Form 26AS: All you need to know

An essential tax document is Form 26AS. It is an annual statement that is combined that is sent to individual taxpayers and linked to their Permanent Account Number (PAN). The relevance of Form 26AS and information on how to see or download it online are provided below.

All tax-related information about a taxpayer is contained in a Form 26AS, including information about tax imposed on individuals (TDS), tax gathered at starting point (TCS), advance tax paid either by taxpayer, self-assessment tax payments, relevant data about income tax rebates, and details regarding tax paid back on the sale of land, along with other things.

Your Tax Credit Statement, also known as Form 26AS, is a crucial record for filing taxes. The need to manually file IT returns required downloading Form 26AS in the past. The statement is now being updated to include information on international remittances, acquisitions of mutual funds, dividends, reimbursement information, etc.

So, if you want more information regarding the Form 26AS then in this article you will get to know about it along with some additional details of it.

Information included in the form 26AS

1. Your income has taxes withheld from it by all of the taxpayers

2. Information about the sources of all taxes collected.

3. The taxpayer has paid advance tax.

4. payments for self-assessment taxes

5. The taxpayers' regular assessment tax payment (PAN holders)

6. Information about the income tax refund you received during the fiscal year

7. Information about high-value stock, mutual funds, and other transactions.

8. Additional information such as information about the purchase and dividend of mutual funds, interest on tax refunds, off-market activities, foreign transfers, salary breakdown, etc.

9. specifics of the tax savings on the sale of real estate

10. Information on TDS defaults that occurred during the year (after processing TDS returns)

11. Details of turnover are recorded in GSTR-3B.

The structure of the form 26AS

The form is divided in 8 parts, which are from A to H. all these parts are mentioned below:

Part A: Information of Source Tax Deducted

Part A1: Information on Source Tax Deducted for Forms 15G and 15H

Part A2: Specifics of Tax Deducted at Origin on the Selling of Unmoveable Assets Under Section 194(IA), Tax Debited on Property Lease Under Section 194IB, and Tax Debited on Payments to Residents Contractors and Experts Under Section 194M (For Seller or the Landlord of Property/Payee of Residents Contractors and Professionals)

Part B: Source Tax Collection Details

Part C: Tax Paid Information which is other than TDS or TCS taxes

Part D: Refund Payment Information

Part E: SFT Trade Information

Part F: Information of Tax Deducted at Sources on the Sale of Immobile Property Under Section 194(IA)/TDS on Property Rent Under Section 194IB/TDS on Payments to Permanent Contractors and Professionals Under Section 194M (For Buyer/Tenant of Property Under Section 194M)

Part G: TDS Defaults (processing of Statements)

Part H: Turnover Details Per GSTR-3B

How can you view the form?

You can view the form by the following procedure:

1. On the TRACES website, Form 26AS is available for viewing and downloading it.

2. Through your banking account's net banking service, you may access Form 26AS. A PAN holder who has an internet banking account with almost any authorized bank is eligible to see Form 26AS.

3. Only if the PAN card number is connected to that single account may you read your Form 26AS. This service is provided without charge.

Most of the banks allow the users to view and download the forms which becomes easy for all the account holders to view and access it.

Can the form be downloaded?

Yes, anyone can download the form on the TRACES website or through the authorized banks' net banking services, Form 26AS can always be downloaded. Enter your login information for the income tax department at www.incometax.gov.in. If you don't already have one, you must first register your PAN.

Recent updates regarding the form 26AS

(all these recent updates are said to be effective from 20 june, 2020)

1. The specific financial transactions that must be reported on the new Form 26AS have not yet been informed or clarified by the government. The new form is already in accordance with the promise made for budget 2020 to make compliance and accurate tax payment easier.

2. In order to include new information such as international remittances, off-market exchanges, interest on income tax rebates, equity investment transactions and dividend information, break-up specifics of income, and ITR information of some other person, the tax authority has once again tried to introduce an Annual Information Statement (AIS).