Taxpayer Financial Records ──┐
                             ├─► Compare & Reconcile ──► Accurate ITR Submission
Annual Information Statement ─┘   (Fix Discrepancies)
(AIS) & Form 26AS

┌────────────────────────────────────────────────────────────────────────┐
│                        Which Regime Fits You?                          │
├───────────────────────────────────┬────────────────────────────────────┤
│           New Tax Regime          │           Old Tax Regime           │
├───────────────────────────────────┼────────────────────────────────────┤
│ • Lower overall tax slab rates    │ • Beneficial with major deductions │
│ • Higher standard deduction rebate│ • Ideal for high home loan interest│
│ • Minimal paperwork required      │ • Requires 80C & 80D investments   │
└───────────────────────────────────┴────────────────────────────────────┘

The post Why Relying on an ITR Filing Extension Can Become an Expensive Mistake first appeared on Rightsofemployees.com.

This is the fastest way to confirm your tax money actually hit the government’s account. Don’t skip this.

1. Go to the Portal: Open the official Income Tax e-filing portal. That link is: https://www.incometax.gov.in/iec/foportal/

2. Log In: Use your PAN as the User ID, your password, and the CAPTCHA.

3. Find the Menu: Once logged in, go to the ‘e-File’ tab in the main menu.

4. Select the Form: From the dropdown menu, select ‘Income Tax Returns,’ and then click ‘View Form 26AS (Tax Credit).’

5. Redirect Confirm: You’ll see a disclaimer. Click ‘Confirm’. This will immediately redirect you to the government’s TRACES (TDS-CPC) website. Don’t panic; it’s the right place.

6. Agree & Proceed: On the TRACES site, check the box to agree to the usage policy and click ‘Proceed.’

7. Select View Link: Click the prominent link that says ‘View Tax Credit (Form 26AS)’.

8. Final Selection: Choose the Assessment Year (AY) you need, and then select the format.

   • For a quick look, use HTML.

   • To save or file, select HTML again, then click ‘View/Download,’ and finally ‘Export as PDF’. (The password for the PDF is your Date of Birth in the DDMMYYYY format.)

End. . .

Also read |Don’t Ignore These 3 Silent Heart Attack Warning Signs!

The post Form 26AS: Step-by-Step Download Guide first appeared on Rightsofemployees.com.

If you are also thinking of filing returns, then definitely check Form 26AS, an important document because it can save you from notice. If you want to file ITR without mistake and want to avoid tax notice, then definitely check Form 26AS.

What is Form 26AS?

Form 26AS is a consolidated tax statement issued by the Income Tax Department. It contains information about all tax deductions, advance tax, TCS (Tax Collected at Source), refunds and high-value transactions made on your PAN. By looking at it, you can know how much tax has been deposited on you and whether any tax has been missed.

The post ITR Filing 2025: What is Form 26AS? Why is this form important to avoid tax notices? first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return (ITR) for the financial year 2024-25 is July 31. Taxpayers are busy preparing to file their ITR before the deadline. But, before filing ITR, many technical things have to be taken care of, so that later you do not get a notice from the Income Tax Department.

If you want to avoid income tax notice, then you must know about Form 26AS. This form is issued by the Income Tax Department to file ITR. Let us know what this form is, why it needs to be filled, where does the taxpayer get it from and what process has to be followed for this.

What is Form 26 AS?

Form 26AS is used for filing income tax. It is also called tax credit statement form. It contains most of the information related to tax of the taxpayer. Such as income, expenses, company and bank details. Information about your immovable property is also there in it. If you have made any investment in mutual funds or stock market, then its information can also be known from this form.

Why is Form 26AS necessary?

With Form 26AS, you can easily calculate your tax liability.

It contains information about Tax Deduction at Source (TDS) and Advance Tax.

This form also provides details of income tax refund and tax deducted on sale of immovable property.

With Form 26AS you can prove how much tax you have paid.

You can also check whether your tax has been deposited in the government account on time or not.

How to download

You can download Form 26AS from home. Its step by step process is as follows.

• Visit the e-filing portal https://www.incometax.gov.in/iec/foportal/.
• Login by entering user ID, PAN card, name, password and captcha code.
• Go to Income Tax Returns in e-File tab and click on ‘View Form 26AS (Tax Credit)’.
• A TDS-CPS portal will open in which you have to agree to the portal and click on ‘Proceed’.
• Then click on View Tax Credit (Form 26AS / Annual Tax Statement).
• Select the assessment year and view type i.e. HTML or Text and then click on ‘View/Download’.
• To download it, select HTML in View As and click on ‘Export as PDF’.

The post Why is Form 26AS necessary for ITR filing, what is the process to download it? first appeared on Rightsofemployees.com.

If you are planning to file your tax return yourself, make sure you understand the nuances of the tax rules. You should also be aware of all the deductions and exemptions available to you. Many self-filing taxpayers make mistakes on their returns. Due to which he gets a notice from the tax department.

Let us take a look at eight common mistakes you need to keep in mind while filing ITR –

Form 26AS and AIS not getting verified

Check your Form 26AS and Annual Information Statement (AIS) on the tax portal. Ensure that all income, TDS and TCS payments are mentioned. Don’t forget to report income from interest, dividends and capital gains on stocks and funds not included in

‘ Other Income’ . These incomes are mentioned in AIS, so they will not remain hidden from the tax department. Capital gains and losses not included There is no need for bulky paperwork to calculate your capital gains. Check with your broker and mutual fund clearing house for capital gains details. discount is missing

You are eligible for deduction on savings bank interest up to Rs 10,000 under section 80TTA. Senior citizens get an additional deduction of Rs 50,000 under section 80TTB.

