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Filing Tax Returns Early? Here’s what you need to know about Form 26AS

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Form 26AS is a consolidated tax statement giving details of all taxes deducted

As responsible citizens, we pay our taxes every year and hence it is necessary for us to know the details of taxes deducted under various heads. Form 26AS comes in handy for this.

Let’s find out what this form is and how it is useful.

What is Form 26AS?

Form 26AS is a consolidated annual tax statement showing details of tax deducted at source, tax collected at source, advance tax paid by the assessee as well as self-assessed tax. This information is specific to a Permanent Account Number (PAN).

The form also shows the details of sale/purchase of immovable property, mutual funds, cash deposits or withdrawals from savings account etc. An assessee can claim tax deduction as shown in his Form 26AS while filing his income tax return for a financial year.

What are the components of Form 26AS?

Before you file your income tax return, the assessee should ensure that the data relating to tax deducted at source as per the Income Tax Department is correct and accurate. This can be done by referring to Form 26AS. This form can be downloaded from the Income Tax website.

The contents of Form 26AS are given below:

Tax Deducted at Source (TDS)

Tax Collected at Source (TCS)

Details of advance tax, self-assessment tax paid

Information about income tax refund

Details of tax deducted on sale of immovable property

Let’s break down the components of Form 26AS:

Part A – Details of Tax Deducted at Source:

This part shows the tax deducted by the tax deductor for your PAN. The tax deductor files his TDS return on quarterly basis which he will show in Form 26AS. This part contains the following details:

deductor name

deductor’s tan

Sum of the amount paid/credited

total tax deduction

Total tax deposited against the PAN of the assessee

Part A1- Details of Tax Deducted at Source for Form 15G / Form 15H:

This part contains the details of income on which no TDS has been deducted as the taxpayer has submitted Form 15G or 15H. If you have not submitted Form 15G or Form 15H, this section will display ‘No transaction present’.

Part A2 – Details of Tax Deducted on Sale of Immovable Property:

This part contains the details of tax deducted on the immovable property, if any, sold by the assessee during the financial year. If an immovable property has been sold during the previous year and the buyer has deducted tax on the sale proceeds, the tax deduction will appear in this section.

Part B – Details of Tax Collected at Source:

This part contains the details of Tax Collected at Source (TCS) by the seller of specified goods, when these goods were purchased by the assessee. It also shows the seller details as below:

Collector’s name

collector’s tan

total amount paid

total tax collected

Total TCS Deposit

Part C – Details of Tax Deducted (Other than TDS and TCS)

This part shows the details of tax paid by the assessee such as advance tax, self-assessment tax and details of challan through which payment has been made.

Part D – Details of Refunds Paid:

This part shows the details of tax returned by the department to the assessee. It shows the following details:

assessment year

Payment Type

refund issued

nature of return

refund amount

interest paid

payment date

Comments

PART E – SFT TRANSACTION DETAILS:

This part shows the details of any high value transactions that need to be reported to ‘specified persons’ such as banking company, mutual fund etc. SFT was earlier known as Annual Information Return (AIR).

Part F – Details of tax deducted on sale of immovable property under section 194IA (to buyer):

This part will show the details of any TDS deducted by you while buying the property. Also, it displays the TDS deposited by you in the bank.

Part G – TDS Defaults (Processing of Defaults):

The omissions relating to the processing of the statements are mentioned here. These do not include the demands raised by the Assessing Officers.

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