Form 26AS, which must be sent to taxpayers in accordance with Section 203AA of the Income Tax Act of 1961, is a Consolidated Tax Credit statement that details the income tax that has been paid to the government on behalf of the taxpayer.
Income Tax Form 26AS
All information on the taxes paid and submitted to the Income Tax Department is contained in Form 26AS, a consolidated statement. The following information must be included on Form 26AS in accordance with Rule 31AB of the Income Tax Rules:-
- Tax Deducted at Source (TDS) that the payer of the payment on your behalf has submitted to the Income Tax Department. Additionally, this TDS head shows the deductor’s name, TAN number, section under which the payment was made, date of payment, payment amount, etc.
- When certain items were sold to you, the seller deposited Part B – Tax Collected at Source (TCS) on your behalf with the Income Tax Department. Details under this TCS head are displayed together with those under TDS Head.
- Other tax payments made by the taxpayer (such as advance tax, self-assessment tax, regular assessment tax, etc.) are calculated based on the income tax slabs and the specifics of the challan through which you paid the tax in the bank.
- Tax Refunds, which describe the amount reimbursed and the assessment year for which the tax was repaid, if any
- Annual Information Report (AIR): Provides information on high-value transactions carried out by an individual and documented in the Annual Information Report.
Advantages of Form 26AS
Every taxpayer is urged to double-check his Form 26AS since the amount entered on the Income Tax Return must match the amount displayed in this tax credit statement. This tax credit statement lists all taxes that the Income Tax Department has collected for a taxpayer, and it also attests that
- The tax that was deducted or collected by the deductor or collector was put in the government’s account, and TDS payments were made.
- The Bank has properly provided the information of the Tax deposited by you, and the Deductor/Collector has appropriately submitted the TDS/TCS Return providing details of the Tax Deducted/Collected on Your Behalf.
- A taxpayer may check the specifics of the income tax refund paid during the fiscal year in addition to the aforementioned, and may also confirm the TDS Certificates (Form 16 & Form 16A)
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