Year End Tax Planning and Tool to check Your Income Tax Credit
Have you faced a situation when you paid the income tax on time but still got the tax demand notice? Or Have you found the computation made by tax authorities not matching with your tax records ?
In USA, all financial institutions send tax reports to the investors and also a copy of the same is sent to IRA for their tax records for reconciliation at the time of IT return processing. People who returned from USA often wonder why Indian banks or financial institutions don’t do such service. This should greatly reduce their time at the time of tax return filing.
We have something better. Income Tax department has provided a way to check this problem. It is called Form 26AS. Now you can check your tax credit online and take corrective measures if needed. This may avoid a lot of inconvenience. And the best part is you don’t need to wait till year end. You can do a monthly or quarterly check and resolve the issues then and there.
Further it gives you a glimpse of what Indian Income Tax Authorities know about you. It may help you to avoid leaving out any important tax records while filing your return, since they know about these already; they will be expecting these records in your return.
Form 26AS contains details of:
- Tax deducted and collected on behalf of taxpayers
- Advance tax/self assessment tax/regular assessment tax etc deposited by taxpayers (PAN holders)
- Payment of refund during the financial year
- High value transactions in respect of shares, mutual funds etc
View form 26AS to ensure correct credit for the taxes paid/deducted:
- To avoid demand notice from the income tax department.
- For seamless processing of Income Tax Department Return and speedy issue of refunds
How to View Form 26AS?
Banks like HDFC Banks, ICICI banks already provide a link in their online account access for you to check your Form 26AS records. Or you can sign up with Income Tax website to check them out. Go to website : https://incometaxindiaefiling.gov.in/portal/index.do and Register.
Read the link below to get more details