Form 26AS – Income Tax

Form 26AS is an annual consolidated tax statement that’s required while filing for tax returns which might be downloaded from the Income-Tax department’s official website by all taxpayers using their PAN (Permanent Account Number). The shape contains all the foremost points and particulars about the taxes paid within the taxation Department.

The tax detectors keep track of all tax detections, including those made by banks, employers, and even tenants. Form 26AS includes information about the whole annual income of the Taxpayer and thus the tax amount deducted from their incomes by the deductors who then pay taxes to the govt. Form 26AS also encompasses all the limited print of the TCS- Tax Collected at Source. It also includes money paid by the taxpayer in advance tax and self-assessment tax before filing returns. All self-assessment tax payment records are included on Form 26AS.

Details:

The Form consists of details of the refund received by the taxpayer during the year, TDS on rent of the property, TDC on sale of immovable property, and so the high-value transactions related to shares, mutual funds, etc. It also includes information about the deductors, such as their names and TAN (Tax Deduction Account Number).

As far as the taxpayer is anxious, it is vital for them to create sure that the taxes claimed within the tax Returns and also the taxes listed in Form 26AS coincide. The applicant is requested to cross-check his/ her FORM 26 AS so on create sure that the taxes are detected and also the advance amount of tax paid within the year is balanced with the tax department’s reports.

Composition of Form 26AS:

Form 26AS – Income Tax

Form 26AS is divided into 7 parts as follows:

  • PART A: Tax deducted at source. (TAN of deductor and therefore the amount deducted and deposited as TDS also are mentioned along with) (i) Part A1: Details from Form 15G/Form 15H (ii)
  • Part A2 (for the vendor of property) information about tax from source on sale of immovable property u/s 194(IA)
  • PART B: The tax collected at the point of sale (Entries for vendors appear if they collect taxes.)
  • PART C: Tax paid up to now apart from TDS or TCS (including self-assessment tax, advance tax, etc.) 
  • PART D: Details of Paid Refund (includes Date of payment, mode of payment, the number paid together with the interest drawn)
  • PART E: AIR (Annual Information Report): Transaction details are given to the tax authorities by banks and other financial institutions for high-value transactions. (includes property purchases, bonds, etc.) 
  • PART F: (For the client of property) information about tax deducted on sale of immovable property u/s 194(IA)
  • PART G: Defaults that are associated with the method in TDS (excluding demands raised by the assessing officer)

Additional details in form 26AS: 

PAN, name, and address of an income tax assessee TAN – Tax Detection and Collection Account Number of the tax detector for the applicable financial and assessment year (FY and AY)

Significance of Form 26AS: 

Form 26AS is one of the foremost crucial documents that the taxpayer needs to verify before filing his/her taxation Returns. this sort serves both the government. and so the citizens. it’s instrumental in comparing the deduction of taxes at various sources and detecting if they have multiple deductions in their account. If there are any deductions within the shape 26AS that are unreported to possess been deposited with the IT department, the taxpayer can contact their employer or the deductor about the tax deductions. it should even be helpful in identifying any difference in TDS deduction values. The form is used to verify that the collector has filed the TCS correctly. it’s to be reported to the IT Department to avoid any penalties or notices.

Benefits of Form 26AS:

There are many benefits if Form 26AS is employed. they’re listed below: The form is often linked with PANThe TRACES website allows users to access their forms. Online forms can facilitate your rectify the errors and check the liabilities If there’s any inconsistency within the receipt number of the advance tax payment, Form 26AS is going to be considered by the authorities.

Viewing Form 26AS: 

You can view the shape 26AS from the TRACES (TDS Reconciliation, Analysis, and Correction Enabling System) Portal. Another method that might be used is Netbanking. Since the shape 26AS is linked with the PAN of the Taxpayers, you’ll be able to easily view through the Netbanking of their bank accounts. This option is available to taxpayers who have a PAN from any authorized bank. Moreover, Axis Bank, Corporation Bank, Indian bank, Citibank N.A, ICICI bank limited, Indian overseas bank, banking company of India, Kotak Mahindra Bank, IDBI bank limited, etc. are a number of the prominent banks that allow the taxpayers to look at their Form 26AS through net-banking facilities.