Any mismatch between the information that you file and the one which is in Form 16 or Form 26AS will lead to defective filing of ITR. It can be downloaded on the TRACES website or via Net Banking Facility of authorised banks.īefore filing returns, an assessee must make a list of all the details to be filed and cross-check every detail for correct information. It contains details of tax deducted on income by deductors, details of tax collected by collectors, advance tax paid by the taxpayer, self-assessment tax payments, regular assessment tax deposited by the taxpayers, details of refund received by the taxpayer during the financial year, details of annual information report transaction such as high-value transactions in shares, mutual fund, etc.

They also have to calculate long-term and short-term capital gains on sale of stocks, mutual funds and bonds.įorm 26AS is a taxpayer’s tax passbook which shows information on taxes deposited against PAN. While the electronic form gets automatically populated with tax liability on fixed deposit interest as the bank deducts TDS, an assessee has to fill interest earned on saving account in the ITR as there is no TDS on the same. In fact, ITR-1 comes pre-filled with information related to the taxpayer and employer, break-up of the salary into taxable component and TDS through Form 16. Information regarding incomes and TDS will be collected from banks, stock exchanges, mutual funds, EPFO, state registration departments, etc.Īt present, taxpayers use online portal for tax filings, wherein personal details, Aadhaar number, bank account number and tax-paid information are pre-populated in the tax form. In last year’s Budget, finance minister Nirmala Sitharaman had said that pre-filled ITRs will be made available to taxpayers which will contain details of salary income, capital gains from securities, bank interests, dividends, etc., and tax deductions that will make the filing of accurate tax returns simple. Restrictions on cash transactions under Income Tax laws: Here’s all you wanted to know

Form 26as traces