
If you are a tax payer, then you must be busy completing the process of filing income tax return for the financial year 2024-25. Before income tax return, it is important that you know some things, only then you will be able to fill it correctly with all the information. Along with this, you should also know about all those forms, which are related to it. In this, apart from your own salary and income related information, detailed information is required. In such a situation, today we are going to tell you about those three forms, which taxpayers should know, these are - Form 16, Annual Information Statement (AIS) and Form 26AS.
First of all, let's talk about what is Form 16?
Form 16 is given by the employer company after the end of every financial year on or before 15 June. It contains a detailed account of how much amount came into the account as salary during the entire financial year and how much was deducted as TDS. It is also a proof of how much amount has been given to the government as TDS by the employer company.
Form 16 has two parts, one A and the other B. Form A contains information about TDS only. Whereas Part B contains complete details of the salary break up, deductions and net taxable income. Form 16 is mandatory for every salaried person. In this, you have to ensure that the complete information of the income is given correctly and there should not be any kind of mismatch while filling the form.
What is Form 26AS?
Now let's talk about Form 26AS. This form is also known as tax credit statement. Complete details of the bank and the company along with income and expenditure are given on this form. The form contains all the information about the tax deducted in the year. This includes TDS deducted from salary, interest on income, sale of property, advance tax payment and assessment tax. This form 26AS helps in calculating tax. Through this, you can also check whether the tax deducted by you has been deposited in the government account on time or not.