Non-reporting of foreign income and assets

All foreign assets must be reported in the tax return. These include shares of foreign companies, income from foreign companies and even small amounts lying in foreign bank accounts.

Not reporting losses

Losses from investments (funds, stocks, F&O) can be set off against other gains if reported in the tax return. Unadjusted losses can be carried forward up to eight financial years. Missing

Deductible Expenses

Health check-up is eligible for a tax deduction of up to Rs 5,000 under section 80D. Medical expenses of senior citizens are also deductible. Tax deductions are also available on certain diseases and disabilities. Avoiding

clubbing Income from investments in the name of a child below 18 years is clubbed with the income of the parent. Income from money gifted to the spouse should also be clubbed with the income of the donor.

The post Avoid these 8 mistakes while filing Income Tax Return first appeared on Rightsofemployees.com.

There can be difficulties in filing ITR, but if this work is done with some preparation then it can be filed even without the help of experts. Let us know, how you can file ITR sitting at home.

Keep these things in mind before filing ITR

If you are going to fill ITR, then first calculate the income, tax and return so that the process becomes easier. Also, tax deduction and TDS charge should also be kept in mind. TDS is filed under Form 26AS, under which you have to give information about your income and deductions. Before starting the process, make sure that you have all the necessary documents like your Form 16, bank details, investment details and other sources of income with you. Income tax return facility has been given on the e-filing portal.

Know step by step process

• To file Income Tax Return (ITR) online, you have to register on the Income Tax Department website.
• If you are a new user then you have to register as a new user after registering your PAN, name and date of birth.
• – Different ITR forms are filled depending on the sources of your income. Choose the form that best suits your source of income.
• After selecting the form fill all the required details like personal details, income details, tax deductions and exemptions.
• Once you have entered all the information, verify all the details and ensure that they are accurate and correct.
• Submit your tax return once you are satisfied with the details.
• You can do this by sending a physical copy of the return to the Income Tax Department or by uploading the return online.
• If there is any tax due, make sure you pay it before the deadline.

The post ITR Filing Process: You can file income tax return by yourself, know here step by step process first appeared on Rightsofemployees.com.

Along with this, they should also be checked thoroughly and if any wrong information is entered in them, get it corrected. Form 26AS is also one of the important documents that should be checked before filing Income Tax Return (ITR). It is necessary to match Form 26AS with Form 16/16A before filing ITR. Before filing ITR, make sure that the amount deducted as TDS is included in Form 26AS or not. This form can be downloaded from the e-filing website of the Income Tax Department.

Form 26AS itself tells whether the TDS deducted has been deposited with the government or not. Form 26AS is a consolidated tax statement. It contains the details of tax deducted from different sources of income of the taxpayer.

These include details like tax deduction at source (TDS), tax collection at source (TCS), payment of advance tax or self-assessment tax, regular tax, refund. Whereas, in Form 16, there is complete information about the tax deducted from the salary. Form 16A contains information about TDS deducted on income other than salary. Form 16 is given by the company to the employee.

Therefore it is important to check that

Form 26AS contains information about the TDS amount deducted from your income in a financial year and depositing it with the government. The company deposits the deducted amount with the government along with your PAN number. Apart from salary, Form 26AS also contains information about TDS deducted on interest by the bank and advance tax deposited by you.

Many times it happens that the information given in Form 26AS is also wrong. It is possible that the information given in Form 16 does not match with the information given in Form 26AS. While filing ITR with wrong information can cause you loss of money, there is also a risk of cancellation of your ITR.

If the information is wrong then it is very important to rectify it. If your company or bank has made a mistake in depositing tax with the government with your PAN number, then you will have to go to your company or bank to deduct the tax. You have to ask the company or bank to revise the TDS return. Once you file your TDS return with the correct details, your Form 26AS will reflect the correct information.

The post Form 26AS: Must check Form 26AS before filing ITR, otherwise it will be a big loss first appeared on Rightsofemployees.com.

The Income Tax Department has fixed July 31 as the last date for filing income tax return forms for the financial year 2021-22 and is also making taxpayers aware by sending SMS repeatedly. This time many types of SMS are coming from the department, due to which confusion is also arising among the taxpayers.

You will also have different types of SMS coming from time to time from the Income Tax Department. There is no need to panic about this and there is no need to create any kind of confusion. Once you understand the messages given in these SMS, things will become easy for you. With the help of this, you will also be able to fill your ITR in a better and easier way.

What is meant by data verification

The Income Tax Department is sending a new message to the taxpayers this time. In this, they are being asked to reconcile their documents and verify all the data before filing ITR. In such SMS coming from the Income Tax Department, it is being said that before filing ITR, it is being said to collate your data through documents like Form 26AS and Annual Information Statement (AIS).

This time the Income Tax Department is giving all the data related to annual transactions by including it in AIS, which will not only make it easier to file returns but also increase transparency. Apart from this, your investment information will also be there in Form 26AS, which will have to be verified by matching the information given in the ITR form. You can download both these forms from the website of Income Tax Department.

FAST ITR FILLING MESSAGE

In yet another type of SMS, the Income Tax Department asks taxpayers to file their Income Tax Returns at the earliest. In this SMS, citing the last date for filing returns, taxpayers are appealed to avoid last minute rush. The department has fixed July 31 as the last date for filing income tax returns this year. In such a situation, it is better that you file your return early without delay.

The post ITR Alert! You are also getting SMS from Income Tax Department, how important is it for you? first appeared on Rightsofemployees.com.