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ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
Form 26AS is a tax statement issued by the Income Tax Department, providing a comprehensive overview of TDS, TCS, tax payments, refunds, and high-value transactions.
Form 26AS, often called the Annual Tax Statement, is a crucial document provided by the Income Tax Department of India. It is a consolidated statement that captures various tax-related information, making it easier for taxpayers to track their tax payments, deductions, and credits.
Form 26AS is an annual combined tax statement that presents all the information regarding your taxes. You can access Form 26as statement by logging onto the income tax e-filling website with your PAN number.
The form displays several taxes deducted from your income and details of Tax Collected at Source (TCS). It also contains the Annual Information Return (AIR), a high-value transaction filed by various entities. Form 26AS enables you to cross-check that the tax deposited with the income tax department matches the tax deducted and paid in advance.
Form 26AS holds significant importance due to its comprehensive details on tax credits, which are crucial for accurate tax filing and compliance. Here is why Form 26AS is essential:
Form 26AS lists all the taxes deducted at source (TDS) by employers, banks, and other entities. It ensures that the taxes deducted from your income have been credited to your account by the Income Tax Department, thereby preventing any discrepancies during tax filing.
This form consolidates information about various incomes received during the financial year, including salaries, interest, and proceeds from the property sale. It aids taxpayers in reporting their income accurately, reducing the risk of underreporting or omitting income sources.
If the TDS or tax paid exceeds the actual tax liability, Form 26AS assists in claiming refunds. It records all tax payments, enabling taxpayers to claim the correct refund without delays or disputes.
Effective 1 June 2020, taxpayer data will be available in an updated Form 26AS, which includes:
The government has yet to notify or clarify which specified financial transactions are reportable in the new Form 26AS. This new format aligns with the Budget 2020 announcement aimed at facilitating compliance and ensuring correct tax payments.
The income tax Form 26AS available online comprises seven parts:
This part contains the details of the TDS deducted from your salary, pension income, interest income, etc. Part A of Form 26AS has the deductor details, the amount subtracted, the date of the transaction, and the tax credited or deposited. It has two sections: Part A1 and Part A2.
Part A1: Details of TDS for Form 15G/Form 15H
Form 15G or Form 15H is submitted to avoid TDS on interest income and be exempt from taxes. The details appear under this section. If you haven’t submitted either of the forms, it will show ‘No transactions present. ‘
Part A2: Details of Tax Deducted at Source on Sale of Immovable Property (For the seller of property)
If you have sold an immovable property, the deducted TDS will be shown in Part A2.
Part B of Form 26AS contains details of the Tax Collected at Source by a seller from a buyer. If you are a seller who has collected taxes, then information will be visible in this section.
Part C displays the advance tax payments and self-assessment taxes you have paid. It also contains the taxes paid via challan.
If you have received any tax refunds, they will be visible in Part D of Form 26AS. Details like assessment year, mode of payment, refund amount, interest paid, and payment date are accessible to you.
Part E consists of all your high-value transactions, which entities like banks must file with the income tax department. These include investing in mutual funds, buying property, and making a cash deposit of more than ₹10 lakh.
Part F shows the details of the TDS deducted from the property you bought.
Information on any tax defaults regarding the processing of statements can be viewed in Part G of Form 26AS.
Form 26AS is an essential document for taxpayers in India, providing a comprehensive statement of all tax-related information. Here’s a detailed guide on how to view and download Form 26AS through various platforms:
Form 26AS is a crucial document for taxpayers in India, serving as a consolidated annual tax statement. It encompasses details of taxes paid, refunds received, and transactions reported to the tax authorities. Understanding the benefits of Form 26AS can help taxpayers ensure compliance, accurate filing, and efficient financial planning. Here are the key benefits:
Form 26AS provides a comprehensive summary of all tax-related information, including tax deducted at source (TDS), tax collected at source (TCS), and advance tax payments. This consolidation simplifies the process of tracking various tax payments and ensures that all relevant data is available in one place.
Using Form 26AS, taxpayers can accurately report their income and taxes paid, reducing the risk of errors or omissions. The form is a reference for all tax credits, helping cross-verify the information provided in the income tax return (ITR).
Discrepancies between the ITR filing and the tax department’s records can lead to notices and scrutiny. Form 26AS helps prevent such issues by ensuring that the data filed in the return matches the records maintained by the tax authorities, thereby minimizing the chances of receiving notices for discrepancies.
Form 26AS allows taxpayers to verify that the taxes deducted by various entities, such as employers, banks, and other organizations, have been correctly deposited with the government. This verification ensures that the taxpayer receives credit for all TDS and TCS payments, preventing potential issues with underreported income or unpaid taxes.
Taxpayers can claim a refund if the tax deducted or paid exceeds the tax liability. Form 26AS provides the necessary details to support the refund claim, ensuring a smooth process and an accurate refund amount.
Checking Form 26AS is crucial for ensuring accurate tax filing and compliance. Here are the key factors that taxpayers should pay attention to when reviewing their Form 26AS:
Review the details of TDS deducted from various income sources such as salaries, interest income, rental income, and commission. Ensure that the TDS amounts match the figures provided by the deductor in TDS certificates (Form 16, Form 16A, etc.).
