Does this income reflect in 26AS?

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  1. tapan das

    tapan das New Member

    If a person has an income below the income tax limit i.e. he need not to pay any tax then does this

    income reflect in 26AS?

    regards,
     
  2. rudrabose

    rudrabose Active Member

    If TDS has been deducted on this income, then it would be reflected in Form 26AS
     
  3. VAIBHAV DILIP RANE

    VAIBHAV DILIP RANE Active Member

    Form 26AS is an Annual Tax Statement.

    It shows...
    1) TDS & TCS Deducted (with the Corresponding Income)
    2) Details of Form 15G and 15H file by you for Non Deducting TDS (Income is Shown)
    3) Taxes paid by you in the year viz.. SA, RA, AT etc.
    4) Refund received by you in the year from ITD
    5) AIR Transaction booked in your name. etc.

    * AIR Transactions means...
    Whenever you do any transaction with any Financial Institute (like Banks etc) such institute report the same to the Income Tax Department regularly...
    for e.g....
    a) Cash Deposited Rs. 50,000 or Rs. 200,000 or more as case may be.
    b) Purchase of Shares / Bonds / Mutual Funds
    c) Sale of Shares / Bonds / Mutual Funds
    d) Investment in Time Deposits viz.. FDs, RDs etc.
    e) Maturity of Time Deposits viz.. FDs, RDs etc.

    ** In short don't hide any thing from ITD, pay taxes appropriately...

    ** Even if you Income is less than Exemption Limit or you have NO Income, than also file a NIL Return.... be safe from your side... Always...
     
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