1/ If you’re a taxpayer in India, you must have heard of Form 26AS. But what exactly is it, and why is it so important? Let’s break it down. 👇

2/ What is Form 26AS?

Form 26AS is an annual consolidated tax credit statement issued by the Income Tax Department.

It shows:

✔️ TDS (Tax Deducted at Source)

✔️ TCS (Tax Collected at Source)

✔️ Advance Tax / Self-Assessment Tax paid

✔️ High-value transactions

3/ Where to access it?

You can download Form 26AS directly from the:

• Income Tax Portal (https://incometax.gov.in)
• TRACES website (via Net Banking of authorized banks)

4/ Why is it important?

✅ Ensures that taxes deducted/paid are correctly credited to you

✅ Helps while filing ITR to avoid mismatches

✅ Acts as proof of tax already paid on your behalf

5/ Details Available in Form 26AS

• Part A: TDS by employers, banks, others
• Part B: TCS by sellers
• Part C: Advance/ Self-Assessment tax paid
• Part D: Refunds issued
• Part E: SFT transactions (high-value spends like property, shares, FD, credit card)

6/ New 26AS vs Old 26AS

The latest version is more detailed, now called Annual Information Statement (AIS).

It not only shows tax credits but also high-value financial transactions for better transparency.

7/ How it helps in ITR filing?

When filing your return, you must cross-check income and TDS details with Form 26AS.

If there’s a mismatch, your refund may get delayed or your ITR may be flagged. ⚠️

8/ Common Issues

❌ TDS not reflecting – due to wrong PAN in deduction

❌ Duplicate entries – cross-check carefully

❌ Missing advance tax – confirm payment challan

9/ Pro Tip 💡

Always reconcile your Form 26AS with Form 16/16A before filing your Income Tax Return. This ensures a smooth filing process and faster refunds.

10/ ✅ Conclusion

Form 26AS is your tax passbook.

It ensures all taxes paid are credited, keeps your financial data transparent, and makes your ITR filing stress-free. 🚀 

Happy Questing 

@Mrrajput_2212

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