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Calculating the taxes that you have to file and the procedure of doing so can be tedious. But were you aware of a simple tool named ‘Form 26AS’ which does it all for you? Let us look at what is Form 26AS and discuss the different parts of the form.
Form 26AS is an annual combined tax statement which presents all the information regarding your taxes. You can access Form 26as statement by logging onto income tax e-filling website with your PAN number. The form displays several taxes deducted on your income and also details of Tax Collected at Source (TCS). It also contains the Annual Information Return (AIR), which are high-value transactions, filed by various entities. Form 26AS enables you to cross-check the tax deposited with the income tax department matches with the tax deducted and paid in advance.
The income tax Form 26AS available online comprises of seven parts:
1. Part A: Details of Tax Deducted at Source
This part contains the details of the TDS deducted from your salary, pension income, interest income, etc. Part A of Form 26AS has the details of the deductor, amount subtracted, date of the transaction and the tax credited or deposited. Part A has two sections, Part A1 and Part A2.
a.Part A1: Details of TDS for Form 15G/Form 15H
Form 15G or Form 15H is submitted to avoid TDS on interest income and get exempted from taxes. The details of that appear under this section. If you haven’t submitted either of the forms, it will show ‘No transactions present’.
b.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 TDS that was deducted will be shown in Part A2.
2. Part B: Details of Tax Collected at Source (TCS)
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 the taxes, then information regarding the same will be visible in this section.
3. Part C: Details of Tax Paid other than TDS or TCS
Part C displays the advance tax payments and self-assessment taxes paid by you. It will also contain the taxes paid via challan.
4. Part D: Details of Paid Refund
If you have received any tax refunds, it will be visible in Part D of Form 26AS. Details like assessment year, mode of payment, refund amount, interest paid and the date of payment are accessible to you.
5. Part E: Details of AIR Transaction
Part E consists of all high-value transactions made by you which have to be filed by entities like banks to the income tax department. The high-value transactions include investing in mutual funds, buying property, a cash deposit of more than INR 10 lakh, etc.
6. Part F: Details of Tax Deducted on Sale of Immovable Property (For the buyer of property)
Part F shows the details TDS deducted on the property bought by you.
7. Part G: TDS Defaults
Information of any tax defaults regarding the processing of statements can be viewed in the Part G of Form 26AS.
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