Form 26AS A comprehensive discussion – all you need to know about

Form 26AS A comprehensive discussion. Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. Here we are providing complete details for From 26AS. The taxes are the basic source of revenue for the Government. Revenue raised from the taxes are utilized for meeting expense of Government like, provision for education, infrastructure facilities such as roads, dams etc.

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What is form 26AS :

Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders.It contains the details about how much of one’s tax has been received by the government and is consolidated from all the related sources like salary , pension , interest income etc., This statement is issueed with respect to a financial year.
It consists of details regarding the following :

  • (1) Tax deducted at source (TDS)
  • (2) Tax collected at source (TCS)
  • (3) Advance tax/self assessment tax/regular assessment tax etc. deposited in the bank by the taxpayers (PAN holders).
  • (4)Refund received during the financial year.

Importance :

(1) This form 26AS is required to be cross checked with the details in form 16 and 16A to confirm that

(a)The tax deducted or collected by the Deductor / Collector has been deposited to the account of the government.

(b) The Deductor or Collector has accurately filed the TDS / TCS return giving details of the tax deducted/collected on your behalf.

(c) Bank has properly furnished the details of the tax deposited by you.

How to verify the details in Form 26 AS :

Form 26AS is divided into Part A, B and C, D ,E,F. They are :

(1) Part – A :

It contains the details of tax which has been deducted at source (TDS) by each deductor who made a specified kind of payment to the assessee.

It consists of
(1) Name & TAN of deductor
(2)Amount deducted
(3)Section under which it has been deducted
(4)Date from which the payment has been effected
(5)Date of credit/payment etc.,

(2)Part – B :

It contains the details of tax collected at source (TCS) by the seller of specified goods (such as Alcoholic liquor for human consumption, Scrap, Parking lot, Toll plaza) at the time these goods have been sold to the assessee.
It consists of the details as said in part A but of the person who has collected the Tax .

(3) Part – C :

Thus part shows the details of income tax directly paid by the assessee, like advance tax, self assessment tax and details of the challan through which tax has been deposited in the bank.

(4) Part – D :

If the assessee receive any tax refund during the year, it will reflect in this part. The refund may be any assessment year.

(5) Part – E :

Annual Information Report (AIR) :

It Contains details of high value transactions done by an Individual as reported in the Annual Information Report. like purchase of share, debenture, immovable property for prescribed limit etc.

(6) Part – F :

When you purchase any immovable property and tds is deducted by the seller, TDS amount will be reflected in this part. Remember that you can get credit for it while filing tax return.

Is it essential to view form 26AS before return Filing ?

Yes, it is very important to view this form before filing the return of income. Because it helps in claiming the tax credits and computation of income at the time of filing of return of income.Thus to avoid notice from the department , for easy processing of returns and speedy processing of refunds if any, this is required to be verified before filing the return of income.

Updation of form 26AS :

when TDS or TCS statements furnished by the deductors are uploaded to TIN central system, challan information from the statements and the challan information from bank uploads are matched and Form 26AS is updated.

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