Business Desk, New Delhi. The process of filing an Income Tax Return (ITR) begins as the due date approaches. However, mistakes are sometimes made in urgency, which not only destroys the investor’s track record but also provides the returns invalid. Many times, a mistake in Form 26AS is the result of the authority deducting TDS. So let us know how to rectify any mistake made in Form 26AS.
What exactly is Form 26AS?
Form 26AS is a vital document in your income tax return that serves as a passbook for your tax deposits. It is critical that all of the information on Form 26AS is correct in order for your tax return for the assessment year to be unaffected. It is critical to match the tax credit figures on Form 26AS with those on Form 16 or Form 16A. This is to ensure that your employer’s details on salary income, interest income deducted by the bank, and rent paid to the landlord match the amount shown on Form 26AS.
Some of the most common forms of 26AS mistakes
There could be several reasons for the error in Form 26AS. The amount of TDS deducted from salary or interest by the employer or bank is frequently incorrect. When filing your TDS return, the TDS deductor may quote the incorrect PAN number against your name, resulting in an error on your Form 26AS. Errors in 26AS have an impact on the overall TDS in the form of a tax credit. If TDS is deducted due to an error in 26AS, the investor has few options. There is only one way for the investor to correct this error, correct and file TDS again, and that is to go to the TDS deductor and have his information corrected.
How to Fill Out Form 26AS
Correction of errors in Form 26AS is largely determined by the nature of the error. It is believed that if your deductor, employer, or bank entered your PAN number incorrectly, you must contact your deductor to correct the error. If you notice an error in 26AS, the first thing you should do is try to figure out what went wrong. This will assist you in determining who should be consulted to correct the error. The majority of errors can only be corrected by the deductor deducting TDS. If your problem is not resolved after contacting the deductor, you can seek the assistance of a professional expert.
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