view-form-26as-tax-credit-statement

Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer. It also reflects details of advance tax/self-assessment tax paid, and high-value transactions entered into by the taxpayer.

Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS to file IT returns manually. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, etc. 

Form 26AS gives a consolidated record of every tax-related information associated with your PAN (Permanent Account Number). It can be viewed and downloaded easily from the TRACES website. It is useful to verify the contents of the TDS certificate and ensure that the TDS deducted from your income is actually deposited with the income tax department.

Information Available on Form 26AS

Form 26AS is a statement that shows the below information:

• Details of tax deducted at source
• Details of tax collected source
• *Advance tax paid by the taxpayer
• *Self-assessment tax payments
• *Regular assessment tax deposited by the taxpayers (PAN holders)
• *Details of income tax refund received by you during the financial year
• *Details of the high-value transactions regarding shares, mutual funds, etc.
• Details of tax deducted on sale of immovable property
• Details of TDS defaults (after processing TDS return) made during the year
• Turnover details reported in GSTR-3B

The new AIS, effective 1 June 2020, will also include information on specified financial transactions, pending and completed assessment proceedings, tax demands, refunds and the existing data presented in the form.

Note: * details are not available from FY 2022-23 in Form 26AS, need to refer Annual Information Statement

Structure and Parts of Form 26AS (From FY 2022-23 and onwards)

• PART-I Details of Tax Deducted at Source
  • TDS on salary, business, profession, interest income etc., shall be reported here
• PART-II Details of Tax Deducted at Source for 15G/15H

  • TDS on which no TDS is made because of Form 15G/15H due to income being less than the basic exemption limit. Mainly applicable for senior citizen taxpayers

    

  • PART-III Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194S

    • TDS made on payment made in kind (car in a lottery, foreign trips for meeting sales targets etc.)

      

    • PART-IV Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Contractors or Professionals/ Seller of Virtual Digital Asset)

      • TDS made on sale of house property/rent payment in excess of Rs. 50,000 per month, payment to a contractor/professional services in excess of Rs.50 lakhs/sale of virtual digital asset (cryptocurrency)

        

      • PART-V Details of Transactions under Proviso to sub-section(1) of section 194S as per Form-26QE (For Seller of Virtual Digital Asset)

      

    • PART-VI Details of Tax Collected at Source

      • TCS made under various sections of 206C

      

    • PART-VII Details of Paid Refund (For which source is CPC TDS. For other details refer AIS at E-filing portal)

    

  • PART-VIII 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)

    • These details consist of the TDS made by you in relation to the purchase of house property/rent payment in excess of Rs. 50,000 per month, payment to a contractor/professional services in excess of Rs.50 lakhs/purchase of virtual digital asset (cryptocurrency). This is just for information purposes. 

    

  • PART-IX Details of Transactions/Demand Payments under Proviso to sub-section(1) of section 194S as per Form 26QE (For Buyer of Virtual Digital Asset)

    

  • PART-X TDS/TCS Defaults* (Processing of Statements)

    • TDS defaults value (after processing of TDS returns) but do not include demands raised by the assessing officer.

      

      For any clarification regarding Form 26AS, contact the authorities as mentioned below: