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Form 26 vs Form 16AS: Before Filing Your ITR, Here Are Some Things To Consider

For taxpayers, Forms 16 and 26AS are crucial documents that serve as records of their income and tax deducted at source (TDS) for the duration of the fiscal year. Form 16 is usually given to workers by the employer by June 15th of the next fiscal year, at the latest. A consolidated tax statement, or Form 26AS, is a document that lists all of the taxes that a taxpayer has submitted with the government.

Tax forms may be quite perplexing. A brief comparison of Form 16 and Form 26AS is provided below:

Form 16 contains essential data such as the name and Permanent Account Number (PAN) of the employee, employer’s information, income amounts, tax deductions, and other relevant facts.

ITRs Can Be Filed Without Form 16?

Since Form 16 has all the information needed to determine taxable income and the amount of tax owed, it is also crucial for submitting ITRs. Salaried workers may find it challenging to effectively and quickly submit their ITRs without Form 16, which might lead to fines or legal problems. However, if all information is appropriately reported by the taxpayers, an ITR may be filed without a Form 16.

Furthermore, when workers apply for loans or credit cards, banks and other financial organizations consider Form 16 as legitimate evidence of income. As a result, paid workers need to get Form 16 from their employers each year and save it for future use.

Those without a Form 16 may get their taxes using Form 26AS.

FEATURES FORM 26AS FORM 16
Issued by IT department Employer
Frequency Anytime downloadable Annually
Ambit TDS on all income sources (salary, interest, etc.) TDS on salary only

 

Form 26AS: What Is It?

A consolidated tax statement, or Form 26AS, is a document that lists all of the taxes that a taxpayer has submitted with the government. It is a statement showing the tax credit that has been applied to a taxpayer’s account.

Anyone filing taxes, whether as an individual or a company, should be aware of Form 26AS. Form 26AS, which functions as a unified tax credit system, is necessary for any tax payments that your business or customers make on your behalf. It includes crucial information on taxes that are collected at the source (TCS) and deducted at the source (TDS) from a variety of revenue sources, including banks and employers.

It includes;

Information on TDS for rent, interest income, salaries, and other sources.

TCS specifics, if any.

Information about the Advance Tax, Self-Assessment Tax, and Regular Assessment Tax that the taxpayer has paid.

Information on any high-value transactions, such as investments or the purchase of real estate.

information on tax refunds obtained throughout the fiscal year.

How Can I Get Form 26AS?

At any moment, Form 26AS is available for download at the TRACES website (https://eportal.incometax.gov.in/).

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