Arrear Relief Calculation, 26AS Import, PAN Application including corrections. Now, just go through the SAG Infotech website and put all your queries in the form of a free trial demo of Gen Income Tax e-filing Software. Soon after the installation, you could easily access and view & download the 26AS (Tax Credits)form from this software.
Easy Process of Download Form 26AS via Gen IT Software
Step -1: Click on the software of Gen Income Tax
Step -2: Select on the income tax – computation – Click on the client
Step -3: Now, go to the Tax details
Step -4: Now, click to import from 26A – Import
Step -5: At last, click on the quick invisible mode or google chrome.
Common Questions Asked About 26AS Form
Q.1 What arrives in the domain of form 26AS?
The mentioned domain covers all the allied knowledge like tax collected by collectors, an advance tax furnished through you like Tax payments, assessment tax that has been furnished via you, and the information of the refund that will be collected.
Q.2 What other forms similar to TDS are essential to be Submitted?
In Part A1 in the form, you would have the knowledge of your income where TDS has not been deducted once you have submitted form 15G / Form 15H.
Q.3 How does Form 26AS grasp the Attention?
The form carries an annual credit statement (consolidated) which is furnished with respect to your PAN. It would be censorious if you differentiate Form 16 which has been gained from your employer with Form 26AS.
Q.4 How to follow steps in terms of the amount of advance tax that has been paid in Bank Accounts; although it has been not shown in part C of Form 26AS
The motive behind this impute is somehow the Bank has made a mistake in its data entry and so a particular bank can bring this concern to the particular Bank and crosscheck the deposit.
Q.5 Is that possible for an individual to modify the name and address (mentioned in PAN) in Form 26A
Yes, it would be possible in case the concerned details of PAN holders are wrong. In that case, one can submit an application via ‘Request for the new PAN Card or/and changes or the correction in the PAN data option’ which is mentioned on the official website of the tax department.
Who is Required to Fill Schedule FA (Foreign Assets)?
Applicability Of Schedule FA: If an individual (not being a citizen of India) is in India for a business purpose, employment or student visa purposes and he acquires any asset during the previous year in which he was a non-resident, such asset shall not be required to be reported in Schedule FA – details of foreign assets and income if no income is derived from that asset during the current previous year. That means the requirement to fulfil schedule FA is only for Resident Indian who is having Income from any sources outside India or signing authority in any account located outside India.
Details About Taxes & Proceedings
The old form 26AS consist of details of taxes deducted and collected from you, along with the details of taxes paid by you, the new form will also have advance tax or self-assessment tax. This addition will help you to verify whether your employer/ bank/ payer of the tax has in fact deposited the tax with the government. And if not, then you can take proper action regarding this.
Through the new form 26AS, the Income-tax department will also provide details of Demands which are outstanding. This type of information will help you to verify whether the same demand is genuinely outstanding or disputed. In the case of the disputed demand, you can do rectification of mistake, or fill appeal or fill an application for condonation of delay if the due time already passed.
After demand due, the new form will also feature details of pending income tax according to the tax department and details of proceedings that have completed during the year. This detail is especially added to keep you aware of the pending income tax.
More Communication Details
Till now in the 26AS form, some specific personal details were required such as Name, Address, and PAN but the new Form will have more details such as date of Birth, Registered Email Address, and Mobile/ Phone number. This amendment has been done to keep you aware of the provided communication options, and it will also help you to update these details if required.