What is Form 26AS (How does it work filling IT return)

By | 03/10/2018

What is Form 26AS, almost everybody heard about the term during filling of income tax return, the due date for filing your return is nearby.

You must aware of all the facts and importance of Form 26AS.

How it helps you filling income tax return & also keep you away from delivery of the Income-tax notice

What is Form 26AS

Form 26AS is a consolidated tax deduction statement, which keeps all your annual record of any tax paid by you or on your behalf. Income Tax department keeps all your tax-related data in their database through 26AS.

The IT department also tallies all your tax deduction details provided by you by Form 26AS. In any variation, you are welcome to get the income tax notice.

Also Read: Shares Fundamental Analysis (Complete Guide)

It is very easy to view form 26as by pan no just by log into income tax website

Login Form 26AS

After login, you will get the complete form with a lot of information bifurcated into several parts, each part consisting of different information. In this analysis of this article, you will self-confidently examine your own form and get rid of problems.

26as form details

Form 26AS provides the taxpayer information in following different parts:

  1. Part A – Details of Tax deducted at source.
  2. Part A1 – Details of Tax deduction at source for 15G/15H.
  3. Part A2 – Details of Tax deduction at source on sale of immovable property u/s 194IA/TDS on rent pf property u/s 194IB (for seller /landlord of property).
  4. Part B – Details of Tax collected at source.
  5. Part C – Details of Tax paid (other than TDS or TCS)
  6. Part D – Details of paid refund.
  7. Part E – Details of AIR Transition.
  8. Part F – Details of Tax deducted at source on sale of immovable property u/s 194IA/TDS on rent pf property u/s 194IB (for buyer/tenant of property).
  9. Part G – TDS Defaults (Processing of statement)

Before diving into the details of above section, it is very important to clarify one thing:

Also Read: How to pay (₹ 0) Income Tax on CTC ₹ 14,63,000/-

What is Tax deducted at source

Tax deducted at source (TDS) is the tax amount deducted at the beginning of the transaction means, the person making payment to the other will deduct the TDS amount of the person and deposit into the PAN number of the person.

Whats why the term derived from “Tax deducted at source”.

Part A – Details of Tax deducted at source

Part A of Form 26AS revels the details of tax deduction at source like from your salary, interest received from the bank, pension income etc.

This amount is deducted at source and submitted by the deductor into your PAN number and the tax department will mention the same amount in Form 26AS part A as mentioned in the red box below.

Part A details of tax deducted at source Part A1 – Details of Tax deduction at source for 15G/15H

If you are holding a fixed deposit in the bank, you might receive the SMS from your bank to submit Form 15G/15H.

Also Read: Understand Tax saving options : 80C, 80CCC, 80CCD, 80D, 80U, 80E, 24

If you submit this form you will get the details of income where no TDS is deducted, form 15g and 15h is the declaration for submitted in the bank, after receiving of this Form 15G/15H bank will not deduct the TDS and the details will be revealed in this part A1.

Part A2 – Details of Tax deduction at source on sale of Immovable property

Any transaction occurred in the head of immovable property, the buyer of the immovable property will deduct the TDS for the amount paid to the seller of the property. This section reveals the details of TDS deduction.

Part A2 details of tax deduction at source on sale of immovable propertyPart B – Details of Tax collected at source

This section work for you if you are the seller or a part thereof, the tax collected by you (TCS). It is provided under section 206C of Income Tax Act.

Also Read: Income Tax Exemption for Salaried Employee 2018-19 

“Under section 206C of Income tax act, the seller has to collect tax at the rate of 1 % from purchase while selling the goods”

The provision of this section will not apply for the Financial year 2017-18. 

Part B Details of tax collected at sourcePart C – Details of Tax Paid (other than TDS or TCS)

Any deposited from your side other than TDS or TCS will be flashed into this section, most of the taxpayers use to pay taxes in advance through challan and will be adjusted while filing the return.

The details of advance tax paid or self-assessment tax are available in this section. This portion is important when we will return the same details will be posted on the return form.

Part C Details of Tax paid (Other than TDS or TCS)Part D – Details of paid refund

During filling of return, tax paid in advance or TDS deposited through bank or employer all details are mentioned in the return.

Also Read: What is Dividend Adjusted PEG Ratio

After putting all things together, if the tax amount is excess in the particular financial year, it would be refunded by Income tax department and is mentioned in the section Part D.

Part D Details of paid refundPart E – Details of AIR Transition

Form 26AS also possess the option of reporting of the high-value transaction based on an annual information return (AIR).

The High-value transaction is reported by the bank or financial institutes for execution or purchase of mutual funds, immovable properties, bonds, equity.

It is mandatory for the financial institutes and banks to report such high-value transaction to the departments, which is disclosed in this section of Form 26AS.

Part E Details of AIR TransactionPart F – Details of Tax deducted at source on sale of immovable property

If you buy an immovable property, it is mandatory to deduct the TDS before making the payment to the seller, this section reveals the information of the Tax deducted.

Also Read: Effect of NPA in Banking Sector

Part F Details of tax deducted on sale of immovablePart G – TDS Defaults (Processing of statement)

Income tax department kept the margin of error for TDS defaults, this section does not include any claim raised by assessing officer.

Part G TDS Defautls

It is always recommended to all the taxpayer to verify Form 26AS before filling Income tax return, it will provide you correct information and get rid of any kind of income tax notice.

Also Read: Drop Buying A House Save you ₹ 50 Lakhs (Change your mindset)

How to access Form 26AS

For those how are aware of online filling of Income-tax, it is very easy to understand and download your 26AS through the website:- https://www.incometaxindiaefiling.gov.in

Then click to Form 26AS (Tax credit) – left-side of the screen. Log in with your user ID and password along with the date of birth which you use for filing income tax return.

After Login You have to click “View Form 26 AS” under head my account, after clicking you have to click proceed, which will bring you to popup page of TDS.

You have to click agree terms and condition and proceed, then you have to select view tax credit (Form 26AS).

After getting inside, the screen seems familiar, you can see your name and address, now all you have to do is a select financial year and you want to view your Form 26AS in which format.

You will get access to download/view button after processing all the steps. that will bring you your form 26as on your screen.

Also Read: Highlight key changes under ITR1 from FY 2018-19

Author Profile

Amit Bansal
Amit Bansal
Hey, Amit Kumar Bansal, the man behind this blog. I always passionate about Taxes, Stock Market. This was one of the reasons why I have chosen the field of account. Blogging was not the coincidence it was a proper decision. The main aim of this blog is to help readers to take an informed financial decision. If you like my efforts kindly subscribe to this blog and also let your friends know about this website by sharing.

Leave a Reply

Your email address will not be published. Required fields are marked *