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What is Form 26AS of the Income Tax Act?

Highlights

  • Understand the meaning of Form 26AS of the Income Tax Act.
  • See the process to Download Form 26AS from the official website of Income Tax.
  • Explore the details that you will find in this Form of Income Tax.

Every individual has to pay taxes on his income if it crosses the minimum taxable limit. On the other hand, the Income Tax Department collects taxes charged on different sources of income of an individual. So, in order to keep a record of all the income and the taxes on those incomes, the Income Tax Department maintains Form 26AS. Form 26AS is a consolidated tax statement that consists of all the taxes you have paid on your income and all the taxes that has been deducted from your income in a financial year. The income tax department keeps all the tax details in its database and the taxpayer and access Form 26AS anytime from the Inco,me-Tax Official Website using his PAN.

Details Available in Form 26AS

You must explore the various details that are available in Form 16 like the details of your income, taxes paid by you, taxes paid by the deductor to the government, and even the details and TAN of the deductors. Let’s explore the details available in Form 26AS of the Income Tax Act.

Tax Refunds and Taxes Paid by You

This Form contains all the taxes paid by you during the financial year. On the other hand, you can also get the details of the tax refunds received by you in the previous financial year. So you can easily take note of the taxes you paid and the refunds you claimed.

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Advance Tax Paid

Form 26AS also reflects the payment of the advance tax or the self-assessment tax a taxpayer usually pays during the financial year. You can have the details of both these taxes in Form 26AS.

TCS on Selling a Car

If you are going to buy a car whose value is more than ₹10 Lacs then you will have to pay a tax of 1% of the value. So, if you have bought a card of more than ₹10 Lacs then you will have to pay 1% of the price as the tax, and this Tax amount will be reflected in Form 26AS. This form will also show you the details of the same tax paid by the seller to the government.

High-Value Transactions

The banking and financial institutions also file Annual Information Return that consist of the high transactions made by the individual like having high-value mutual funds, immovable properties, bonds, etc. So, you can find all these details of the high transactions in Form 26AS.

TDS on Sale of Immovable Property

The buyer has the right to deduct tax at the source from the consideration paid to the seller of immovable property. So, if in case you have sold a property during the financial year then you can find all the details of TDS in this Form. Taxes deducted by the purchaser while purchasing the immovable property will be reflected in this form.

How to Download Form 26AS Online

Here you can see the procedure to download Form 26AS from the official website of Income Tax. You can easily get Form 26AS with all the details by following the steps given below:-

  • Logon to the E-filing Portal on this website www.incometaxindiaefiling.gov.in
  • Then click on the My Account menu, and then click on View Form 26AS (Tax Credit)’ link.
  • Go through the disclaimer, and then click on the Confirm button and 
  • Now the user will be redirected to TDS-CPC Portal.
  • In the TDS-CPC Portal, Click on Agree the acceptance of usage and then click on the Proceed button.
  • Now make a Click on View Tax Credit (Form 26AS).
  • Choose the Assessment Year and the View type whether HTML, Text, or PDF.
  • Click on View / Download and the downloading process will start
  • Finally, you can view the downloaded Form 26AS in the download folder of your PC.
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Take Away

So, you must always go through Form 26AS of the Income Tax Act thoroughly and see whether all the tax return matches are calculated as per the tax deducted in the financial year. If you find any error in the details of Form 26AS then you must immediately notify the Tax deductor to make the necessary rectification of errors.

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