Form 26AS and Its Purpose
Form 26AS is an annual statement that has subtleties of the tax credited against the PAN of a taxpayer. This form can be accessed from the Income Tax Department’s e-documenting gateway by a taxpayer utilizing his/her Permanent Account Number (PAN). You can allude to your Form 26AS for subtleties of your income (on which taxes have been deducted) just as the taxes that have been paid by or for your sake by the deductor (could be your boss, bank, and so forth) to the public authority depository.
The public authority presented segment 285BB in the Income-tax Act, 1961 through Finance Act 2020 and embedded another Rule, 114-I by means of a notification dated May 28, 2020, for making changes in Form 26AS.
What’s going on in the Form 26AS
From an Annual Tax Statement, the new Form has now become an Annual Information Statement. The old Form contained information just about subtleties of tax deducted at source (TDS) against your PAN, tax collected at source (TCS) on your PAN, and subtleties of other taxes paid. The new Form 26AS has two parts: Part An and Part B.
Part A of the Form contains general information about the taxpayer against the accompanying fields:
- Permanent Account Number
- Aadhaar Number
- Date of Birth/Incorporation
- Versatile number
- Email address
Part B of the Form contains the accompanying information:
- Information relating to tax deducted or collected at source
- Information relating to indicated monetary transactions (SFT)
- Information relating to the instalment of taxes
- Information relating to demand and refund
- Information relating to forthcoming procedures
- Information relating to completed procedures
- Some other information in relation to sub-rule (2) of rule 114-I
Purpose of Form 26AS
Form 26AS is a consolidated statement given under Section 203AA of the Income Tax Act and the rule of 31AB of Income Tax rules to the PAN number holders. The form is perhaps the main Income Tax archives for a taxpayer
- Gives proof that tax has been deducted and collected for your benefit
- Gives a record of the tax paid by you in your annual Income tax return(ITR).
- Affirms that exact tax has been deducted by various substances and saved by the deducted into the account of government
- Affirms that the bank has appropriately outfitted the subtleties of the tax stored by you.
With this form, a taxpayer isn’t needed to connect a copy of the TDS certificate alongside his Income-tax return. It is imperative to check Form 26AS altogether prior to documenting the Income Tax Return to maintain a strategic distance from demand notification and a penalty from Income Tax Department and furthermore take into account the fast processing of your return.
✅ What is Form 26as?
It is the annual tax credit statement gave by the Income Tax department for each taxpayer. It contains a point-by-point report about the taxes deducted against your income, by bosses, banks, including any development tax or self-appraisal tax paid during the year. Apart from that, it additionally states subtleties of any income tax refund got from the tax department during the significant monetary year.
✅ How would I be able to see my form 26as?
Form 26as is accessible on the authority entryway of TRACES; you can see and download the form from that point. Else, if your PAN card is connected with the ledger, you can see the tax credit statements through your net financial account. Notwithstanding, there are restricted banks that are enrolled with NSDL for providing a perspective on Tax Credit Statement. You should see the rundown of these banks to download the form 26as through your net-banking account.
✅ Who will give Form 26as?
The Income Tax department keeps the record of everybody taxpayer about the subtleties of tax paid and refunds got against the income for a monetary year. You can see and download the form 26as from the authority site of the Income Tax department or through the net-banking account of your bank to check the record of income tax statement given by the Income Tax department under segment 203AA of the Income Tax Act.
✅ Why do we need Form 26as?
We need Form 26as in light of the fact that it gives evidence that tax has been deducted and collected for our sake. Further, it affirms that businesses and banks have deducted the exact taxes for our sake and furthermore saved into the account of the public authority.
✅ What is Form 26a TDS?
The information gave in Part An of Form 26AS contains subtleties of TDS ( Tax deducted at source) deducted on your compensation, interest income, annuity income, and so forth Likewise, on the off chance that you have given the form 15G/H in the event that your income isn’t qualified for TDS, at that point you can follow the status utilizing the Form 26a TDS.