A Guide To Form 26AS

Form 26AS is an annual statement which contains details of TDS, refunds associated with a PAN in a particular financial year.

It can help you in the process of return filling.

It contains detail of annual information return (AIR) transaction in respect of share mutual fund & etc.

In case of form 16, employer is not ready to issue then in place of form 16; we can file form 26AS, as in this form information of tax deduction from payment is given and deposited into government account.

There are 9 parts in form 26AS under as follows:

Part A: Details of Tax Deducted at Source

In this part TDS is deducted on salary, interest, income from pension, lottery etc.

Tan of the deductor and amount of TDS is deducted. Information has been made on quarterly basis.

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

This part contains information regarding income where TDS are not yet deducted since taxpayer submitted form 15 G or 15 H. By submitting these forms we can verify the status of TDS deduction.

Part A2: Details of Tax Deducted at Source on sale of Immovable Property u/s 194(IA) (For seller of Property)

If an individual sold his or her Immovable property like land & building etc and TDS deducted from receipt. Then you can find relevant information in part A2.

Part B: Details of Tax Collected at Source

In this section information regarding all the tax collected by you as a seller

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

If an individual paid tax by themselves, then the regarding payment will be shown in this section. It also contains advance tax, self assessment tax, information regarding challan through which the tax was deposited.

Part D: Details of Paid Refund

This section contains all the information regarding refunds received, mode of payment, assessment year, amount paid and interest paid by an individual.

Part E: Details of AIR Transaction

This section consists of information regarding all the high value transaction made by individual through bank and other financial institution. Such high value transaction are mutual fund at high value, corporate bonds on high value etc are reported here.

Part F: Details of Tax Deducted on sale of immovable property u/s194ia (For Buyer of property)

If the property is been purchase by individual, then you have to deduct TDS before making the payment to the seller.

Part G: TDS Defaults* (processing of defaults)

It contains processing of default.