It is essential for a taxpayer to compile and peruse various statements, documents and forms relevant for filing tax return. One such document is Form 26AS.
By Sudeep Das
As the due date for filing income-tax return (ITR) by individual taxpayers has finally arrived, it is essential for a taxpayer to compile and peruse various statements, documents and forms relevant to file tax return. One such document is Form 26AS, i.e. Annual Tax Statement, which consolidates the taxes paid annually under a particular Permanent Account Number (PAN). This article seeks to captures ‘What, Where and How’ associated with the Form 26AS.
What is Form 26AS and its structure?
Form 26AS is an annual consolidated tax statement capturing the details of taxes withheld from the income earned by the taxpayer along with taxes, if any, paid by the taxpayer in the form of advance tax or self-assessment taxes. Typically, Form 26AS assimilates various details about a taxpayer including PAN, status of PAN (whether active or not), financial year/ assessment year it pertains to, complete name of the taxpayer along with complete address.
Typically, Form 26AS is divided into seven parts – A to G.
# Part A captures the details of taxes withheld and deposited by the deductor against total amount paid during a tax year. Further, it captures details of taxes deducted by the buyer of immovable property against its sale by the taxpayer.
# Part B deals with taxes collected and deposited by a person against total amount paid engaged in specified trading business such as alcoholic liquor, forest produce, scrap, etc.
# Part C provide details pertaining to advance taxes paid, self-assessment taxes paid etc. by the taxpayer during a particular tax year.
# Part D captures details in relation to refunds (together with interest received thereon) issued to the taxpayer during the period.
# Part E reports identified high value transactions undertaken by a taxpayer during a tax year basis the Annual Information Return (‘AIR’) filed by the banking/ financial entities etc. Such identified transaction includes purchase of immovable property, mutual funds, corporate bonds etc. beyond specified threshold.
# Part F captures details pertaining to taxes deducted on purchase of immovable property by a taxpayer against the consideration paid to the seller of the property.
# Part G reports defaults, if any, in processing of TDS statements filed by the taxpayer.
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How to locate Form 26AS for a particular year?
Form 26AS can be downloaded from the Income-tax department’s online e-filing portal viz. www.incometaxindiaefiling.gov.in following the below mentioned steps:
Step 1: Log in to your Income-tax e-filing account by entering login credentials (i.e. User ID, Password and Date of Birth)
Step 2: Click on ‘View Form 26AS (Tax Credit)’ tab appearing under the ‘My Account’ tab
Step 3: A message appears stating that you will be redirected to the TDS-CPC website to view Form 26AS. Click on ‘Confirm’
Step 4: Once the TDS-CPC webpage opens, click on ‘View Tax Credit (Form 26AS)’ link
Step 5: Choose the relevant Assessment Year (i.e. year following the Tax Year) and the format in which you require the document. Then enter the verification code and click on ‘View/ Download’
Please note that the password to open the document is the date of birth in ‘DDMMYYYY’ format of the taxpayer.
Additionally, form 26AS can also be downloaded from the tax centre of the authorised banks using taxpayer’s net banking facility.
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Form 26AS reflects the total credit of taxes available to a taxpayer as appearing in the Income-Tax department database. In addition to this, it also captures the amount of tax refunded and the amount of taxes related to defaults for the taxpayer in relation to the subject year. Thus, it would not be an exaggeration to call it the entire tax ledger of the taxpayer as per the database maintained by the Income-tax department.
Given the above, it is important for every taxpayer to ensure that credit of taxes claimed and the corresponding income reported in the ITR are in complete sync with tax credits appearing in Form 26AS.
(The author is a Chartered Accountant)