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Last Updated : Aug 04, 2015 11:10 AM IST | Source: Moneycontrol.com

Check your AS 26 and find clarity of income tax paid

AS 26 is a crucial document and can offer you a clear picture of how much income tax has been paid in your name.

Arnav Pandya

One of the ways in which an individual can check the position of their tax deducted and other details is by looking at their AS 26 statement. This statement has all the details of the individual at a single place and hence is a very useful tool for everyone but in many cases the individual is not even aware of this statement and what needs to be checked in there. By looking closely at the details the right tax paid figures will already be present and there are less chances of any shocks at the time of the assessment of the individual. At the same time ensuring that the details in the AS 26 match with the figures of the income tax returns also ensures that the assessment process will be smooth. Here is a closer look what are the things that a person should consider in their AS 26.

Different tax deductors

One of the first things that an individual will notice in their form AS 26 is that it lists out each of the entities or persons who have deducted tax for them and then paid this to the government. This is the first line of check as every person has to determine that all the entities who have actually deducted tax for them are visible here. This will ensure checking that the details that have been entered by the entity are correct because it is essential that the tax that has been deducted is matched with the PAN of the individual as any mistake here could have the figures shown in some other persons statement and this could become a matter where the individual could face difficulty in claiming the benefit.

Properly matched

Against each of the entities there is the level of income that the individual would have earned from them and the tax that has been deducted. There has to be a close look at these figures to see that they match with the actual figures because it should not be that a part of the income and the tax is not visible here which can complicate the issue of claiming the required credit. Once the figures have been matched then the next thing to do is to actually see that there is a proper credit that will be available to the individual. This is because there is an indication of whether the matching has taken place between the figures submitted by the entity making the deduction and what the government sees in their kitty so once this match has been done then there should not be any problem with the claiming of this figure.

Interest income

Most people are only concerned with the amount of tax deducted and the reflection of this in the AS 26 statement but if a person looks at the details carefully then they can get a lot more out of the information that is present here. Take for example the case of interest income especially that, which is earned from fixed deposits with the bank. There are two angles to this where the first is the amount that is received and the other is the accrued figure that is present till the end of the financial year. The individual would have no idea of how much interest has been accrued because they will know just the amount that has been paid out at the time of the date of interest payment. This figure of the accrued interest and the tax that has been deducted on it can be seen in this form. Thus it becomes very important to match the details of the interest income that is shown here with the figure that is actually seen in the income tax return so that the right amount is shown in the income tax return.
First Published on Aug 4, 2015 11:10 am
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