images

Our Blog

images

Form 26AS – : Complete Guidance

Publish Date: April 16, 2023

In this article we shall take a look at what is form 26AS in the context of Income Tax and what is required while filing this form.

Introduction to Form 26AS:

Form 26AS is a tax credit statement that is issued by the Income Tax Department of India. It is a consolidated statement that contains details of all the taxes that have been paid by a taxpayer, including TDS (Tax Deducted at Source), TCS (Tax Collected at Source), and advance tax, among others.

It is recommended that taxpayers check their Form 26AS before filing their ITR to ensure that all the tax credits claimed by them match with the tax credits available in their Form 26AS. If there are any discrepancies or errors in the Form 26AS, the taxpayer can get them rectified by contacting the relevant tax authorities.

Form 26AS and its Parts:

Form 26AS is divided into several parts, each of which provides different information related to tax credits. The following are the different parts of Form 26AS:

1. Part A: This part contains information related to the tax deducted at source (TDS) on the income earned by the taxpayer. It includes details such as the name of the deductor, TDS amount, and the date of deduction.

2. Part A1: This part contains information related to the TDS on income other than salary. It includes details such as the name of the deductor, TDS amount, and the date of deduction.

3. Part A2: This part contains information related to the TDS on salary income. It includes details such as the name of the employer, TDS amount, and the date of deduction.

4. Part B: This part contains information related to the tax collected at source (TCS) by sellers of specified goods. It includes details such as the name of the collector, TCS amount, and the date of collection.

5. Part C: This part contains information related to the advance tax and self-assessment tax paid by the taxpayer. It includes details such as the amount paid and the date of payment.

6. Part D: This part contains information related to the paid refund amount to the taxpayer.

7. Part E: This part contains information related to the high-value transactions such as property purchase, sale, etc., reported to the tax authorities by the parties involved in the transaction.

8. Part F: This part contains information related to the tax deducted on income paid to non-resident taxpayers.

9. Part G: This part contains information related to the TDS on income paid to the taxpayer outside India.

10. Part H: This part contains information related to the annual information report (AIR) transactions such as credit card payments, mutual fund investments, etc. reported to the tax authorities by financial institutions.

These are the different parts of Form 26AS, which provide comprehensive information related to the taxpayer’s tax credits.

Form 26AS is an important document that consolidates all tax-related information for a taxpayer, including details of the tax paid by them during the year. It includes information on TDS (Tax Deducted at Source), TCS (Tax Collected at Source), advance tax, self-assessment tax paid, refunds, and more. It is a useful document for taxpayers to check the accuracy of their tax credit before filing their Income Tax Returns (ITRs).

To view and download Form 26AS, you can follow the following steps:

1. Visit the Income Tax e-Filing website – https://www.incometaxindiaefiling.gov.in/

2. Login to your account using their PAN number and password

3. You need to click on the “View Form 26AS (Tax Credit)” option under the “My Account” tab,

4. You will be redirected to the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website.

5. Select the assessment year for which you want to view Form 26AS.

6. Select the option for the type of view – HTML or PDF.

7. Enter the verification code and click on the “View/Download” button.

8. If you have selected the HTML option, the Form 26AS will be displayed on the screen. If you have selected the PDF option, the Form 26AS will be downloaded to your computer.

Apart from the e-Filing website, taxpayers can also view and download their Form 26AS from their internet banking account if their bank is authorized by the Income Tax Department to provide this facility.

In summary, viewing and downloading Form 26AS is a simple process that can be done via the Income Tax e-Filing website or an authorized bank’s internet banking portal. It is a crucial document that taxpayers should check to ensure the accuracy of their tax credit before filing their ITRs.

 

Share With :
SEARCH
RECENT POSTS