What is the Structure of Form 26AS

What is the Structure of Form 26AS
Form 26AS is a consolidated tax statement which has all tax related information such as TDS, TCS, Refund etc associated with a PAN. It shows how much of your tax has been received by the government and is consolidated from multiple sources like your salary / pension / interest income etc.This form contains the annual tax statement under Section 203AA and Rule 31AB.

Statement information of Form 26AS

  • Part A:Contains details of TDS deducted from salary,pensions,interest.
  • Part B:Contains details of TCS by goods seller.
  • Part C:Contains details of direct tax paid by payer.
  • Part D:Contains details of Tax refunds.
  • Part E:Contains details of High value transactions.
  • Part F:Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA(For Buyer of Property
  • Part G:TDS Defaults

Process to view Form 26AS

  • Form 26AS can be viewed on Income Tax website www.incometaxindiaefiling.gov.in.
  • You need to have a valid username and password to login into your registered account.
  • After logging in, the system will redirect you to the TDS- CPC website. You are required to select assessment year for which you wish to see the details.
  • The form displays the information about your salary, TDS and TCS, AIR transactions etc.

Structure of Form 26AS

Part A has two more sections Part A1 and Part A2, which provide further details on TDS on other transactions.

Part A1: Details of TDS for Form 15G or Form 15H

There may be a case when your earned income is below the exempted income as per Income Tax Act or you earn no income during the year, but you have some income from FDs or other savings scheme that attracts TDS.

Part A2: Details of TDS on sale of immovable property (in case of seller of property)

This part of the form includes the details of Tax Deducted at Source (TDS) on sale of immovable property under section 194 (IA) of Income Tax Act.The details captured are same as those captured in other parts of the Form.

Part B: Details of Tax Collected at Source (TCS)

Part B of the form furnishes information on Tax Collected at Source (TCS) by the seller of specified goods that have been sold. TCS is an income tax collected by the seller from the buyer/payer on sale of certain goods.

Part C: Details of tax paid other than TDS or TCS

Part C displays the details of advance tax and self assessment tax paid by you other than TDS or TCS. It also furnishes the details of the challan through which the tax has been deposited by you in the bank.

Part D: Details of paid refund

This section shows the details of tax refund received by taxpayers. The information provided includes the assessment year for which the refund is being made along with the details of mode of payment, amount paid, interest paid and date of payment.

Part E: Details of AIR (Annual Information Return) transactions

This part of Form is the Annual Information Return of high value transactions. As per Income Tax department tax filers who have made any high value transaction during the financial year are required to furnish a statement of such transactions to tax authority. The information is provided for transactions such as mutual funds, cash deposit of Rs. 10 lakh or more during financial year, high value corporate bonds, property purchases etc.

Part F: Details of tax deducted on sale of immovable property

This part of the form displays the details of Tax Deducted at Source (TDS) on sale of immovable property under section 194 (AI) of Income Tax Act. This section of the form provides a record of tax transaction for the buyer of property.

Part G: Details of tax defaults (includes processing of defaults)

The information about the tax defaults (if any) is displayed in this section of Form 26AS. Defaults relate to processing of statements and do not include any demand raised by Assessing Officers.

Conclusion:
Form 26AS is a consolidated statement issued by Income Tax Department and rule 31AB of Income Tax rules to the PAN number holders. Form is one of the most important documents for a taxpayer