Have you filed your ITR? If you still haven’t, then first acknowledge Form 16, 26AS & the AIS report.
Most of the taxpayers don’t even know properly about them, including how they can affect their income tax return.
These three forms ensure you don’t have to pay illegal taxes while reducing liability for a hassle-free experience.
This article delves into the details of Form 16, Form 26AS & AIS report & how professional tax filing services can resolve all doubts.
What is Form 16?
Form 16 is a certificate from your employer which displays the TDS (Tax Deducted at Source) on your salary.
Primarily it’s your salary break-up for the financial annually, released every year.
Form 16 Breakdown:
1. Part A: Your employer’s TAN, PAN, your PAN, TDS deposited, and salary paid.
2. Part B: Salary break-up, deductions under Chapter VI A (such as Section 80C, 80D), and tax payable/refundable.
With online ITR filing services from Merakhata, Form 16 processes become seamless as it automatically pre-fills salary information and TDS.
What is Form 26AS?
You can consider it as your personal tax passbook as it oversees every penny that the government collects on your behalf.
It shows all the TDS or TCS deducted from diverse sources of income.
Besides, it keeps a check on your advance or self-assessment tax paid & high value transactions made in a year.
Now, it has extended to foreign remittances, mutual funds purchases, dividends, etc. In short it covers all your tax-related activities linked with your PAN.
Whether you are filing on your own or using tax filing services in Hyderabad, Form 26AS ensures that you don’t receive sudden notices from tax authorities.
A reliable tax consultant or a tax advisor in Hyderabad will always suggest you check your Form 26AS before filing.
Even if you are filing ITR online in Hyderabad, reconcile your income information with this report to prevent mismatches, delays, or notices.
Benefits of Form 26AS
- Form 26AS acts as your tax report card — it displays all taxes deducted or collected by approved bodies and remitted to the government.
- It displays every TDS/TCS transaction pertaining to your PAN for the given financial year.
- Aids in precise calculation of income and enables you to avail eligible tax credits while submitting your Income Tax Return (ITR).
- Aids you in confirming the status of income tax refunds taken during the assessment or financial year.
- Serves as a vital cross-check document for hassle-free and error-free ITR filing in Hyderabad — be it by yourself or through a reliable tax consultant in Hyderabad.
What is Annual Information Statement (AIS)?
To further enhance tax reporting transparency and comprehensiveness, the Income Tax Department has now launched the Annual Information Statement (AIS).
This revised form does not stop at your income and deductions from tax.
It now provides new information such as remittances received from overseas, off-market transfers (gifts or inheritance), income tax refund interest, purchase of mutual funds, receipt of dividends, and even a break-up of your salary in minute detail.
- It also captures ITR information reported by others that can be attributed to you.
Interestingly, the department already has access to most of this information. For instance:
- Banks and approved dealers report foreign transactions through Form 15CC.
Depositories and transfer agents record off-market activity like transfers between DEMAT accounts.
- Even if transactions of property are registered — when a property seller files their ITR, they must provide the buyer’s PAN, linking both in the tax ledger.
- Be it relying on Hyderabad tax filing services or doing online ITR filing in Hyderabad, AIS wipes out the margin for error.
Benefits of Consulting Advisors
Whether salaried or a business owner, taking the services of a tax consultant in Hyderabad provides:
- Tailor-made tax planning
- Reconciliation of AIS & 26AS
- Investment advice
- Prompt refund tracking
- Error-free ITR filing
In the same way, a tax advisor ensures that all your eligible deductions — such as 80C (investment), 80D (mediclaim), or HRA — are claimed with a reduced tax liability.
Many professionals also provide online ITR filing in Hyderabad, making tax compliance convenient and paperless.
Conclusion
With ITR season at its peak, don’t risk it with guesswork or old information.
Acknowledging Form 16, Form 26AS, and AIS can either make or break your tax filing. And if that also seems to be too much, get expert help from a tax consultant or a veteran tax advisor in Hyderabad.
They will make your ITR filing correct, compliant, and refundable. Whether it’s online ITR filing in Hyderabad or personal assistance, professional tax filing services in Hyderabad such as Merakhata can help you to avoid expensive errors.