The last date to file ITR for Assessment year 2017-18 is July 31st 2017. This gives you around 20 days to finish this most important job of the year. Albert Einstein may have said that the Hardest Thing in the World to Understand is Income Taxes, but filing ITR is not difficult...At least if you prepare well for it.
Before filing ITR, it is very important to go through this document known as Form 26AS. You need to view this document before filing ITR to cross check details of tax which has been deducted. So what is this Form 26AS and why is it so important? What happens if you file ITR without going through Form 26AS? Let's find out.
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Form 26AS contains details of various taxes deducted on your income, which you need while filing ITR. Form 26AS contains details of various taxes deducted on your income by your employer, banks or even a tenant.
The tax credit statement of Form 26AS contains details of tax collected, taxes paid by you and also refunds you have received during the financial year. Details of your high value transactions w.r.t shares, mutual funds and also credit cards are reflected in the Form 26AS.
Take a look at the structure of Form 26AS
Part A :This part contains details of all the TDS deducted on your income. This can be TDS on salary, house rent, commission and even interest on deposits.
Part A1: When you submit Form 15G or Form 15H to your bank for non-deduction of TDS, interest amount will be reflected in this Section.
Part A2: All details of TDS on sale of immovable property is reflected in this section.
Part B: All details of tax collected at source are reflected in this section.
Part C: Details of tax paid like advance tax, self-assessment tax and tax on regular assessment appear in this section.
You can download Form 26AS from the TRACES website.
Visit this website and login using your income tax department login and password. If you don't have an account, you will have to register and create one.
You then enter your PAN, Password and DOB in the DD/MM/YYYY format. You also enter the captcha code.
You then go to "My Account". You click on "View Form 26AS" in the drop down.
You then click on "Confirm" and you are redirected to the TRACES website.
Once you are on the TRACES website, you must select the box on the screen and click "Proceed".
You then click on the link at the bottom of the page 'View Tax Credit (Form 26AS)' to see your Form 26AS.
You then choose the Assessment Year and the Format in which you want to see Form 26AS. If you choose the HTML Format, you can view the Form 26AS online.
You then open the document and enter the password. The password is your DOB in the DDMMYYY format.
So file your ITR by July 31st 2017 and do remember to link your PAN to your Aadhaar card. Linking of Aadhaar with PAN or Permanent Account Number has been made compulsory for filing tax returns. So enough of talking. Go file your returns. Be Wise, Get Rich.
Mr C.S.Sudheer is a management graduate. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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