Understand and read Form 26AS
Purpose of Form 26AS
Form 26AS is a consolidated statement issued under Section 203AA of Income Tax Act and rule of 31AB of Income Tax rules to the PAN number holders. The form is one of the most important Income Tax documents for a tax payer
- Provides a proof that tax has been deducted and collected on your behalf
- Provides a record of the tax paid by you in your annual income tax return.
- Confirms that accurate tax has been deducted by different entities and deposited by the deducted into the account of government
- Confirms that the bank has properly furnished the details of the tax deposited by you.
With this form, a tax payer is not required to attach photocopy of TDS certificate along with his income tax return. It is important to check Form 26AS thoroughly before filing the Income Tax Return to avoid demand notices and penalty from Income Tax Department and also allow for a speedy processing of your return.
26AS statement and information
Form 26 AS provides detailed information about all transactions where tax has been deducted by various entities on behalf of the tax payers. The form also captures details of other taxes paid by you and high value transactions conducted by you. Form26AS is one of the important forms required at the time of filing Income Tax Return and is divided in to seven parts:
- Part A: Details of Tax deducted at source (TDS)
- Part B: Details of Tax collected at source (TCS)
- Part C: Details of taxes paid (other than TDS/TCS) and includes Advance tax/ self assessment tax/ regular assessment tax etc. deposited in the bank by you
- Part D: Details of paid refund
- Part E: Details of AIR transactions
- Part F: Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA(For Buyer of Property
- Part G: TDS Defaults
Parts of IT Form 26AS
Part A: Details of Tax Deducted at Source (TDS)
Part A of Form 26AS provides a detailed transaction wise record of tax deducted by various entities on your behalf while making a payment to you. This Section of Form 26AS displays the information in the following format:
|Serial No:||Name and details of the Deductor||TAN of Deductor||Total Amount paid/credited||Total Tax Deducted||Total Tax Deposited|
Details provided in this section are name and details of the deductor along with date and amount of transaction and tax deposited/credited with the status of tax booking. It allows the tax payer to verify that all deductors have duly deposited tax on his behalf and allows the tax payer to check with the deductor in case he finds any discrepancy. In case, you have query on any entry in Part A of Section 26AS, you need to contact the deductor for clarification and necessary correction, wherever required and found.
The deductor refers to the entity which has deducted tax on your behalf while making the payment to you. For each deductor along with his name, the following details are also provided:
- Section under which the deductor is categorized: Deductor is categorized under different sections by Income Tax Act, depending on the nature and type of payment. Some of the sections, under which deductors are categorized include:
- Date of the transaction and date of booking tax is also mentioned in this Section of Form 26AS
- Status of booking tax: Status of the booking refers to the status of the tax transaction and could be referred to by symbols U-Unmatched, P-Provisional, F-Final and O-Overbooked
- Name and details of collector
- TAN No: of collector
- Total Amount paid/debited
- Total tax collected
- Total TCS deposited
- Major and minor head under which tax has been deposited
- Amount of tax submitted with a break up of tax, surcharge, cess and other levies
- BSR Code
- Date of Deposit
- Challan Serial No:
- Type of Transaction
- Name of AIR Filer
- Date of Filing
- Single or Joint party transaction
- Number of parties in the transaction
- Financial Year
- Short Payment and Short Deduction
- Interest of TDS payments defaults
- Interest on TDS deduction default
- Late filing fee under Section 234E
- Interest under Section 220 (2)
- Total Default
- Form 26AS can be viewed on Income Tax website www.incometaxindiaefiling.gov.in.
- You need to have a valid username and password to login into your registered account.
- After logging in, the system will redirect you to the TDS- CPC website. You are required to select assessment year for which you wish to see the details.
- The form displays the information about your salary, TDS and TCS, AIR transactions etc.
- Form 26AS can only be downloaded by registered PAN holders. The form can be downloaded from the TRACES portal
- Form 26AS is generated annually for a financial year
- Form 26AS is generated only when a tax transaction takes place.
