Latest news with #26AS
News18
4 hours ago
- Business
- News18
ITR Filing 2025: Why Checking Annual Information Statement Can Save You A Tax Notice
Income Tax Filing 2025: The Annual Information Statement (AIS) is a vital tool introduced by the Income Tax Department of India to enhance transparency and simplify tax compliance for the Assessment Year (AY) 2025-26. Unlike Form 26AS, which primarily details Tax Deducted at Source (TDS) and Tax Collected at Source (TCS), AIS offers a broader view of a taxpayer's financial transactions. It includes income from salaries, interest, dividends, stock and mutual fund transactions, foreign remittances, and high-value purchases, making it essential for accurate Income Tax Return (ITR) e-filing. The tax department has released Excel-based utilities for all four ITR forms. The online filing is available for ITR-1, ITR-2 and ITR-4 now. The deadline for ITR filing for FY 2024-25 (AY 2025-26) is September 15, 2025, extended from July 31, 2025.
Time of India
2 days ago
- Business
- Time of India
How to download Form 26AS for ITR filing FY 2024-25 (AY 2025-26)?
The I-Tax Department has extended the last date for filing ITR from July 31, 2025, to September 15, 2025, for FY 2024-25. Verifying Form 26AS confirms that the tax deducted matches the amount shown on your ITR. Tired of too many ads? Remove Ads How to know if there is a tax credit mismatch? Tired of too many ads? Remove Ads Tax Deducted at Source (TDS) Tax Collected at Source (TCS) Advance Tax/Self-Assessment Tax/Regular Assessment Tax deposited Refund received during a financial year (if any) Details of any Specified Financial Transactions (SFT) (if any) Details of Tax Deducted on sale of immovable property u/s194IA (in case of seller of such property) TDS Defaults (if any) Information relating to demand and refund Information relating to pending and completed proceedings Why should you check Form 26AS? To verify that TDS deducted by employers/banks is correctly deposited To confirm advance or self-assessment tax payments To match income sources and prevent tax notice/scrutiny To avoid refund delays due to mismatches in tax credit To detect incorrect PAN usage or fraudulent claims How to view and download Form 26AS? What is the password to open Form 26AS? Tired of too many ads? Remove Ads How to read Form 26AS? The Income Tax Department has extended the last date for filing income tax returns (ITR) from July 31, 2025, to September 15, 2025, for FY 2024-25 (AY 2025-26). With the extended deadline, certain taxpayers, including individuals and Hindu Undivided Families (HUFs), now have an additional 45 days to submit their is important to review Form 26AS before filing your income tax return, as it comprises details of all taxes collected at source ( TCS ), advance tax, refunds received, high-value transactions, and taxes deducted at source (TDS) on your behalf by banks, employers, or Form 26AS confirms that the tax deducted matches the amount shown on your ITR. If there is any discrepancy, your return may be flagged, and your refund could be delayed or denied. So, it is essential to review your income and taxes paid for the fiscal per the income tax FAQs, in the tax credit mismatch page, you can enter your details and check for any mismatch between the respective TDS/TCS/any other challan amounts and the amount as per 26AS. If the corresponding amounts are different, then there is a tax credit mismatch. In such cases, the message "There is a mismatch" will be there is no tax credit mismatch, the message "Tax Credit Claimed is fully matched with tax credit available in 26AS will be displayed."Form 26AS is a statement from the tax department that mentions the tax deducted on behalf of a taxpayer. It also mentions income for which an individual might have sought tax exemption during the year. It is a consolidated Annual Information Statement for a particular Financial Year (FY).Form 26AS contains the details of the following:Follow the steps to view or download the Form-26AS from e-Filing portal:Step 1: Log in to the 'e-filing' portal at 2: Go to the 'e-file'> Income Tax Returns and click on 'View Form 26AS.'Step 3: Read the disclaimer, click 'Confirm' and then you will be redirected to TDS-CPC 4: In the TDS-CPC portal, agree the acceptance of usage. Click 'Proceed.'Step 5: Click 'View Tax Credit (Form 26AS)'Step 6: Select the 'Assessment Year' and 'View type' (HTML or Text)Step 7: Click 'View/Download'If your downloaded file is password protected, you can use your date of birth or date of incorporation as printed on PAN card. Enter date in ddmmyyyy format to open file, say for example for 10-Oct-2012, enter as are 10 parts in Form 26AS; each part tells you the details of tax deducted and deposited against your PAN in a financial year. Here are the details of each part:PART-I - Details of Tax Deducted at Source (TDS)PART-II-Details of Tax Deducted at Source for 15G/15HPART-III-Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section (1) of section 194SPART-IV -Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Contractors or Professionals/ Seller of Virtual Digital Asset)PART-V-Details of Transactions under Proviso to sub-section (1) of section 194S as per Form-26QE (For Seller of Virtual Digital Asset)PART-VI-Details of Tax Collected at SourcePART-VII - Details of Paid Refund (For which source is CPC TDS. For other details refer AIS at E-filing portal)PART-VIII-Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Person making payment to contractors or Professionals / Buyer of Virtual Digital Asset)PART-IX-Details of Transactions/Demand Payments under Proviso to sub-section (1) of section 194S as per Form 26QE (For Buyer of Virtual Digital Asset)PART-X-TDS/TCS Defaults (Processing Statements).
