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What exactly is Form 26AS?

Form 26AS is one of the most important documents required to file an income tax return.

In simple terms, it is a consolidated tax statement which provides information on deducted taxes from the income earned. It also shows details about the self-assessment tax payments or advance tax paid during a relevant financial year. 

This form is simply available on the official income tax website for the users who have a permanent account number (PAN) card and contains additional information such as:

  • Income tax refunds received during the financial year
  • High-value transactions such as mutual funds, shares, fixed deposits etc.
  • Tax Deduction and Collection Account Number (TAN) information and consolidated details of deductors and collectors 

Different parts of form 26AS

Form 26AS is composed of 7 parts. These are: 

Part A: Tax deducted at the source

This part of the form provides quarterly information about the tax deducted at source on the salary drawn, income earned on interest, salary, pension income etc. It also contains the TDS collected and deposited along with the TAN of the deductor. Part A is further made up of:

  • Part A1: TDS information for Form 15G/ Form 15H

This part contains information about the income where TDS is not subtracted as Form 15G/15H has been submitted. It also allows the verification of the TDS status if the form has been submitted. And displays the ‘No transactions present’ status in case the form isn’t presented.

  • Part A2: TDS information on the sale of (seller’s) immovable property u/s 194(IA)

Applicable only in the case of the sale of a property in the year and TDs being deducted from the receipt.

Part B: Details of tax collected at the source

This section is all about the tax collected at source on specific goods at the time of purchase. It will also include the information about the seller and amount.

Part C: Details of paid tax (other than TCS or TDS)

This section of form 26As will display information about the (self-assessment and advance) tax paid directly. It will reflect the challan details used to deposit tax.

Part D: Details about refund

This section of the form will contain information about the refund granted to the taxpayer. It includes details like the date of payment, mode of payment, interest paid, the amount paid, and the financial year to which this refund belongs.

Part E: Details about Annual Information return transaction

This will include information about the transactions that are high in value and is carried out by the taxpayer through the bank. It might include purchases of high value like corporate bonds, property, or even mutual funds.

Part F: Details about the tax applied and deducted on purchase of any immovable property (for buyers)

This part offers information on the TDS deducted and deposited while buying a property. TDS deduction is mandatory before any sort of payment is made towards the seller.

Part G: TDS defaults

Contained in this section are defaults that are related to the processing of any statements, and will not include the demands raised by an assessing officer.

With the due date for filing ITR, fast-approaching it’s important that you understand the value of Form 26AS. However, always be mindful of the information being submitted. Never furnish inaccurate information and always review all entries before the final submission. 

Obtaining Form 26AS

This form can easily be downloaded from the online website of the income tax department. In order to get your form 26As, all you have to do is to log into the account that you used to file the income tax. You can also use the net baking option that is provided by some banks that are authorized.  After you have logged into your income tax account, you will find an option named View form 26AS. This option will be present in the quick link tabs or in the “My Account” menu. After you have reached here, all you have to do is to choose the correct year of assessment. You need to select the year that you need to get the details of. You can now easily download the form and have a look at it. 

One of the most important things that you need to keep in mind is always to verify the details that are mentioned in your form, 26As. You need to immediately point out the mistakes to the concerned authority if you find one. This will be helpful in making the required corrections.

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Rishabh

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