Form 26AS Decoded: Here's How It Plays A Vital Role In Streamlining ITR Filing - News18
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ITR Filing: About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for assessment year 2022-23. Acting as consolidated tax credit system, Form 26AS plays an important role in all the tax payments made on your behalf by your employer or clients. Form 26AS is something you should be aware of if you are a person or a business submitting tax returns . Form 26AS, which serves as a unified tax credit system, is essential in all tax payments made on your behalf by your company or clients. It contains important information regarding Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) from various income sources such as banks and employers. What is the significance of Form 26AS, and why should you pay attention to it before completing your income tax returns? Let us dissect it and grasp its significance: Form 26AS is like an annual statement provided to taxpayers by the Income Tax Department. It’s a summary of your tax info