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  • Form 26AS

    What is Form 26AS?

    Form 26AS basically is an official form that contains details of deducted tax by tax deductors. The form also contains details of tax deducted at source, tax collected at source, details of advance tax, along with Refunds and high value transactions deducted on behalf of the taxpayer.

    Understanding Form 26AS:

    Form 26AS is also known as annual statement which contains all tax related information of a taxpayer. The details give a clearer picture of the tax commitments of a taxpayer. It is associated with PAN.

    Listed below are the details that Form 26AS will contain.

    • Tax deducted by the deductors on behalf of the taxpayer
    • Details of tax collected by the tax collectors on behalf of the taxpayer
    • Advance tax, self-assessment tax, regular assessment tax deposited by PAN holders/ taxpayers
    • Paid refund
    • Details of Annual Information Report transactions

    Structure of Form 26AS:

    Form 26AS is mainly divided into three parts, A, B and C. Listed below is a detailed explanation of all the three parts that constitute Form 26AS.

    Part A:

    Part A of the Form 26AS contains details of the tax deducted at source. It contains details of all the taxes deducted at source from salary, pension income and interest income. It contains details of the deductor including their name and TAN along with details of the tax amount deducted.

    Part B:

    Part B contains details of the collected at source (TCS) by the seller or merchant of the goods that was sold to the customer. It contains all details in respect to the seller and tax collected.

    Part C:

    Part C contains details of the direct tax paid by the taxpayer. It includes advance tax, self-assessment tax and also the details of the challan through which the tax was deposited.

    How to View Form 26AS?

    There are two ways in which one can view their Form 26AS. Both the methods use the online facility to display the Form 26AS for the customer. Listed below are the two ways in which one can view their Form 26AS online.

    • Traces:

      One can view and analyze their Form 26AS through Traces (TDS Reconciliation Analysis and Correction Enabling System) facility. One has to be register with Traces in order to view the Form 26AS through this facility. Listed below are the steps that has to be followed in order to view your form.

      1. The customer has to visit the Income tax India e-filing website and locate the Form 26AS which is available on the website.
      2. Login into the account using details such as PAN number, password, date of birth or date of incorporation. If the customer doesn’t already have an account, they have to register.
      3. Give confirmation to be redirected to the TDS-CPC website
      4. Click on the link at the bottom of the page
      5. Choose the assessment year and the format in which you want to view the form
      6. Obtain the form
    • Net Banking Facility:

      Another way to view your Form 26AS is through net banking facility through the bank. Any PAN holder who has access to net banking with authorised banks can use this facility. The Form 26AS can be viewed only if the PAN number is connected to the account. The customer doesn’t have to pay to use this service, it comes free of cost. This is available only on certain authorised banks in India.

    Form 26AS Registration:

    The customer can view their Form 26AS online by registering online. The customer has to go to the TRACES website and register as a new user by providing few details including address, communication details and PAN number.

    News About Tax Form

    • Indian Income Tax Dept to adopt a no-nonsense policy towards non-salaried

      The employee class (government or private) entails almost half of the overall 4.33 crores e-tax filers in our country. This saves rest of the e-filing taxpayers from similar scrutiny. A lot of bogus claims regarding Leave and Travel Allowance and House Rent Allowance have come into their notice. Hence taxpaying citizens are expected to submit proofs for these to their employers. The name, contact details as well as PAN Card Number of the house owner must be given if your rent per annum is more than INR 1 lakh. The department has made praiseworthy efforts to remove the trend of tax evasion. Their next aim is to put a stop to these kinds of leakages from non-salaried people. Non-salaried taxpayers are mostly entrepreneurial or having income from other sources. IT Dept has already issued a standardized Form 12BB to the salaried. Same will be applicable to non-salaried class as well. Many instances of leakages were resolved through Form 26AS, which, matches the earnings and tax payment.

      11th May 2016

    • Declare Interest Income in ITRs: I-T Department

      The Central Board of Direct Taxes has urged taxpayers to declare all their interest income in their IT Returns. It wants everyone to re-file and make corrections to their returns from FY 2013-14 onwards.

      The declaration should include the interest incomes where Form 15 G/H have been filed and the total is more than Rs. 2.5 lakh. You may leave out interest income up to Rs. 10,000 that is exempted under Section 10 of the IT Act. This has to be done before March 31, 2016, or pay a penalty of Rs. 5,000.

      The department can track your deposits and interest payments received without tax deduction through information collected from banks and financial institutions.

      18th April 2016

    • Filing of Interest Information

      Taxpayers would need to review and correct the information that they have provided. As per the Form 26AS, only the tax that has been deducted will be indicated and that necessitates that such financial information be provided down to the best details.

      The details that are to be provided would be for the financial year 2014-15 and need to be furnished before March 31, 2016. Non-filing of such information may lead to penalty under Section 271F.

      28th March 2016

    • Avoid Penalties on your Taxes, be extra Diligent

      When it comes to taxes you really need to be extra diligent, if you have been and submitted all required proofs to your employer and tax payable is always a surprise. TDS is a very acceptable way of paying tax. But what if it’s not enough? TDS is deducted at a rate of 10%, and sometimes even higher taxes are included in their total income. Make sure you have paid all taxes under all sections of the IT Act 1961. If in your interest income tds has been deducted, then you can see a field in form 26as and you can reproduce the same in your bank statement.

      2nd March 2016

    • The New Tax Forms will be released for the FY 2014-15

      Before filing your taxes, you will need to review your important documents, the most important one is your Form 26AS. The all the details of your TDS deducted from your income, will be mentioned in the Form 26AS. The details of tax directly paid as well as, the advance tax or self assessment tax. You can be see your Form 26AS with TRACES.

      18th February 2016

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