Special Guide for Download 26AS form and its Importance for ITR

Introduction to 26AS:

• Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer.
• It also reflects details of advance tax/self-assessment tax paid, and high-value transactions entered into by the taxpayer.

What are the details contains form 26AS ?

Form 26AS is a statement that shows the below information:

1. Tax deducted on your income by all the tax deductors
2. Details of tax collected source by all the tax collectors
3. Advance tax paid by the taxpayer
4. Self-assessment tax payments
5. Regular assessment tax deposited by the taxpayers (PAN holders)
6. Details of income tax refund received by you during the financial year
7. Details of the high-value transactions regarding shares, mutual funds, etc.
8. Additional details like mutual fund purchase and dividend, interest on income tax refunds, off-market transactions, foreign remittances, salary break-up details, etc.
9. Details of tax deducted on sale of immovable property
10. Details of TDS defaults (after processing TDS return) made during the year
11. Turnover details reported in GSTR-3B

What are the Parts of Form 26AS?

• Part A: Details of Tax Deducted at Source
• Part A1: Details of Tax Deducted at Source for 15G/15H
• Part A2: Details of Tax Deducted at Source on the Sale of Immovable Property u/s194(IA)/TDS on Rent of Property u/s 194IB/TDS on Payment to Resident contractors and professionals u/s
• 194M (For Seller/Landlord of Property/ Payee of resident contractors and professionals)
• Part B: Details of Tax Collected at Source
• Part C: Details of Tax Paid (other than TDS or TCS)
• Part D: Details of Paid Refund
• Part E: Details of SFT Transaction
• Part F: Details of Tax Deducted at Source on the sale of Immovable Property u/s194(IA)/TDS on Rent of Property u/s 194IB/TDS on payment to resident contractors and professionals u/s 194M (For Buyer/Tenant of Property/Payer of resident contractors and professionals)
• Part G: TDS Defaults* (processing of Statements)
• Part H: Details of Turnover as per GSTR-3B

Part-A

• Part A of Form 26AS contains TDS details deducted on your salary, interest income, pension income, prize winnings, etc.
• It also includes the TAN of the deductor, the amount of TDS deducted and deposited to the government.
• This information is provided every quarter.

Part A1:Details of Tax Deducted at Source for 15G/15H

Details of income where no TDS has been deducted is given here since the taxpayer has submitted Form 15G or Form 15H. You can verify the status of TDS deduction if you have submitted Form 15G or Form 15H.

Part A2:

• TDS on sale of immovable property u/s194(IA) (for the seller of property)
• TDS on rent of property u/s 194IB (for the landlord of property)
• TDS on payment to resident contractors and professionals u/s 194M (for a payee of resident contractors and professionals)
• That is, it will show entries if you have sold the property/rented the property, received payments for contractual or professional service during the year, and TDS was deducted on the same.

Part B:Details of Tax Collected at Source

Part B shows the Tax Collected at Source (TCS) by the seller of goods. Entries in Form 26AS

Part C:Details of Tax Paid (Other than TDS or TCS)

If you have deposited any tax yourself, that information will appear here. Details of advance tax as well as self-assessment tax are present here. It also contains challan details (BSR code, date of deposit, CIN) through which the tax was deposited.

Part D:Details of Paid Refund

If any, information regarding your refund will be present in this section. Assessment year to which the refund pertains, along with the mode of payment, the amount paid and interest paid, and the date of payment are mentioned.

Part E:Details of SFT Transaction

Banks and other financial institutions must report high-value transactions to the tax authorities. High-value purchases of mutual funds, property purchases, corporate bonds are all reported here.

Part F:Details of Transaction of Immovable Property

Details of Tax Deducted at Source on the sale of Immovable Property u/s194(IA)/TDS on Rent of Property u/s 194IB/TDS on payment to resident contractors and professionals u/s 194M

Part G:TDS Defaults*(Processing of Statements)

This part shows TDS defaults (after processing of TDS returns). However, they do not include demands raised by the assessing officer.

Part H:

This part shows turnover of the taxpayer as reported in the GSTR-3B return.