FORM 26AS is a wonderful boon for Income Tax Department and for the tax payers. With the help of Form 26AS we can view all the detail relating to income tax paid, TDS deduction, refund, and transaction relating Annual Information Report etc. If you have Form 26AS and you find that all taxes are shown in this form then there is no need to collect form 16-A also. Form 26AS is being prepared by Income Tax Department and furnishes the following information:-

Details of Tax Deducted at Source:- Details, which are shown under this head, are:-

  • Serial Number.
  • Name of section under which TDS is deducted,
  • Name of deductor.
  • TAN of Deducter.
  • Date of deduction of TDS.
  • Amount paid or credited.
  • The amount of TDS deducted.
  • The date of deposit of TDS in bank.

Details of Tax Deducted at Source for Form 15G or 15H:- Details, which are shown under this head, are:-

  • Serial Number.
  • Name of deductor.
  • TAN of Deducter.
  • Total amount paid/credited
  • Date of transaction.
  • Tax deducted.
  • TDS deposited.

Details of Tax Deducted at Source on Sale of Immovable Property under section 194-IA (For Seller of Property:– Details, which are shown under this head, are:-

  • Serial Number.
  • Acknowledgement Number.
  • Name of deductor.
  • PAN of deducter.
  • Date of Transaction.
  • Total Transaction amount.
  • TDS amount deducted
  • TDS deposited.
  • Date of deposit.

Details of Tax Collected at Source:- Details, which are shown under this head, are:-

  • Serial number.
  • Name of collector.
  • TAN of collector.
  • Transaction date.
  • Total amount paid or debited.
  • Total tax collected.
  • Total TCS deposited.
  • Section under which TCS was deduced.

Details of Tax Paid (Other Than TDS or TCS):– This includes the advance tax payment or self assessment tax paid by the tax payer. Details, which are shown under this head, are:-

  • Serial number.
  • Major Head:- Under this head some code numbers are to be given which have been allotted by the income tax department for different types of tax payers. For example – Code Number 0020 for Corporation Tax, 0021 for Income Tax other than companies, 0023 for Hotel Receipt Tax, 0024 for Interest Tax, 0026 for Fringe Benefit Tax, 0028 for Expenditure Tax/Other Taxes, 0031 for Estate Duty, 0032 for Wealth Tax, 0033 for Gift Tax. Now, suppose you are seeing the Form 26AS of any individual and that individual has paid any type of tax, in this case the major code will be shown as 0021 because this code is given by income tax department for income tax other than corporation tax.
  • Minor Head:- Under this head some code numbers are to be given which have been allotted by the income tax department for different types of taxes. For example – code number 100 for Advance Tax, 102 for Surtax, 106 for Tax on distributed profit of domestic companies, Tax on distributed income to unit holders, 300 for self assessment tax, 400 for tax for regular assessment and 800 for TDS on sale of immovable property. Now, suppose you are seeing the Form 26AS of any individual and that individual has paid self assessment tax, in this case the minor code will be shown as 300 because this code is given by income tax department for self assessment tax.
  • Tax Amount paid.
  • Surcharge.
  • Education Cess.
  • Others.
  • Total Tax.
  • BSR Code. This code in given payment challan.
  • Date of deposit.
  • Challan Serial Number. This number is also given payment challan.
  • Remarks.

Details of Paid Refund:- Suppose any tax payer receives the income tax refund from income tax department, the details of that refund is shown in Form 26AS. Details, which are shown under this head, are:-

  • Serial number.
  • Assessment year:- Means, the refund relates the assessment year against which the amount is received.
  • Mode – Whether ECS or by cheque or by other means of payment.
  • Amount of Refund.
  • Interest on refund.
  • Date of payment of refund.

Details of Transaction Relating to Annual Information Report:- Details, which are shown under this head, are:-

  • Serial number.
  • Type of transaction.
  • Name of AIR Filer.
  • Transaction Date.
  • Single/joint party transaction
  • Number of Parties.
  • Amount
  • Mode of payment.
  • Remarks.

There are some specific transaction which relates to annual information report to be given to income tax department by the concerned person during a particular year. For Example:-

  • Cash deposit in saving bank account for Rupees 10 lakhs or more in aggregate,
  • Purchase or sale on any immovable property for Rupees 30 lakhs or more,
  • Bills paid through credit card in aggregate for Rupees two lakhs or more,
  • Purchase mutual fund unit for Rupees two lakhs or more,
  • Purchase of bonds and debenture for Rupees five lakhs or more issued by company or institution,
  • Purchase of shares for Rupees one lakh or more issued by a company,
  • Investment made in bonds of Reserve of India for Rupees five lakhs or more.

Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA (For Buyers of Property):- Details, which are shown under this head, are:-

  • Serial number.
  • Acknowledgement number.
  • Name of deductee.
  • PAN of deductee.
  • Transaction date.
  • Total transaction amount.
  • Total TDS deposited.
  • Date of TDS deposit.
  • Total amount deposited other than TDS.

Details of TDS Defaults (Processing of Statement):- Details, which are shown under this head, are:-

  • Serial Number.
  • TAN.
  • Financial Year.
  • Short Payment.
  • Short Deduction.
  • Interest on TDS (Payment of defaults).
  • Interest on TDS deduction default.
  • Late filing fee u/s 234E.
  • Interest u/s 220(2).
  • Total default.

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