ഫോം 26AS / ഫോം 26AS എന്താണ്
When filling out income tax returns, a number of documents are required. Among them, one such is Form 26AS or Tax Credit Statement. Previously, the taxpayers were required to get this form manually but now, it can be downloaded online within a few minutes.
Do you know what is the download procedure? What information does Form 26AS include? What is its structure?
KarrTax experts will answer everything here. All you need to do is keep reading till the end!
What is Form 26AS?
It is a consolidated tax statement issued by the Income Tax Department of India which provides details of the
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Tax deducted at source (TDS),
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Tax collected at source (TCS),
All NRIs who have any sort of income source in India and whose TDS has been deducted must have a PAN and register with the IT department to claim that and view Form 26AS.
Information Available In Form 26AS
Form 26AS contains various pieces of information related to a taxpayer's tax transactions. Here's a breakdown!
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Tax deducted at source (TDS) from various income sources such as salary, interest income, rental income, commission, etc by all the tax deductors.
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Tax Collected at Source (TCS) by all the tax collectors.
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Details of Income Tax refunds
Structure and Parts of Form 26AS?
Form 26AS consists of several parts, each providing specific information related to the taxpayer's tax transactions. Below is a detailed explanation!
Part-I: Details of Tax Deducted at Source (TDS)
This section includes details of taxes deducted from various income sources like salaries, interest, pensions, etc., along with the deductor's name, TAN, and the amount of tax deducted.
Part-II: Details of Tax Deducted at Source for 15G/H
It includes all the details about TDS for Form 15G/15H. If there are none, it will show “No Transactions Present”
PART-III: Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194S
PART-IV: Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Contractors or Professionals/ Seller of Virtual Digital Asset)
The following details are included in this section,
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TDS on payment to contractors and professionals (resident)u/s 194M
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TDS on immovable property sale, u/s194(IA)
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TDS on property rent u/s 194IB
PART-V: Details of Transactions under Proviso to sub-section(1) of section 194S as per Form-26QE (For Seller of Virtual Digital Asset)
PART-VI-Details of Tax Collected at Source
PART-VII-Details of Paid Refund (For which source is CPC-TDS. For other details, refer AIS at E-Filing Portal)
PART-VIII-Details of Tax Deducted at Source (TDS) u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Person making payment to contractors or Professionals / Buyer of Virtual Digital
PART-IX-Details of Transactions/Demand Payments under Proviso to sub-section(1) of section 194S as per Form 26QE (For Buyer of Virtual Digital Asset)
PART-X-TDS/TCS Defaults* (Processing of Statements)
How To Download & View Form 26AS?
Here's a step-by-step guide to help you download and view Form 26AS.
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Go to the official website of the Income Tax Department of India and log in using your PAN and password.
2. On the dashboard, click on “e-file”, then “Income Tax Returns”, and “View Form 26AS”
3. After clicking on “View Form 26AS”, the below dialogue box will appear, where you have to click on “confirm” to proceed further.
4. In this step, you will be redirected to Traces' website; tick the checkbox, and click on “Proceed.”
5. The below screen will appear, where you to have to click on “ View Tax Credit (Form 26AS/Annual Tax Statement) to view your Form 26AS/Annual Tax Statement.”
6. Now, select “Assessment Year” and “View As” from the drop-down list.
It would be great if you recheck your PAN, name, and address for confirmation.
7. If you want to view the form online, select “View As”: “HTML.”
On the other hand, If you wish to download, click on “Export As PDF.”
Benefits & Importance of Form 26AS
Form 26AS proves beneficial in many circumstances.
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Verifying tax deductions: Form 26AS allows taxpayers to check if the taxes deducted from their income by employers or other parties match the amounts actually deposited with the tax authorities.
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Resolving tax discrepancies: If there are discrepancies between tax credits claimed and taxes deducted by deductors, Form 26AS serves as a reference for rectifying errors.
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Verification of refunds: Taxpayers can use this form to verify the status of refunds processed by the tax authorities during the applicable financial or assessment year.
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Detailed record of financial transactions: This form allows taxpayers to view a detailed record of all financial transactions involving Tax Deducted at Source and Tax Collected at Source for the relevant financial year.
On November 1, 2022, the IT department launched AIS, a comprehensive report detailing taxpayers' various financial activities. It aims to gather new and detailed information about income and transactions to ensure accurate tax reporting and compliance.
For instance, banks submit Form 15CC for payments made to non-residents (NRIs) and transfer agents and depositories report off-market transactions. Employers also upload salary breakup details onto the TRACES portal, which are subsequently included in the AIS.
To know more about the AIS form in detail, click here.
Frequently Asked Questions (FAQs)
1. How can I access my Form 26AS?
You can view and download Form 26AS through the Income Tax Department's website by logging in with your PAN and password.
2. What is Form 26AS, and what is its importance?
Form 26AS is a tax statement issued by the Income Tax Department of India. It contains details of tax deducted, collected, advanced, and deposited with the government against the taxpayer's PAN.
3. How often is Form 26AS updated?
Form 26AS is typically updated periodically, usually on a quarterly basis.