- 15 FEB 2018
Understanding Form 26AS
Form 26AS is a one stop solution to any tax deposited with the government. It provides details of the tax collected or deducted during a previous year. Since Form 26AS is linked to the PAN number of each tax payer, it proves to be essential while claiming refund or ascertaining the amount of total tax liability.
Tax is required to be deducted by the payer in case of certain transactions. Certain such transactions include payment of salary, interest, professional fees, etc. Similarly, tax is also required to be collected by the seller in case of sale of certain items. Such items are cigarettes, cars, transactions in cash beyond a threshold limit, etc.
Certain highlights of Form 26AS:
- Form 26AS is updated on real time basis. As soon as any tax is deposited to the credit of the Central Government, the same is immediately updated in Form 26AS.
- Form 26AS is generated for a financial year i.e. starting from 01st April and ending on 31st
- Form 26AS can be viewed online through the TRACES website. It is highly secured and can be viewed by registered PAN card holder only.
- Form 26AS also aids in ascertaining source and nature of payments. TAN (Tax Deduction Account Number) is also provided.
Form 26AS is divided into various parts. These include:
- Details of all taxes deducted at source: TDS on salary, sale of property, professional fees, etc. is included under this part. Each item is shown independently.
- Details of TDS for Form 15G/15H: Any individual may choose to submit Form 15G/H with a bank or a financial institution. Form 15G/15H is submitted when taxable income of the assesse is lower than the basic exemption limit. Thus, TDS in such cases is NIL!
- Details of tax collected at source: TCS rate for each category is different and hence it is computed individually.
- Any other tax paid: This includes details of self-assessment tax or advance tax paid.
- Refund: Details of refund to which assesse is entitled is listed herein.
- AIR Transactions: Any high value transactions entered into during the financial year is included in Annual Information Return.
Depositing TDS certificates is a tedious process. The income tax department has done away with this requirement. However, taxpayer is required to verify TDS details available on the TRACES website. Any discrepancy found is to be reported to the department. Non-compliance of the same may attract inquiry by the department.
You can check your Form 26AS for all transactions of the financial year 2017-18 on 1 April, 2018.
- 24 DEC. 2018
Reasons why life insurance makes a perfect Christmas Gift!
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