Mumbai, June 25: Form 26AS is a consolidated Annual Information Statement maintained by the Income Tax Department for a particular Financial Year (FY). It combines all incomes and corresponding taxes for the taxpayer for a given financial year. Form 26AS provides all income/ corresponding tax details at one place in consolidated manner and is an important document for tax filing. In short, Form 26AS gives a detailed record of every tax-related information associated with your PAN (Permanent Account Number). Form 26AS can be viewed and downloaded easily from the TRACES website. Income Tax Return Filing: How To Download Form 26AS From Income Tax Website To File ITR.

Form 26AS is divided into three parts: Part A, Part B, and Part C. As per details available, Part A shows all details of TDS or Tax Deducted at Source details for each individual (deductor) who made payments to you while Part B shows information about TCS by the vendor of selected products when they were sold to you. Meanwhile, Part C shows the details of income tax directly paid by you and all the details of the challan through which you have deposited this tax in the bank. Income Tax Department Extends Deadline for Registration by Charitable and Religious Trusts Till June 30.

Form 26AS contains the details of the following:

  • Tax Deducted at Source (TDS)

  • Tax Collected at Source (TCS)

  • Advance Tax / Self-Assessment Tax / Regular Assessment Tax deposited

  • Refund received during a financial year (if any)

  • Details of any Specified Financial Transactions (SFT) (if any)

  • Details of Tax Deducted on sale of immovable property u/s194IA (in case of seller of such property)

  • TDS Defaults (if any)

  • Information relating to demand and refund

  • Information relating to pending and completed proceedings

Form 26AS plays an important role in the tax filing process. The document helps taxpayers to verify the deductions of the TDS and TCS from their income. If the taxpayers pays excess TDS or TCS, they can use Form 26AS to back their refund claims.

(The above story first appeared on LatestLY on Jun 25, 2024 07:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).