Form 26AS: Key Details
The Form 26AS holds a consolidated record of tax-related information associated with the taxpayer’s PAN. It also contains details of any amount deducted as TDS or TCS from various sources of a taxpayer’s income. Details of paid advance tax/self-assessment tax and high-value transactions are also reflected in Form 26AS. The scope of Tax Credit Statement or Form 26AS has been extended as it also provides details of foreign remittances, mutual funds purchases, dividends, refund details, and more. It also serves as a tax obligation when taxpayers need to file their Income Tax Returns. This article has all the details on Form 26AS.
Importance of Form 26AS
- Issued by Income Tax Department in every financial year containing details of TDS deducted, TCS, advance tax, and any refunds issued by you
- It reflects all financial transactions involving TDS or TCS for a financial year
- Helps in computing taxable income and claiming tax credits while filing an ITR
- Assist in verifying refunds
Form 26AS offers proof of the tax collected and deducted on your behalf and verifies that the entities deducting the taxes have deposited them to the government. It results in allowing you to claim a credit for the taxes.
Details Contained by Form 26AS
- TDS or tax deducted at source related details
- TCS or tax collected at source related details
- Advance tax already paid by the taxpayer
- Self-assessed tax payments
- Regular assessment tax deposited by the PAN holders
- Income tax refunds received by the taxpayer in a financial year
- Information regarding high-value transactions on shares, mutual funds, or more
- TDS on sale of immovable property
- TDS default details
- Turnover details reported through GSTR 3B
- Specified financial transactions
- Pending or completed income tax proceedings
Latest Updates in Form 26AS
New features are updated in the form 26AS. Here is the full list of recently updated additions
- Foreign remittances reported in form 15CC included now
- Interest earned on income tax refunds
- PAN information from Form 61/61A
- Reports from depository or registrar
- Transfer agent for market transactions
- Details on mutual fund dividends
- Purchases from registrar and transfer agent
Structure & Parts of Form 26AS
- Details of tax deducted at source
TDS on income from salary, interest, profession, business, and other sources.
- Details of TDS for 15G/15H
Applicable to senior citizens with income below the exemption limit, information about TDS not deducted due to submissions of form 15G/15H.
- Details of transactions under proviso to section 194B/first proviso to sub-section of section 194/Proviso to sub-section (1) of section 194S
TDS deducted on payment made in kind (car in lottery, foreign trips for meeting sales targets, etc).
- Details of Tax Deducted at Source u/s 194IA/194IB/194M/194S (For Landlord of Property/Seller/Professionals or Contractors/Seller of Virtual Digital Asset)
TDS on sale of property rent payments over Rs50k per month or payments to contractors or professionals exceeding Rs 50Lakhs and sale of virtual assets line cryptocurrency.
- Details of Transactions under Proviso to Sub-Section (1) of Section 194S as per Form-26QE
TDS details of virtual digital asset sellers under certain provisions.
- Details of Tax Collected at Source
TCS details under section 206C.
- Details of Paid Refund
- Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Person making payment to contractors or Professionals / Buyer of Virtual Digital Asset)
TDS made with purchase of house property/rent payment above Rs 50K monthly, services above Rs 50L.
How to Download or View Form 26AS
By following the below-mentioned steps, you can view or download Form 26AS.
- Visit the official website of the income tax department
- Then log in to the portal by signing in with credentials
- Now enter the PAN card number and the user ID and password
- Choose income tax returns and select view form 26AS from the drop-down menu
- Click on the confirm menu to get redirected to the Traces website
- After landing on the Traces portal, click on proceed and press the view tax credit option to access the form 26AS
- Now select the assessment year and view as options from the drop-down list and view your form online or download it
Get Started with TaxDunia
Form 26AS is a consolidation form, and it is required when you are filing income tax returns. Therefore, ensure that you have viewed the form to verify the consolidated data. Reach out to TaxDunia in case you have found any discrepancies in your 26AS and income tax returns. We offer personalized solutions to meet the unique needs of our clients. Let us help you design a roadmap for your business to get optimum results.
