- Form 26AS can also be accessed from the net banking facility of banks that offer this service.
2. Verify Form 26AS Details
- Check Form 26AS carefully to ensure that the details of TDS, advance tax, and self-assessment tax paid match the records available with you.
- Verify if the details of high-value transactions and other information are accurate.
3. Cross-Verify with Other Documents
- Compare the information in Form 26AS with the TDS certificates (Form 16/16A) and tax payment challans to ensure accuracy.
4. Calculate Total Taxable Income
- Sum up all the income from various sources, including salary, business, capital gains, interest, and other income, to arrive at your total taxable income.
5. Check Eligible Deductions
- Identify deductions available under various sections of the Income Tax Act, such as Section 80C, 80D, 80G, etc., to reduce your taxable income.
6. Determine Tax Liability
- Use the applicable income tax slab rates for the financial year to calculate your income tax liability.
7. Compare Tax Liability with Form 26AS
- Compare the total tax liability calculated with the tax credit available in Form 26AS.
- Ensure that the TDS, advance tax, and self-assessment tax credits are correctly accounted for to avoid any discrepancies.
8. File Income Tax Return
- Use the relevant income tax form (such as ITR 1, ITR 2, etc.) based on your income sources and other criteria.
- Enter all the income details, deductions, and tax credits accurately in the form.
9. Pay Remaining Tax (if applicable)
- If there is any shortfall between the tax liability and the tax credit available in Form 26AS, pay the remaining tax before filing the income tax return.
10. E-Verify the Income Tax Return
- After filing your return, e-verify it using any of the available methods like Aadhaar OTP, Net Banking, Demat Account, Bank Account, or EVC (Electronic Verification Code).
- E-verification must be done within 120 days of filing the return; otherwise, the return will not be considered valid.
Remember to file your income tax return on time and accurately using the information available in Form 26AS to ensure proper compliance with the tax laws in India.
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