Form 26AS (TDS) -FORM DOWNLOAD is the annual statement in which the following details of taxpayers are disclosed –
- Tax deducted at source, or
- Tax collected at source, or
- Advance tax or Self Assessment tax paid by the taxpayer,
- Refund received,
- High-value transactions
These details are as per the database of Income-tax Department as authorised by Income Tax Act, 1961. It will reflect the tax credit against the PAN of the taxpayer which a taxpayer can use in paying the Self-Assessed Taxes.
Form 26AS is consolidated from multiple sources like your salary, pension, interest income etc. simplest a registered PAN holder can view their shape 26AS on strains.
Step 2 Go to ‘My Account’. Click on ‘View Form 26AS’ from the drop down list.
Step 3 : Now it will say that you will be redirected to TDS-CPC website to view 26AS form. Click on ‘Confirm’. Yow will get redirected to TRACES website.
Step 4: You are now on the TRACES (TDS-CPC) website. pick out the field on the screen and click on ‘proceed’.
Step 5: Now click on ‘View Tax Credit (Form 26AS) to view your Form 26AS’.
Step 6 : Select the Assessment Year “2020-21” and select View As “HTML” and click on “View/ Download.” Now when you scroll down you can check the entries of Form 26AS. If you want to Download your Form 26AS then select “Export as PDF”.
The password to open Form 26AS (TDS) -FORM DOWNLOAD would be your Date of Birth (in DDMMYYYY format), e.g., if your date of birth is 01-Feb-1970, password will be 01021970. However, it does not require password now.
As you can see in above, it contains a taxpayers basic details such as Name, Address, PAN number, its current status, Financial Year. Form 26AS has two parts-
- Part A
- Part B
Part A contains Details of Tax Deducted at Source by other parties and deposited to government. It can be from multiple sources such as your salary, pension, interest income etc. The details includes name of deductor, TAN of Deductor, transaction date, section under which TDS has been deducted, Amount paid, Tax deducted, Tax deposited, etc. It is further divided into-
It contains Details of Tax Deducted at Source for which Form 15G / 15H are submitted. Form 15G or 15H is submitted to request income provider for not deducting TDS for prescribed income. Form 15G is for Indian residents below 60 years of age, HUFs and trusts while Form 15H is for those Indian residents whose age is above 60 years. NRI, corporation and company cannot post form 15G or 15H
It provide for details of TDS on sale of Immovable property, Rent of Property, payment to resident contractors and professionals. For example, a person who is purchasing any immovable property for more than Rs. 50 lakhs (other than agricultural land) from a resident is required to deduct TDS @ 1% under section 194IA from the amount payable.
It contains the details of Tax Collected at source by the seller from you. It includes transactions such as purchase of scrap, tendu leaves, Minerals like lignite, coal and iron ore, purchase of motor vehicle above Rs. 10,00,000, Alcoholic liquor made for human consumption, etc.
It shows details of Tax paid other than TDS or TCS. Form includes taxes paid by the individual such as Advance tax, any self-assessment tax and also contains the challan details that was used to pay tax.
It denotes the details of tax refund paid and includes any refund of taxes paid by the government to the tax payer including interest, if any.
It discloses details of Annual Information Return (AIR) transactions which are of high value transaction. The information is provided for transactions such as mutual funds, cash deposit of Rs. 10 lakh or more during financial year, high value corporate bonds, property purchases etc.
This section of the 26AS form provides a record of tax transaction for the buyer of property, Rent of Property, payment to resident contractors and professionals. Suppose, if you have bought a property, you would have deducted TDS. This section contains details of TDS deducted and deposited by you.
It shows details of TDS defaults. Details included in this Part of the Form are Financial year, Short Payment and Short Deduction, Interest of TDS payments defaults, Interest on TDS deduction default, Late filing fee under Section 234E, Interest under Section 220 (2), Total Default.
The remodeled shape 26AS will now come into effect from June 1, the significant Board of Direct Taxes (CBDT) said.
The profits tax department on Thursday notified the revised form 26AS, containing information of tax collected or deducted at supply in order to now encompass records relating belongings and percentage transactions.
With this, shape 26AS has now been remodeled to an ‘Annual records announcement’ which other than the TDS/ TCS details, shall now contain comprehensive facts relating detailed monetary transactions, payment
of taxes, demand/ refund and pending/completed court cases undertaken via a taxpayer in a selected financial yr that needs to be referred to inside the income tax returns.
To put into effect this, the budget 2020-21 had brought a brand new section 285BB inside the income Tax Act.The revamped Form 26AS will now come into effect from June 1, the Central Board of Direct Taxes (CBDT) said.
Form 26AS in its new Avtar
Sec 285BB turned into amended by using the Finance Act 2020.
by using income-tax (11th modification) policies 2020 W.e.f. 01.06.2020 Rule 114-I has been inserted and form 26AS shall comprise following information:
(I) TDS / TCS
(II) Specified Financial Transactions
(iii) payment if taxes
(Iv) demand and refund
(v) pending proceedings
specified Financial Transactions are stated in section 285BA(3).
As a result details of financial transactions shall also be included in Form 26AS