- Form 26AS, which is conjointly referred to as an Annual Statement, is a consolidated tax statement that has all the tax connected info (TDS, TCS, Refund etc) related to a PAN. It shows what proportion of your tax has been received by the govt and is consolidated from multiple sources like your regular payment / pension / interest financial gain etc. In this way it contains the annual tax statement below Section 203AA and Rule 31AB.
Importance of kind 26AS
- Tax Credits showing partly A, A1 and B of the Annual Tax Statement are on the premise of details given by deduct or within the TDS or TCS statement filed by them. an equivalent ought to be verified before claiming step-down and solely the number that pertains to you must be claimed Our article What to Verify in kind 26AS? explains a way to read the shape 26AS, what specifically to verify in kind 26AS with the shape sixteen, kind 16A issued and Advance Tax, Self Assessment Tax paid.
Overview of kind 26AS
- Form 26AS is generated annually, for a fiscal year.
- Form 26AS are going to be generated whenever tax connected transaction(TDS subtracted, Advance tax paid) happens in relevance the tax money handler. it’s a live document that is updated because the transactions are rumored / processed for the given FY.
- Only a registered PAN holder will read their kind 26AS on TRACES. you’ll read your kind 26AS in TRACES from AY 2009-10 or from FY 2008-09 forrader.
- The address reflective in Annual Tax Statement (Form 26AS) is picked up from taxation Department’s PAN info with the main points of latest PAN card issued to you
- The positive identification for gap kind 26AS are going to be your Date of Birth (in DDMMYYYY format), e.g., if your date of birth is 01-Feb-1980, positive identification are going to be 01021980.
Structure of kind 26AS
The Form 26AS (Annual Tax Statement) for associate Assessment Year is split into components delineate below)
- PART A – Details of Tax subtracted at supply (All quantity values are in INR)
- This section can show the TDS subtracted from your regular payment / pension financial gain and conjointly TDS subtracted by banks on your interest financial gain. TDS subtracted by every supply is shown as a separate table
- PART A1 – Details of Tax subtracted at supply for 15G / 15H
- This section can show dealing in those money establishments like banks wherever the individual has submitted kind 15G / 15H. TDS in these cases would be zero (because you’ve got submitted 15G/15H). This section allows you to stay a track of all the interest gain that has not been taxed.
- PART B – Details of Tax Collected at Source:
- Tax Collected at supply (TCS) is collected by the vendor from the client at the time of sale of such that class of goods(such as Alcoholic liquor for human consumption,Scrap,Parking ton, Toll plaza). The TCS Rate vary for every class of products and also the TCS is to be deposited with the govt. . Simple Tax India’s Bharat assembling at supply and tics provisions discusses it thoroughly.
- PART C – Details of Tax Paid (other than TDS or TCS)
- If you’ve got paid Advance Tax or Self Assessment Tax, this can be listed here, Whenever you deposit your advance tax / self assessment tax on to bank, the bank can transfer this info around 3 days once the cherub has been cleared.
- PART D – Details of Paid Refund
- If you’ve got any income tax refund therein assessment Year it might be listed below this section.
- PART E – Details of AIR dealing.
- If you create some high price transactions, like investment in property and mutual funds, then these transactions are mechanically rumored to the taxation department by banks and different authorities through Annual tax return (AIR)
Important facts on a way to read your kind 26AS
- Form 26AS is transferred from TRACES (see below for piecemeal orientate a way to download kind 26AS)
- This revenue enhancement kind 26AS is joined along with your PAN
- The secret for gap kind 26AS is your Date of Birth (in DDMMYYYY format)
- You can read kind 26AS from FY 2008-09
What is kind 26AS?
- Form 26AS contains:
- Details of tax subtracted on your financial gain by dedicators
- Details of tax collected by collectors
- Advance tax paid by the remunerator
- Self-assessment tax payments is there
- Regular assessment tax deposited by the taxpayers (PAN holders) is also there
- Details of refund received by you throughout the year
- Details of the High worth Transactions in respect of shares, open-end investment company etc
Go to https://incometaxindiaefiling.gov.in and Login mistreatment your revenue enhancement department login & secret. If you do not have AN account, you’ll got to Register initial (see the button on high of LOGIN).
Enter your PAN range, secret and date of birth / date of incorporation in DD/MM/YYYY format. And enter the captcha code. currently click on LOGIN.
The following screen can seem. Click on ‘View kind 26AS (Tax Credit)’ on the left facet bar of fast Links.
Click on ‘Confirm’ in order that you’re redirected to the TRACES web site. (Don’t worry, this can be a necessary step and is totally safe since it’s a government website).
You are currently on the TRACES (TDS-CPC) web site. choose the box on the screen and click on on ‘Proceed’.
Click on the link at very cheap of the page – ‘Click read step-down (Form 26AS) to look at your kind 26AS’.
Choose the Assessment Year and therefore the format during which you would like to examine the shape 26-AS. If you would like to examine it on-line, leave the format as hypertext mark-up language. If you’d wish to transfer a PDF for future reference, choose PDF. when you have got created your selection, click on ‘View/Download’.
To open the document you have got to enter a secret. kind 26AS secret is your DOB in DDMMYYY format. Voila! Your revenue enhancement kind 26AS are shown
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