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Earlier to File ITR: Every Detail of Form 26AS & Its Parts

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By Arpit Kulshrestha
Details of Form 26AS with Its Parts for Early ITR Filers

Every year we used to file our taxes as responsible citizens of the country and thus the same would be mandatory for us to find out the information of the taxes which would be deducted beneath several heads. For this purpose the Form 26AS is useful.

Let's see how it is useful

What do You Mean by the Term 26AS?

Form 26AS is said to be a consolidated yearly tax statement that shows the components of tax deducted at source, tax collected at source, and advance tax paid by the taxpayer with self-assessment tax. The same details are precisely for Permanent Account Number (PAN).

The form specified the information of the sale or buy of the immovable property, cash deposits or withdrawal from a savings account, and others. An assessee can claim the tax deducted showing in their Form 26AS during filing of the ITR.

What Are the Counting Elements for Form 26AS?

Prior to furnishing your ITR, the taxpayer should ensure that the information concerned with the tax deducted at the source shown beneath the compliance of the Income Tax Department is valid. It can be performed by directing to Form 26AS. The same form would be downloaded via the income tax website.

Below mentioned are the contents of Form 26AS:

  • Tax deducted at source (TDS)
  • Information about the income tax refund
  • Details of advance tax, self-assessment tax paid
  • A tax collected at source(TCS)
  • The information of the tax deducted on the immovable property sale.

Break down the elements of Form 26AS:

Part A Information of Tax Deducted at Source (TDS)

The same portion specified that the tax deducted by tax deductor towards your PAN. The tax deductor furnishes their TDS return on the quarter grounds after which the same would get displayed in form 26AS. The same portion consists of the below-mentioned information:

  • Name of the deductor
  • The Total tax deposited against the assessee's PAN
  • Total tax deducted
  • TAN of deductor
  • The sum of the amount paid/credited

Part A1- Details of Tax Deducted at Source for Form 15G/ Form 15H:

The same portion consists of the information of the income on which no TDS would get deducted as the assessee had submitted the Form 15G or 15H. The same section would show no transaction present if you do not submit Form 15G or Form 15H.

Part A2 Information about the tax deducted on the sale of immovable property:

The same portion consists of the information on the tax deducted on the immovable property. If any are sold via taxpayer in the financial year. When there is a sale of the immovable property in the former year and the buyer would get deducted the tax on the proceeds of the sale the tax deducted would be shown in the same section.

Part B Information of Tax Collected at Source (TCS)

The same portion consists of the tax collected at source (TCS) via the seller of the mentioned goods during the time these goods have been bought through the taxpayer. The same would indeed show the information of the seller as:

  • Name of the collector
  • Total amount paid
  • Total TCS deposited
  • TAN of the collector
  • The Total tax collected

Part C Information of Tax Deducted (Excluding TDS & TCS)

The same portion displays the information of the tax filed via taxpayers like advance tax, self-assessment tax, and the information of challan via which the payment gets filed.

Part D Tax Refund Paid Information:

The same section shows the information of the tax refunded via department to the taxpayer. The same specified the below information:
  • Assessment year
  • Remarks
  • Nature of refund
  • Interest paid
  • Date of payment
  • Amount of Refund
  • Mode of payment
  • Refund issued

Part E Information for SFT Transaction:

The same portion specified the information of any high-value transactions which ‘specified persons' such as banking companies, and others, are needed to notify. The SFT was formerly called Annual Information Return (AIR).

Part F Information of TDS Deducted During Sale of Property u/s 194IA:

The same portion would display the information of any TDS deducted through you during purchasing the property. The same shows the TDS deposited through you to the bank.

Part G - TDS Processing Defaults:

The defaults concerning to processing of the statements would be specified here, they do not consist of the demands asked via assessing officers.

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