Form 26AS – Detailed guide for Income Tax return filing
Form 26AS: Detailed Guide for Filing Income Tax Returns
In this post, we will go through Form 26AS. We will learn how to use Form 26 AS, the details contained in Form 26 AS, how to get Form 26 AS from TRACES, and which banks are authorised to see Form 26AS through net banking. Let’s go through each section in details:
What is Form 26AS?
This form provides information about the tax deducted at source (TDS), as well as the tax collected by your collectors. In addition to advance tax paid, self-assessment tax payments, refunds that you have received over the past year, regular assessment tax deposited, and information regarding high-value transactions, such as mutual funds, shares, etc.
What is Form 26AS used for?
- It makes it easier to see all financial transactions involving TDS/TCS.
- Provides information on the Nil/Low deductions claimed.
- It helps in locating any TDS defaults connected with TANs associated with PAN.
- Helps in the discovery of any tax demand issued by the Income Tax Department.
- It helps in the smooth processing of income tax returns and the timely issuance of refunds.
- It helps in CIN (Corporate Identity Number) verification in non-TDS payments.
- Helps in the verification of refunds received throughout the year.
- It helps in the claim of other taxes paid and the computation of income when filing the return.
Information that can be interpreted from Form 26AS
- Amount of tax taken from your earnings
- Information about the tax collected
- Details of any tax paid in advance
- Tax self-assessment and payment
- Assessment of the submitted tax on a regular basis
- Information about stocks, mutual funds, high-value transactions, and so forth.
- Tax deducted when selling real estate
- Details about annual revenue
- Specifics about the income tax refund received
What are the details available in Form 26 AS?
Before submitting your income tax return, the assessee must confirm that the information relating to tax deducted at source as reported by the Income Tax Department is true and accurate.
By using Form 26AS, this is possible. The income tax website offers a download for this form. From the income tax website, this form can be downloaded. The following is a list of what form 26AS includes:
Part A – Details of Tax deducted at source:
This section displays the tax that the tax deductor deducted from your PAN. The form 26AS will represent the quarterly TDS return that the tax deductor submits. The information in this section is as follows:
- The deductor’s name
- The deductor’s TAN
- The of all payments and credits
- Total tax deducted
- The full tax amount that was paid using the assessee’s PAN
Part A1- Details of Tax Deducted at Source for Form 15G/ Form 15H:
In this section, you will find details about income on which no TDS has been deducted because a Form 15G or 15H has been submitted by the taxpayer. This section will say “No transactions present” if you haven’t submitted in Form 15G or Form 15H.
Part A2 – Details of tax deducted on sale of an immovable property:
This section provides information on the tax deducted on immovable property sold by the assessee during the fiscal year, if any. If an immovable property was sold in the previous year and the buyer deducted tax on the selling profits, the amount deducted will be indicated in this section.
Part B – Details of tax collected at source:
In this part, you will find details on the tax collected at source (TCS) by a seller of specified goods.
It also includes the following information on the seller:
- The collector’s name
- The collector’s TAN
- Sum total of payments
- The total amount of taxes paid
- Total TCS deposited
Part C – Details of tax deducted (other than TDS & TCS)
In this section, the assessee’s tax payment details are shown, including advance tax, self-assessment tax, and challan details.
Part D – Details of refund paid:
This section includes information on tax refunds made by the government to the taxpayer.
It displays the information below:
- Assessment year
- Payment Type
- refund given
- Kind of refund
- Refund amount
- Date of payment for Interest
- Remarks
Part E – details of SFT transaction:
A bank company, a mutual fund, etc., are required to report high-value transactions in this part. Before, the SFT was referred to as the Annual Information Return (AIR).
Part F – Details of Tax Deducted on Sale of Immovable Property u/s 194IA (For Buyer):
Details of any TDS that you may have deducted while buying a home are shown in this section. Also, it shows the TDS that you have paid to the bank.
Part G: TDS Defaults (Processing of Defaults):
Here, defaults related to statement processing are provided. In addition, they do not include demands raised by assessors.
How to view Form 26AS?
The TRACES site allows you to review Form 26AS. You may verify Form 26AS from FY 2019–20 to the prior financial year using your net banking account because it is connected to your PAN. The following banks are among those that have signed up with NSDL to allow consumers to see Form 26AS:
Axis bank | Corporation bank | IDBI bank | State Bank of India | Saraswat Co-operative Bank |
Citi Bank | Bank of Maharashtra | Indian Bank | State Bank of Patiala | Federal Bank |
Bank of India | City Union Bank limited | Orient Bank of Commerce | UCO Bank | |
ICICI Bank | Indian Overseas Bank | State Bank of Mysore | State Bank of Travancore | |
Bank of Baroda | Kotak Mahindra Bank | Indian Bank | Union Bank of India |
How to Download Form 26AS?
You may get Form 26AS from the TRACES website. You may also go tohttps://www.incometax.gov.in/iec/foportal/, login with your user ID and password.
Alternatively, you can use the net banking facilities of the banks listed above to download Form 26AS.
The following is a step-by-step guide for downloading Form 26AS using your income tax department account:
Step 1: Go to the official e-filing website at https://www.incometax.gov.in/iec/foportal/.
Step 2: Select ‘Login’.
Step 3: Enter the User ID. To finish the login procedure, you must input the PAN’s Aadhaar number. You must first register before you can log in.
Step 4: After entering the User ID, click ‘Continue’.
Step 5: Click ‘e-file’.
Step 6: Next, select ‘Income Tax Returns’.
Step 7: Next, click ‘View Form 26AS’ and then ‘Confirm’.
Step 8: On the following screen, click the ‘Proceed’ button.
Step 9: Next, choose ‘See Tax Credit (Form 26AS)’.
Step 10: Next, select the ‘View Type’ and ‘Assessment Year’ options.
Step 11: Next, select a format.
Step 12: Click ‘View/ Download’ to finish the procedure.
And with that, we end this post on the Form 26AS. If you have any questions, drop them in the comment section below.
