Form 26AS or often referred as Tax Credit Statement or Annual Statement is one of the important document required for income tax E-filing. It contains information such as TDS, TCS and refund associated with the PAN number. It describes how much tax has been deducted from the PAN holder from various sources in a consolidated form. It contains consolidated tax statement as described under section 203AA and Rule 31AB. One can either manually download or directly import this form during E-filing income tax return with us.
Form 26AS can be downloaded either from the TRACES website or via Net Banking Facility of authorized banks.
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Any PAN holder having netbanking facility can access and view their Tax Credit Statement or Form 26AS through their bank account. This facility is only available if PAN number is mapped to that account and this facility is available for free of cost. Only the banks registered with NSDL can offer this facility to their customers.
List of the registered banks:
This part shows details of TDS deducted from the salary, interest income, pensions and income from other sources. It will also show the TAN number of the deductor and amount of TDS deducted and deposited. Information will be provided on a quarterly basis.
If the taxpayer has submitted Form 15G or Form 15H and no TDS has been deducted from his salary, then his/her income details will be shown in this part. And taxpayers who have not submitted Form 15G or Form 15H will see a “No transactions present” quote in this section.
Taxpayers who have sold property during the financial year and TDS has been deducted from their receipt will see entries in this section.
This section will display Tax Collected at Source or TCS details by the seller of goods. The entries will be seen only for seller category taxpayers and if they have collected tax.
Any other tax paid by the taxpayer will be displayed in this section including Challan details, advance tax and self-assessment tax.
If the taxpayer had received any refund on income tax filing then this section will show those details in here. The details will include assessment year, mode of payment, amount paid, interest paid and payment date.
This section will show all high value transactions which bank institutions are required to report. The transactions including mutual fund, property purchase or corporate bonds, etc will be shown here.
In case of buying property, a taxpayer must deduct TDS before making payment to the seller, and those details will be shown in here. This section will also show details of TDS deducted and deposited by the taxpayers.
This section will display information regarding defaults relating to processing of statements but will not include any demand raised by assessing officer.
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