India Today
07-07-2025
- Business
- India Today
Filing ITR for the first time? 7 common errors new taxpayers must avoid
Filing your income tax return for the first time can feel confusing, but it's an important part of managing your money. Many first-time taxpayers make small mistakes that could delay refunds, invite tax notices or cause stress the FY 2024–25 filing season underway, it's wise to know where people often slip up. Here are five common mistakes to avoid, so your return is smooth, correct and THE WRONG ITR FORMMany first-time taxpayers pick the wrong ITR form. For instance, if you have a simple salary income of up to Rs 50 lakh, ITR-1 is for you. But if you have capital gains or more than one house, you might need ITR-2. Filing the wrong form may delay your refund or even lead to a rejected return. So, check your total income and get help if you are REPORTING ALL INCOMEA lot of first-timers forget to add income from savings account interest, fixed deposits or rent. Some even miss small incomes from old bank hiding or forgetting any income can lead to a notice or penalty later. Write down every source of income and include it in your ITR FORM 26AS AND AISMany first-time taxpayers, especially salaried people, often depend only on their Form 16 provided by their employer. They forget to check other key documents, like the Annual Information Statement (AIS) and Form 26AS. These reports give a full picture of the taxes deducted and other financial details for the these statements with your own records helps you file an accurate return and avoid mistakes or delays in THE WRONG ASSESSMENT YEARWhen filing your ITR, make sure you pick the correct Assessment Year (AY). Entering the wrong AY may lead to notices or penalties from the tax remember, the AY is the year when you actually file the return. So, for income earned in FY 2024–25, the AY will be 2025– FAKE INVOICESOften, new taxpayers try to claim higher deductions by using fake bills under sections like 80C or 80D, or by submitting false rent receipts to get more HRA. Some even inflate the value of actual Income Tax Department now keeps a strict watch and sends notices if such false claims are found. So, claim only genuine deductions to avoid DECLARING ALL BANK ACCOUNTSMany people declare only the bank account where their salary comes in. But you must report all your active bank accounts, savings, current or need to pre-validate just one account for refund, but not reporting others may cause TO VERIFY ITRFiling your ITR is not enough. You must verify it too. If you forget, the tax department treats it as if you never filed it at all. You can e-verify using Aadhaar OTP, net banking, or by sending a signed physical copy. Without verification, your return stays you feel confused, don't hesitate to talk to a tax expert or visit your nearest income tax office. Filing on time and without errors will help you get your refund faster and keep you stress-free.- EndsTrending Reel
India Today
12-06-2025
- Business
- India Today
Got an income tax notice? Don't panic, here's how to deal with it
Filing your income tax return might feel like ticking off the last task on your to-do list, but it's not always the end of your tax journey. For many honest taxpayers, the unexpected arrival of an income tax notice in their inbox can trigger before panic sets in, here's the good news! Most of these notices are routine and manageable, provided you respond appropriately and on Today spoke to CA (Dr) Suresh Surana to decode what these notices really mean, why they're sent, and what you should do if one lands your DO TAX NOTICES ARRIVE? In today's data-driven tax system, the chances of receiving a notice have increased, not because you're doing something wrong, but because the tax department now has greater access to your financial footprint. CA Surana explained, 'With enhanced data analytics, information integration (via AIS, TIS, 26AS), and increased reporting obligations, the issuance of notices has become both structured and data-driven.'The tax system tracks your financial transactions, like your salary, bank interest, stock trades, and mutual fund investments. If something doesn't match or seems off, a notice might be sent to you for this isn't necessarily a sign of wrongdoing. Often, the notice is just a formal nudge asking for more information, missing documents, or explaining a MOST COMMON NOTICES – AND WHAT THEY MEANadvertisementSection 143(1): Intimation After Return ProcessingThis is one of the most frequently issued notices and is sent after your return has been processed. It compares your declared income and deductions with the department's own data. If everything matches, no action is needed. But if there's a mismatch, like incorrect TDS or deductions, you may be asked to pay more tax or may receive a to CA (Dr) Suresh Surana, 'This is a preliminary assessment, not a final order. You still have time to revise your return under Section 139(5) if needed.'Section 142(1): Inquiry Before AssessmentThis is more of an information request. You may receive it if you haven't filed your return, or