Form 26AS: An Income Tax Filing Document

Meaning of Form 26AS:

The Form 26AS (ANNUAL TAX STATEMENT) is a consolidated tax credit score announcement issued by way of the Income Tax Department to the tax payer. Entries within the Tax Credit Statement (Form 26AS) are generated whilst a valid PAN wide variety has been suggested in quarterly TDS statements. It shows how much of your tax has been obtained by way of the IT Department and is consolidated from a couple of assets like your profits / hire /professional / interest profits and so forth. This shape consists of the yearly tax statement underneath Section 203AA and second provision to Section 206C (5) of the Income Tax Act, 1961 and Rule 31AB of Income Tax Rules, 1962. TDS certificates i.E. Form 16 and 16A need to be cross checked with shape 26AS.

Form sixteen is issued via an agency whereas Form 16A is issued by using another TDS deductors now not being an corporation viz. A bank deducting TDS on Interest, a purchaser deducting TDS on Professional costs, a tenant deducting TDS on Rent.

Find more info about TCS Tracking here.


Form 26AS is critical for claiming the credit of TDS/TCS deducted/accumulated by way of the deductor/collector which has been deposited to the account of the government. The deductor/collector ought to as it should be report the TDS/TCS assertion giving info of the tax deducted/amassed on your behalf.

The shape is basically divided into numerous components as follows:

PART A – Details of Tax Deducted at Source

It consists of exact listing of tax deductors and total amount deducted/paid or credited to you with tax deducted and tax deposited thereon. TDS reflected in Form 16 and Form 16A have to be matched with this part.
PART A1 – Details of Tax Deducted at Source for 15G / 15H

This part will display transaction in the ones monetary establishments together with banks in which the individual has submitted Form 15G / 15H. TDS in these instances could be 0. It permits you to keep a track of all of the interest gain which has no longer been taxed.
PART A2 – Details of Tax Deducted at Source on Sale of Immovable Property united states of america194IA (For Seller of Property)

Here usa194IA a purchaser of Immovable belongings has to deduct TDS and remit the TDS to authorities through challan Form 26QB provided the consideration for transfer of an immovable belongings is not less than Rs. 50 lakhs. Amount will mirror beneath this element if you are a dealer of the property.
PART B – Details of Tax Collected at Source (TCS)

Every man or woman, being a supplier,shall gather tax at source(TCS) from the purchaser of products specified in segment 206C(1). TCS is accrued on sale of Liquor, timber, scrap and so forth. At the time of debiting of the amount payable to consumer or at the time of receipt of charge, whichever is earlier.
PART C – Details of Tax Paid (apart from TDS or TCS)

All increase tax bills, self-assessment tax payments are meditated under this component.
PART D – Details of Paid Refund

If you have were given any tax refunds in that evaluation Year it would be listed underneath this part.
PART E – Details of AIR Transaction

If you’re making a few high fee transactions, along with funding in property and mutual budget, then these transactions are routinely mentioned to the earnings tax branch with the aid of banks and other government via Annual Information Return (AIR)
PART F – Details of Tax Deducted at Source on Sale of Immovable Property united states of america194IA (For Buyer of Property)

As mentioned above in Part A2. Amounts will reflect on this column in case you are a client of the belongings.
Example: Mr. X a salaried person operating in A Ltd and drawing a earnings of Rs.Forty,000 consistent with month which is Rs.4,eighty,000/- per annum at some stage in the economic 12 months 2013-14 I.E Assessment Year 2014-15. He has made declarations to A Ltd for deductions for LIC top rate of Rs.10,000, Provident Fund Rs.25,000, Mediclaim Rs.Three,000. Housing Loan Interest Rs.30,000 and essential reimbursement of Rs. 12,000/-. Therefore his taxable Salary is Rs.4,00,000/- after all the above deductions. Basic Exemption limit for man or woman is Rs.2,50,000/- on which no TDS is applicable. On the stability quantity of Rs.1,50,000, tax is levied @ 10% which quantities to 15,000. A Ltd will consequently deduct an quantity of Rs. 1,250 consistent with month from Mr. X revenue from the beginning of first month of the monetary 12 months. Any shortfall in TDS is normally deducted in closing month of the financial 12 months. A Ltd will report quarterly TDS returns by depositing the TDS with authorities on prescribed due dates. A ltd will trouble Form sixteen to Mr X that’s a certificate of earnings drawn and TDS deducted therefrom by way of 31st May. Mr. X have to first off calculate the TDS deducted from his monthly earnings slips with TDS meditated in Form 16 if it fits with the quantity he need to further take a look at whether the identical quantity matches with TDS pondered in Form 26AS.