- Introduction:-
The deadline for filing Income Tax Returns (ITRs) might be behind us, but for those who haven’t filed yet or are planning for next year, here’s a valuable tip: you can use the Account Statement (AS-24) as an alternative to Form 16 for filing your ITR-1.
What is AS-24?
An AS-24 is a consolidated statement provided by your bank that summarizes all your financial transactions for a particular financial year. It includes details of your salary income, tax deducted at source (TDS) on your salary, interest income, and other debits and credits to your account.
Why Use AS-24 Instead of Form 16?
There are several scenarios where using AS-24 can be beneficial:
- Missing Form 16: If your employer hasn’t provided you with Form 16, you can still file your ITR using the AS-24.
- Inaccurate Form 16: If you suspect discrepancies in your Form 16, the AS-24 can serve as a cross-reference to ensure accurate tax filing.
- Multiple Employers: If you have received income from multiple employers during the year, the AS-24 will consolidate all your salary income and TDS information in one place.
Filing ITR-1 with AS-24
The process of filing ITR-1 with AS-24 is similar to using Form 16. Here’s a breakdown:
- Download your AS-24: Access your bank’s online portal or mobile application and download your AS-24 statement for the relevant financial year.
- Identify Salary Income: Locate the section in your AS-24 that details your salary credit entries. This will be the total income you need to report under the “Salary” head in your ITR-1.
- TDS Information: Look for sections mentioning TDS deductions. This could be titled “Tax Deducted at Source” or similar. The amount mentioned here will be your total TDS on salary.
- Fill the ITR-1 Form: Carefully enter your salary income and TDS amount in the designated sections of your ITR-1 form.
- Supporting Documents: While using AS-24 eliminates the need for Form 16, it’s still recommended to keep your AS-24 statement as supporting documentation for your ITR filing.
Important Note:
- Ensure your AS-24 covers the entire financial year for which you are filing the ITR.
- Double-check all figures for accuracy before submitting your ITR.
Conclusion
Using AS-24 provides a convenient alternative for salaried individuals to file their ITR-1. By understanding how to navigate your AS-24 statement and utilizing it effectively, you can ensure a smooth and hassle-free tax filing experience.
