Form 26AS is a statement issued by the Income Tax Department of India to taxpayers to consolidate all their tax credit claims. It contains details of all taxes deducted or collected on behalf of the taxpayer, including income tax, TDS (Tax Deducted at Source), TCS (Tax Collected at Source), and advance tax, among others. It includes information on the tax payments made by the taxpayer, such as self-assessment tax and advance tax payments. It also provides details of refunds issued to the taxpayer during the relevant financial year. Taxpayers can view and download their Form 26AS from the Income Tax Department’s website using their permanent Account Number (PAN). It is an essential document for filing income tax returns and verifying the tax credit status of the taxpayer.
The different parts of Form 26AS are as follows:
It contains information on TDS deducted by the deductor on the taxpayer’s behalf, including the deductor’s name, TAN (Tax Deduction and Collection Account Number), and the amount of TDS.
It contains information on TDS deducted by the deductor when the taxpayer has submitted Form 15G/Form 15H, which declares that the taxpayer’s income is below the taxable limit.
It contains information on TDS deducted by the buyer of immovable property on behalf of the seller.
It contains information on TCS collected by the collector on behalf of the taxpayer.
It contains information on taxes paid by the taxpayer besides TDS/TCS, including regular assessment tax, advance tax, and self-assessment tax.
It contains information on the refund received by the taxpayer during the financial year.
It contains information on high-value transactions reported to the Income Tax Department under the Annual Information Return (AIR) scheme.
It contains information on TDS deducted on the sale of immovable property.
It contains information on TDS defaults, if any, by the deductor.
It contains information on TCS defaults, if any, by the collector.
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