Check for any tax collected at source, especially if you are involved in transactions such as the sale of goods, sale of motor vehicles, or receipt of rent. Verify that the TCS amounts are correctly reflected in Form 26AS.
Verify the details of advance tax and self-assessment tax payments made during the financial year. Ensure that these payments are accurately credited to your PAN (Permanent Account Number) and are reflected in Form 26AS to avoid any tax payment discrepancies.
Check for any tax refunds processed by the Income Tax Department. Ensure that the refund amounts match the refund claims filed in your income tax returns. Address any discrepancies promptly to avoid delays in receiving refunds.
Review the details of specified financial transactions reported in Form 26AS. These transactions may include property purchases, investments, or other high-value transactions reported to the tax authorities. Ensure that the information is accurate and matches your financial activities.
Check for any outstanding tax demands or dues mentioned in Form 26AS. Address discrepancies or outstanding tax payments promptly to avoid penalties and interest charges imposed by the tax department.
Filing Income Tax Returns (ITR) is crucial for every taxpayer in India. It ensures compliance with tax laws and helps avoid penalties and scrutiny from the tax authorities. One essential step in this process is comparing Form 26AS with Form 16, especially for salaried individuals. Here’s why it’s important:
Comparing the TDS figures mentioned in Form 16 with those in Form 26AS ensures that all TDS deductions made by the employer have been correctly deposited with the government against the taxpayer’s PAN.
Discrepancies between Form 16 and Form 26AS can arise for various reasons, such as errors in TDS deductions, delays in depositing TDS with the government, or mismatches in PAN details.
Sometimes, taxpayers may receive income from sources other than salary, such as interest from fixed deposits or rental income. These incomes may attract TDS, which should be reflected in Form 26AS.
Employers, banks, and other entities deduct TDS on various individual payments and then deposit it with the government on their behalf. Taxpayers must verify the TDS details provided in
Ensure that your details, such as name, PAN (Permanent Account Number), and assessment year, are correctly mentioned in the TDS certificate and Form 26AS. Any discrepancies could lead to issues in tax filings and refunds.
Check whether the TDS amounts mentioned in your TDS certificate match the figures in Form 26AS. Discrepancies in TDS amounts could indicate tax deductions or deposit errors, which must be rectified before filing your tax return.
Confirm that the details of the tax deductor (employer, bank, etc.) mentioned in your TDS certificate match those provided in Form 26AS. It includes the deductor’s name, TAN (Tax Deduction and Collection Account Number), and address. Any discrepancies should be addressed promptly.
Check the TDS challans mentioned in your TDS certificate, such as challan number, date of deposit, and amount deposited. Verify these details with the corresponding entries in Form 26AS to ensure the TDS has been correctly deposited with the government.
Form 26AS provides a consolidated view of their tax-related information. However, errors or discrepancies in Form 26AS can lead to confusion and potential issues during tax filing. If you notice any errors in your Form 26AS, here are the steps you should take to rectify them:
The taxpayers are having several problems with their Form 26AS, including:
To give taxpayers an exhaustive statement covering most of the transactions, the AIS (Annual Information Statement) has added information about several beneficial financial transactions not included in Form 26AS. Aside from a few flaws that AIS stakeholders have pointed out, this statement has improved financial transparency, decreased non-reporting and misreporting, and would significantly lessen litigation.
1
Income Tax Form 26AS is a consolidated tax statement that provides details of Tax Deducted at Source (TDS), tax collected at source (TCS), advance tax, and self-assessment tax deposited against your PAN (Permanent Account Number).
2
You can obtain your Form 26AS by logging in to the Income Tax Department’s e-filing portal, accessing your net banking facility, or visiting the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website.
3
Form 26AS is used to verify tax credits, ensure accurate tax filing, claim refunds, monitor high-value transactions, and avoid discrepancies or tax notices from the Income Tax Department.
4
No, there are no charges for e-filing Form 26AS. It can be accessed free of cost through authorized channels such as the Income Tax Department’s e-filing portal or net banking facilities.
5
Form 26AS can be downloaded in Excel format from the TRACES website. After logging in, select the desired assessment year and format (Excel) and download the file.
6
You can view Form 26AS through net banking by logging in to your bank’s net banking portal, navigating to the tax section, and selecting the option to view Form 26AS. You will be redirected to the TRACES website to access the form.
7
Form 26AS gets updated periodically as and when tax-related transactions, such as TDS, TCS, or tax payments, are reported to the Income Tax Department by deductors or collectors.
8
To rectify errors in Form 26AS, contact the deductor or collector to correct the information. If the issue persists, request assistance from the Income Tax Department and file a rectification request through the e-filing portal.
9
Form 26AS is required to verify tax credits, ensure accurate tax filing, claim refunds, monitor high-value transactions, and avoid discrepancies or tax notices from the Income Tax Department.
10
TDS usually reflects in Form 26AS within a few days or weeks after the deductor submits TDS statements to the Income Tax Department. However, the exact timeline may vary depending on the department’s processing speed.
11
No, Form 26AS and Form 16 are not the same. Form 26AS is a consolidated tax statement that provides details of tax credits. In contrast, Form 16 is a TDS certificate issued by employers to salaried individuals, providing details of salary income and TDS deductions.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
