If you have fixed deposits, your bank will do the same before crediting the interest proceeds to your account upon maturity. Here’s an explainer to understand why verifying Form 26AS is critical to your return-filing process.Īlso read: Made high value transactions or large investments? The new Form 26AS captures it allįorm 26AS helps you tally income and expensesįorm 26 AS, which was revamped last assessment year (2020-21) to capture high-value transactions, contains details of your taxes deducted and deposited.įor a salaried employee, your employer will deduct the tax payable every month. You can access it by logging into the income tax return portal and downloading it. Another crucial document that you need to verify in advance is the Form 26AS, also called the tax credit statement or the annual information statement. You can start getting your documents – Form-16, bank and capital gains statements – in order before commencing the actual process. On your part, however, you can carry out the basic checks to ensure that you are ready to file your returns as soon as the glitches are sorted out. It is likely that the deadline will be extended, given the glitches in the new income-tax return-filing portal and the deadline given to the website developer Infosys to solve all the problems being September 15. As of today, the last date to file your income-tax return is September 30.
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