The September 30 deadline is here once again for companies, working partners of firms and individuals whose accounts are required to be audited, to file their returns. For these categories, it is mandatory to file the return electronically with digital signatures, failing which one will be liable for penal interest of 1% on the amount of tax due from the last date of filing the return. The income-tax department will impose a penalty of R5,000 if the return is filed after the end of assessment year. Late filing of return cannot be revised.

To file the e-return, you have to first download Form 26AS from https://incometaxindiaefiling.gov.in , which will give details of all the tax deducted at source or collected at source. The form is divided into three parts: Part A and Part B include details of taxes deducted/collected at source (TDS/TCS), along with the details of the date on which payment was made, tax was deducted and deposited in the bank. The last part, Part C, displays details of income tax directly paid by the taxpayer like advance tax or self-assessment tax deposited in the bank by the taxpayer. The form also gives details of high-value transactions made in shares, mutual funds and bonds. Along with the details in Form 26AS, the taxpayer will have to file the applicable return form.

Companies and all other persons, including those whose accounts have to be audited, will have to file ITR-5 and every new user has to register at this website in order to avail the e-filing facility. After completing the registration process and logging in, the user will have to download the software tools from the download section and, based on all the relevant information, the required ITR form should be filled using the software provided.

The software will generate the XML format of the return, which should be uploaded on this website and, on successful transmission of the return, a receipt will be generated in the form of a provisional acknowledgment. Taxpayers will have to take a printout of the acknowledgment for future reference.

The Form AS 26 statement shows the tax deducted has been deposited to the account of the government and the deductor has accurately filed the TDS/TCS statement giving details of the tax deducted. In fact, the procedure for registration and, then, viewing the form online on the National Securities Depository website is quite simple. The system makes it easier for the income-tax department to process the tax returns and the taxpayer need not wait for a long time to get the refund.

The assessee has to first log on to the website, tin-nsdl.com, and register to view tax credit Form 26 AS. Then, one has to type in the PAN and contact details and choose a user-ID and password and, on submission, an acknowledgment number is generated. As a rule, the user-ID is activated within 24 hours of the PAN verification and you can then log into your ID on the website, tin-nsdl.com, and view all your tax credits (TDS, TCS, advance tax/self-assessment tax paid) for a financial year.

If you have a Net banking facility with any authorised bank, you can get the details of Form 26 AS if your PAN is mapped to the bank account. The list of authorised banks is available on the TIN website.

For taxpayers registered with the income-tax department for e-filing of tax returns, they can see the Form 26AS by going to the link ?View tax credit statement? (From 26AS) in the ?my account? section of the website.

This will enable the taxpayer to view tax credit online and also allow him or her to verify whether the taxes deducted at source have been recorded by the income-tax department.

The name and address in the annual tax statement against the taxpayers’ PAN is taken from the income-tax department’s database. If a taxpayer needs to update his name and address in the PAN database, one can do so by making an application, either online or through the existing network of TIN-FCs.

Experts say it is always important that the taxpayer checks the details in Form 26AS carefully beforehand. If there is any anomaly in the deduction, or if the deductions are not reflected in the form, the institution deducting the tax must be informed.

In order to avoid any TDS-mismatch, where your claim of TDS is higher than the tax credits available in 26AS statement, the taxpayer must immediately contact the deductor.

If the income-tax department detects any discrepancies in Form 26AS, the return can be held for scrutiny. So, it makes sense to file the e-return on time and relax.