- Form 26AS is linked with your PAN number.
|193||Interest on Securities|
|194H||Commission or brokerage|
|194J||Fees for professional or technical services|
Part A has two more sections Part A1 and Part A2, which provide further details on TDS on other transactions.
Part A1: Details of TDS for Form 15G or Form 15H
There may be a case when your earned income is below the exempted income as per Income Tax Act or you earn no income during the year, but you have some income from FDs or other savings scheme that attracts TDS. In such a case, to avoid TDS, you are required to submit Form 15 G (in case of taxpayer below 60 years of age) or Form 15H (in case of senior citizens) with your bank. Once you submit Form 15G or Form 15H, you are exempted from paying TDS and the information will emerge in Part A1 of Form 26AS. The section captures the same details as those captured in Part A of Form 26AS. If there is any discrepancy, you should contact the buyer or deductor for necessary correction.
Part A2: Details of TDS on sale of immovable property (in case of seller of property)
This part of the form includes the details of Tax Deducted at Source (TDS) on sale of immovable property under section 194 (IA) of Income Tax Act. Details included in this section are extremely useful for the seller of a property as a proof that accurate TDS has been deducted and deposited. The details captured are same as those captured in other parts of the Form. If there is any discrepancy, you should contact deductor for necessary correction.
Part B: Details of Tax Collected at Source (TCS)
Part B of the form furnishes information on Tax Collected at Source (TCS) by the seller of specified goods that have been sold. TCS is an income tax collected by the seller from the buyer/payer on sale of certain goods. Details in this section include information on collector of tax and tax collected:
If there is any discrepancy, you should contact collector for necessary correction.
Part C: Details of tax paid other than TDS or TCS
Part C displays the details of advance tax and self assessment tax paid by you other than TDS or TCS. It also furnishes the details of the challan through which the tax has been deposited by you in the bank. The section provides information on
In case of any discrepancy between amount deposited by you and the amount displayed in the Form, you need to contact the assessing officer or concerned bank for necessary clarifications.
Part D: Details of paid refund
This section shows the details of tax refund received by tax payers. The information provided includes the assessment year for which the refund is being made along with the details of mode of payment, amount paid, interest paid and date of payment. In case of any discrepancy, you need to contact the assessing officer or ITR-CPC for necessary clarification and correction.
Part E: Details of AIR (Annual Information Return) transactions
This part of Form is the Annual Information Return of high value transactions. As per section 285BA of Income Tax Act, tax filers who have made any high value transaction during the financial year are required to furnish a statement of such transactions to tax authority. The information is provided for transactions such as mutual funds, cash deposit of Rs. 10 lakh or more during financial year, high value corporate bonds, property purchases etc. Information included in the section is:
Due date for filing Annual Information return by specified entities (Filers) is 31st August, immediately following the financial year in which transaction is registered / recorded. Transaction amount is total amount reported by AIR filer and does not reflect respective share of each individual in joint party transaction. In case of any discrepancy between amount deposited by you and the amount displayed in the Form, you need to contact the concerned AIR Filer for necessary clarifications.
Part F: Details of tax deducted on sale of immovable property under section 194IA (in case of buyer of property)
This part of the form displays the details of Tax Deduced at Source (TDS) on sale of immovable property under section 194 (AI) of Income Tax Act. This section of the form provides a record of tax transaction for the buyer of property. In case of any discrepancy between amount deposited by you and the amount displayed in the form, you need to contact NSDL or concerned bank branch for required clarification and correction.
Part G: Details of tax defaults (includes processing of defaults)
The information about the tax defaults (if any) is displayed in this section of Form 26AS. Defaults relate to processing of statements and do not include any demand raised by the respective Assessing Officers. Details included in this Part of the Form are:
In case of any discrepancy, you need to contact the deductor for required clarification and correction.