if the tax officer needs further documents to complete your assessment. This can include income details, bank records, or rent receipts.'Non-compliance can lead to Best Judgement Assessment under Section 144 and may attract penalties or prosecution,' Surana 139(9): Defective ReturnThis notice appears when your return is found to have issues, like using the wrong ITR form, leaving out income details, or missing tax payment information. You're usually given 15 days to fix it.'If not corrected in time, the return is treated as invalid, with consequences as if no return was filed at all,' Surana explained. This could mean losing out on exemptions or carry-forward 245: Adjustment Against Tax DuesIf you're due for a refund but still owe tax from previous years, the department can adjust the two. A notice under Section 245 is issued to inform you about this, giving you a chance to accept or dispute the adjustment.'This adjustment can only be made after a written intimation, and the taxpayer usually has 21 days to respond,' Surana noted. Common reasons for defective returns include incorrect ITR form used, incomplete information, and non-disclosure of tax payment details, he 148: Income Escaping AssessmentThis notice is more serious. It's sent when the department believes that you've failed to disclose certain income in past returns. The Assessing Officer must have credible evidence for reopening your case. You'll be asked to file a fresh return for the year in question, and possibly explain the source of the income in noted that reassessments are governed by Sections 147 to 153 and can involve recalculations of losses or SHOULD YOU RESPOND TO A TAX NOTICE?The first rule is simple: do not ignore it. Every notice carries a response deadline. Missing it can lead to penalties, disallowance of claims, or even reopening of your by logging into the income tax portal and reading the notice carefully. Check under which section it has been issued and verify its authenticity using the Document Identification Number (DIN). If it's a valid notice, gather all supporting documents, like ITR copies, Form 16, salary slips, bank statements, investment proofs, and submit a clear and complete response through the e-filing advised, "Taxpayers need to submit a comprehensive and fact-based response via the income tax e-filing portal in accordance with the requirements set out in the notice."Further, he added, 'Once the response is submitted, retain copies of your reply and acknowledgement receipts. Track the status on the portal and be alert to further updates from the department.'If you're not satisfied with the outcome, don't hesitate to explore remedies. These include seeking a rectification under Section 154, filing an appeal with the Commissioner (Appeals), or requesting a revision under Section 264, depending on your other words, receiving a tax notice isn't the end of the world. In most cases, it's just the department doing its job, cross-checking information and ensuring everything adds up. Staying calm, reading the notice carefully, and responding with the right documents on time can help you resolve it if you're ever in doubt, don't try to guess your way through it. Reach out to a qualified tax professional who can guide you through the Watch
Mint
09-06-2025
- Business
- Mint
Income tax calculator: This is how you can use it to compute your tax liability
As a taxpayer, it is recommended to use an income tax (I-T) calculator to ascertain your tax liability. However, before you use income tax calculator, these are the key steps that you need to follow: At the outset, you need to enter the PAN and your name. Then you enter the assessment year and the taxpayer category i.e., whether you are an individual, HUF or a firm. Then you must enter the residential status: resident or non-resident. Now the system will ask you to enter the total taxable income as per the new tax regime. Then there is space for allowances/ exemptions that are allowed only under the old tax regime such as 10(5), 10(13A) etc. Then you need to enter the VIA deductions allowed under the old tax regime such as 80D, 80C, 32(1) and others. Finally, you will arrive at total taxable income as per the old tax regime. This is also quite similar to a basic calculator. As mentioned above, you have to enter the PAN, name of the taxpayer, updated return under 139(8A), other than updated return. This is followed by the basic details such as choosing the tax regime, residential status, age, and date of submission. Now you need to enter your income under different heads such as under the head salaries, house property, capital gains, business or profession, and other sources. Salaried taxpayers need these documents at the time of filing of income tax return: form 16, form 26AS and AIS (annual information statement). Form 16 is a TDS certificate issued by an employer to an employee. Form 26AS is a consolidated Annual Information Statement for a particular Financial Year and AIS is a comprehensive view of information for a taxpayer displayed in Form 26AS. Visit here for all personal finance updates
