Form 26AS is a consolidated tax credit statement issued by the Income Tax Department in India. It provides a comprehensive view of the taxes paid by a taxpayer in a particular financial year. Here’s an overview of Form 26AS:
- Contents: Form 26AS contains details of tax deducted at source (TDS), tax collected at source (TCS), advance tax paid, and self-assessment tax payments made by the taxpayer. It consolidates all tax-related information available to the Income Tax Department for a particular PAN (Permanent Account Number).
- Information Sources: The data included in Form 26AS is sourced from various entities where taxes are deducted or collected on behalf of the taxpayer. These entities include employers, banks, financial institutions, mutual funds, and other deductors or collectors.
- Components of Form 26AS:
- Part A: Details of tax deducted at source (TDS) from various sources such as salary, interest income, rent, commission, etc.
- Part A1: Details of tax deducted on sale of immovable property under section 194IA.
- Part A2: Details of tax deducted on sale of immovable property other than agricultural land under section 194IB.
- Part B: Details of tax collected at source (TCS) for specified transactions.
- Part C: Details of advance tax, self-assessment tax, and regular assessment tax deposited by the taxpayer.
- Part D: Details of paid refund received during the financial year.
- Part E: Details of AIR (Annual Information Return) transactions, such as high-value transactions reported by banks, mutual funds, etc.
- Part F: Details of tax deducted on the sale of motor vehicle under section 206C(1).
4.Verification: Taxpayers use Form 26AS to verify whether the taxes deducted or collected on their income have been correctly deposited with the government. It helps in reconciling the tax credits claimed in their income tax return (ITR) with the taxes actually paid.
5.Access to Form 26AS: Taxpayers can view and download their Form 26AS from the official website of the Income Tax Department or through their net banking portals if they are registered with banks that provide this facility.
Form 26AS serves as an important document for taxpayers to ensure compliance with tax laws and accurately report their income and taxes in their income tax returns. It helps in reducing discrepancies and facilitates smooth tax processing and refunds.