Profit Sheets

Things to check in Form 26AS before filing ITR

June 12, 2021 03:51 PM

Things to check in Form 26AS before filing ITR
Things to check in Form 26AS before filing ITR;  It is possible that wrong information may have been reported by the specified entity which may result

Things to check in Form 26AS before filing ITR: We explain what is form 26AS and how one should use it while filing ITR.It is important to look at Form 26AS also known as an annual consolidated statement when filing an income tax return (ITR).

It contains the information that is available with the tax department from different sources. Various entities including banks, mutual funds, brokers etc are required to provide information with respect to specified financial transactions (SFTs) that are transactions which are above a specified limit.

For example, a bank has to file an SFT when the aggregate cash deposits of all the savings bank accounts of a client exceed Rs10 lakh in a year. Registrars have to file SFT for every individual involved in any transaction of an immovable property where the deal value exceeds Rs30 lakh.

Also Read: SBI launches Kavach personal loan scheme of up to Rs 5 lakhs

Similarly, if you have bought financial instruments such as mutual funds, bonds and shares worth Rs10 lakh or more, it will be reported to the tax department by the issuer. Recently, the tax department has asked various entities including banks, post offices, companies, exchanges etc to give the information of the interest earned, capital gains etc to the department so that it can be provided prefilled to the taxpayers.

Apart from this, Form 26AS will also provide information regarding the tax deducted at source (TDS), tax collected at source (TCS). The TDS deducted by the employer will also be reflected in the Form 26AS. Therefore, it is important to cross verify the information with Form 26AS while filing your ITR.

Things to check in Form 26AS before filing ITR;  It is possible that wrong information may have been reported by the specified entity which may result in a notice from a tax department. From this year the tax department is likely to provide pre-filled information in the tax forms related to interest income, dividend received, and capital gains earned.

It is important that you verify the information available in pre-filled form with the information you have in the in various documents such as bank statement, Form 16 etc.

Leave a comment

Market Live Updates


Intraday Tips
Stock Name Open Price Trend Details
Reliance 1930.10 Buy Click Here
Asian Paints 2577.00 Buy Click Here
HDFC 2448.00 Buy Click Here
HDFCAMC 2790.00 Buy Click Here
TCS 3120.00 Buy Click Here



NSE Top Gainers/Losers
COMPANY LTP %CHNG VOLUME
HINDALCO 417.95 4.47 1,41,13,388
BAJFINANCE 6,303.05 2.28 10,11,507
TATASTEEL 1,327.20 2.25 37,39,538
SBIN
431.10
1.84 70,85,419
SBILIFE
1,095.80
1.78 31,12,583
COMPANY LTP %CHNG VOLUME
DRREDDY 5,354.15 -1.06 1,86,489
AXISBANK 748.35 -1.05 54,72,359
TECHM
1,108.95
-1.00 3,03,653
SUNPHARMA 697.85 -0.79 9,00,502
CIPLA
943.80
-0.71 4,16,800