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Form 26 AS

sivaram (Asst Mgr-Taxation) (6918 Points)

17 August 2009

can anyone explain what is Form 26 AS and what for it is required in Fiiling Income Tax Returns

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4 Replies

Preetham S L (CA Final Student) (94 Points)
Replied 17 August 2009

Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. This statement, with respect to a financial year, will include details of:
a) tax deducted at source (TDS);
b) tax collected at source (TCS); and
c) advance tax/self assessment tax/regular assessment tax etc., deposited in the bank by the taxpayers (PAN holders).
Form 26AS will be prepared only with respect to Financial Year 05-06 onwards.

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Preetham S L (CA Final Student) (94 Points)
Replied 17 August 2009

The credits available in the tax statement confirm that:
a) the tax deducted/collected by the deductor/collector has been deposited to the account of the government;
b) the deductor/collector has accurately filed the TDS/TCS statement giving details of the tax deducted/collected on your behalf;
c) bank has properly furnished the details of the tax deposited by you.
In future, you will be able to use this consolidated tax statement (Form 26AS) as a proof of tax deducted/collected on your behalf and the tax directly paid by you along with your income tax return, after the need for submission of TDS/TCS certificates and tax payment challans along with income tax returns has been dispensed with by the Income Tax Department (ITD).
However, as of now for claiming the credit for tax deducted/collected at source you may be required to enclose TDS/TCS certificates (Form 16/16A) issued to you by the deductor.

CA Devesh Thakur (CA ) (303 Points)
Replied 17 August 2009

The Form 26AS (Annual Tax Statement) is divided into three parts, namely; Part A, B and C as under:
Part A displays details of tax which has been deducted at source (TDS) by each person (deductor) who made a specified kind of payment to you. Details of the deductor (name & TAN) along with details of tax deducted like section under which deduction was made (e.g. section 192 for salary), date on which payment was effected, amount paid/credited, tax deducted from payments and deposited in the bank are included in this part.
Part B displays details of tax collected at source (TCS) by the seller of specified goods at time these goods have been sold to you. Details similar to those displayed in Part A in respect of the seller and the tax collected will also be available.
Part C displays details of income tax directly paid by you (like advance tax, self assessment tax) and details of the challan through which you have deposited this tax in the bank.

In such cases the details of TDS/TCS cannot be posted into your Form 26AS. Therefore it is important to provide your PAN to all the entities who deduct/collect tax on your behalf.

The deductor can use the TAN view facility available at TIN website to verify both upload and booking status of the TDS/TCS statement uploaded by it.