While filing your income tax return you will come upon Form 26AS very commonly. Form 26AS shows you the total overview of the tax deducted for your PAN at several sources.
What is Form 26AS?
Form 26AS shows you the overview of your income tax deduction in particular financial year from various sources of income Such as salary income, interest received from fixed deposits, consideration received from the sale of a property.
Form 26AS contains the following Below mentioned details hence it is also called as Annual tax Statement which shows the tax paid by you.
- Details of taxes paid by you and tax refunds
- Details of TDS on sale of immovable property
- Details of TDS on rent of a property
- Details of TCS on sale of car
- Details of your high-value transactions
- Details of Advance tax paid and Self-assessment tax paid
Need of Form 26AS:
While Filling ITR if Assessee has claimed TDS which is more than as compared to form 26AS then department will send a notice for TDS Mismatch u/s 143(1), so be very careful while uploading your Income-tax return, hence form 26AS plays an important role for filling Income tax Return.
How to View and Download Form 26AS:
- Login to the e-filling website with a User ID and Password and enter Captcha.
- Now, Go to “My Account”
- Click on View Form 26AS (Tax Credit)
- On the next page, you must confirm and after that, you will be landed on the Traces website.
- Click on view/verify Tax Credit & after that View 26AS.
- Select the appropriate assessment year for which you need form 26AS.
- You can export it to PDF and Download Form 26AS.
Form 26AS Contents:
Form 26AS Part A:
The TDS deductions by each source is shown in a separate table.
- Verify the details of the deductor match with your Form 16, Form 16A.
- Verify all the entries for a deductor match with the entries in your Form 16/16A.
Form 26AS Part A1:
This section will display the transaction of the financial institutions like banks where the individual has submitted Form 15G / 15H. In these type of cases, TDS would be zero since you have submitted 15G/15H. This section allows you to monitor all the interest gain which has not been taxed.
Form 26AS PART A2:
Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ TDS on Rent of Property u/s 194IB.
Form 26AS Part B:
TCS i.e. Tax collected at source is assembled by the seller from the buyer at the time of sale category of goods, E.g. Alcohol/Liquor for human consumption, Scrap, Parking lot, Toll Plaza). The TCS rate differ for each category of goods and Tax collected at Source is to be deposited with the government.
Form 26AS Part C:
Other than TDS and TCS, the details of tax paid, if you have paid advance tax or self-assessment tax will be shown in this section. In case the advanced tax and self-assessment tax details don’t match with your details then contact the bank.
Form 26AS Part D:
If you received any tax refunds in that assessment year it would be listed under this section.
- Form 26AS is a very important tool as it helps you in comparing your tax deducted at various sources and recognize if you don’t have any deductions in your account. If you have a tax deduction and it is not displayed under your form 26AS that it is not deposited with the income tax department. In this type of situation, you can contact your employer or the source which has deducted your tax.
- If your form 26AS is displaying different values for TDS deducted, you can request an income tax department to check back and do the essential changes.