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Form 26AS

Form 26AS is a comprehensive statement that provides a detailed breakdown of various tax-related transactions linked to a taxpayer’s PAN (Permanent Account Number). It’s an essential document for accurate tax filing.

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Why Should I Use Auriga Accounting For Form 26AS ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your Form 26AS.

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Our team of experts will get in touch with you and collect all necessary documents and details

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We fill out and file your application for ITR Filing 

Complete your ITR Filing

Ready Your Form 26AS. 

Why Should I Use Auriga Accounting For Form 26AS ?

 Auriga Accounting has a team of registration experts who can provide complete guidance to register your Form 26AS.

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for ITR Filing 

Complete your ITR Filing

Ready Your Form 26AS.

Overview - Form 26AS

Form 26AS is a comprehensive statement that provides essential information regarding the tax liabilities of a taxpayer. It outlines the amounts that have been deducted as Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) across various sources of income. This form serves as a crucial tool for taxpayers to track their tax deductions and ensure that all applicable taxes are accurately reported.

In addition to TDS and TCS details, Form 26AS also captures information related to any advance tax or self-assessment tax payments made by the taxpayer throughout the financial year. This helps individuals and businesses monitor their tax obligations and maintain a clear record for tax filing purposes.

Furthermore, Form 26AS lists high-value transactions that have been reported in the taxpayer’s account, providing transparency and aiding in the verification of income. Overall, this statement is an important resource for taxpayers, helping them keep track of their tax deductions and payments while ensuring compliance with tax regulations.

 

What Does Form 26AS Include?

Form 26AS captures a wide range of financial details, such as:

  • TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) from different income sources like salary, interest, or professional fees.
  • Advance tax and self-assessment tax payments made by the taxpayer.
  • High-value transactions — like large deposits, property purchases, or investments — reported to the Income Tax Department.
  • Refund details — including any income tax refunds processed during the financial year.
  • Foreign remittances — transactions involving sending money abroad.
  • Dividend income, mutual fund purchases, and other financial activities (added in the updated version).

Why is Form 26AS Important?

  • Ensures Accuracy: Helps cross-check TDS deductions with the TDS certificates (like Form 16/16A).
  • Confirms Tax Payments: Ensures that the taxes deducted or paid on your behalf are properly deposited with the Income Tax Department.
  • Prevents Tax Notices: Discrepancies between your tax return and Form 26AS may trigger tax notices — verifying the form helps avoid this.
  • Simplifies Tax Filing: It provides a consolidated snapshot of your tax-related data, making filing returns easier and error-free.

Tax Payment Details Form 26AS

  • Tax Deducted at Source (TDS): Information about TDS deducted by employers, banks, or other deductors on various income sources (salary, interest, etc.).
  • Tax Collected at Source (TCS): Details of TCS collected on applicable transactions like sales of specific goods.
  • Advance Tax Payments: Records of advance tax payments made during the financial year.
  • Self-Assessment Tax Payments: Shows any self-assessment tax you’ve paid to cover outstanding tax liability.
  • Regular Assessment Tax: Reflects any tax paid after receiving a demand from the Income Tax Department.

Income & Financial Details Form 26AS

  • Income Tax Refunds: Details of refunds issued to you during the financial year, if applicable.
  • High-Value Transactions: Includes information on large financial transactions like shares, mutual funds, and property purchases, reported to the tax department.
  • TDS on Property Sales: Captures tax deducted when selling immovable property, ensuring compliance with property transaction tax rules.
  • Specified Financial Transactions: Covers significant financial activities reported by financial institutions — such as large deposits, mutual fund investments, or credit card payments exceeding a threshold.

Other Important Information

  • TDS Defaults: Highlights any defaults or discrepancies in TDS returns after they’re processed.
  • Turnover Details: Includes turnover figures reported under GSTR-3B (for GST-registered businesses).
  • Income Tax Proceedings: Displays the status of any pending or completed income tax assessments or proceedings against the taxpayer.

A Comprehensive Tax Statement Form 26AS

Form 26AS is an annual tax statement that consolidates key financial details linked to your PAN. It includes:

  • Tax Deducted at Source (TDS): Details of taxes deducted from your income by employers, banks, or other deductors.
  • Tax Collected at Source (TCS): Information about taxes collected by sellers on specific transactions.
  • Advance Tax Payments: Records of any advance tax you’ve paid during the financial year.
  • Self-Assessment Tax: Details of self-assessment tax payments made to cover any remaining tax liabilities.
  • Income Tax Refunds: Information on refunds you’ve received throughout the year.
  • Regular Assessment Tax: Captures any tax paid after a regular assessment by the Income Tax Department.
  • High-Value Transactions: Reflects large transactions involving mutual funds, shares, and other specified financial activities.

New Format (Effective from 1st June 2020)

The updated Form 26AS structure now provides a more detailed view of your financial activity, including:

  • Specified Financial Transactions (SFT): Covers high-value transactions reported by banks, mutual funds, and other institutions.
  • Pending Tax Proceedings: Displays details of ongoing or completed tax assessments, ensuring transparency.

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2023-06-10
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