Wondering what is 26AS form? Form 26AS, also known as the Tax Credit Statement, is a consolidated statement that provides details of various taxes deducted on your behalf and deposited with the government. It is an essential document for taxpayers to verify the accuracy of taxes deducted at source (TDS), taxes paid, and refunds received during a financial year.
What is 26 AS Form of Income Tax?
The 26AS full form is 26 Annual Tax Statement. Here are the key components and significance of Form 26AS:
It includes details of TDS deducted by deductors such as employers, banks, tenants, etc., on payments made to you. This could include TDS on salary, interest income, rental income, etc.
It contains information about tax collected by sellers on specified transactions such as sale of goods, sale of motor vehicles, etc.
It provides details of advance tax and self-assessment tax payments made by you during the financial year. Form 26AS may include information about high-value transactions such as property purchases, investments, credit card payments, etc., reported by third parties to the income tax department.
It shows details of income tax refunds received during the financial year, including the mode of payment and the amount refunded.
It contains information about specified financial transactions reported under the Annual Information Return (AIR) such as cash deposits, purchase of bank drafts, etc.
Taxpayers can verify whether the TDS deducted by deductors matches the actual income earned and reported in their income tax return. Form 26AS helps taxpayers in accurately reporting their income and taxes paid while filing their income tax returns.
By reviewing Form 26AS, taxpayers can identify any discrepancies or errors in tax credits and take corrective actions, if required, to avoid penalties and interest. It serves as a proof of tax payment and can be used for various purposes such as applying for loans, visa processing, etc.
Form 26AS can be accessed online through the
income tax department's e-filing portal
. Taxpayers need to log in to their e-filing account using their PAN and password, and then navigate to the "View Form 26AS" section to download the statement.
This is all about what is 26AS form.
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- Tax deductions by all tax deductors
- Tax collection details
- Advance tax payment by taxpayer
- Regular tax assessment details
- Income Tax Refund received
- Record of high value transactions including shares, mutual funds, etc.
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Authors Of The Question
What is Form 26AS in Income Tax?
Yamini
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2 Answers
2 Year
2022-03-28T09:56:35+00:00 2024-07-01T11:10:15+00:00Comment
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