7/14/2017 Form 26AS: What is it and how does it help in filing income tax return?

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Form 26AS: What is it and how does it help in filing income

tax return?
BY ET CONTRIBUTORS | JUL 14, 2017, 12.52 PM IST Post a Comment

By Shalini Jain, Tax Partner, EY India

The due date for filing your tax return is fast approaching. One of the most important
documents that you need to verify prior to filing your tax return is your Form 26AS.

What is Form 26AS

Form 26AS is an annual consolidated tax statement that can be accessed from the
income-tax website by all taxpayers using their Permanent Account Number ('PAN'). If you
have paid taxes on your income or tax has been deducted from your income, the Income
tax department already has these details in their database.
In case you have paid any advance tax during the
You could refer to your Form 26AS for the details of your income (on which taxes have year, the same shall also get reflected in your Form
26AS.
been deducted) as well as the taxes that have been paid by or on your behalf by the
deductor (could be your employer, bank etc) to the Government treasury.
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In addition, Form 26AS also contains details of your deductors such as their names and
Tax Deduction Account numbers (TAN).

Details of taxes paid by you and tax refunds

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Form 26AS not only contains the details of your taxes paid but also contains details of any tax refunds that have been received by you
during the relevant financial year.

Details of TDS on sale of immovable property

The buyer of immovable property is required to deduct tax at source from the consideration paid to the seller of the property. If you have
sold a property during the financial year, details of taxes deducted by the purchaser while making the payment to you should also show
up in your Form 26AS.

Details of your high value transactions

Apart from this, high value transactions made through banking and financial institutions are reported in the Form 26AS based on Annual
Information Return ('AIR') filed by these banking and financial institutions. For example, purchase of high value mutual funds, immovable
property, high-value corporate bonds etc find their way into the Form 26AS.

Details of Advance tax paid

In case you have paid any advance tax during the year, the same shall also get reflected in your Form 26AS.

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7/14/2017 Form 26AS: What is it and how does it help in filing income tax return? - The Economic Times

Comprehensive document showing tax paid by you

So all in all, Form 26AS is a document which captures all the taxes paid by you by way of deduction or otherwise in one place making it
easier for you to claim the credit of taxes paid at the time of filing of your tax return.

The information in the Form 26AS is generally updated on a quarterly basis. The year-end tax credits as reflecting in the Form 26AS are
eligible to be claimed while filing the tax return.

How to get Form26AS

Form 26AS can be downloaded from TRACES website. To download Form 26AS, log in to your income tax filing account on the Income
Tax department's e-filing website https://incometaxindiaefiling.gov.in, either directly or through the Net banking facility of authorised
banks.

Once you log in, click on 'View Form 26AS (Tax Credit)' tab, either under 'My Account' or 'Quick links' tabs. You will be redirected to the
TDS-CPC website to view this form. You need to choose the relevant assessment year (i.e. year following the financial year) for which
you want to download the statement. Your password to open the document is your date of birth in DDMMYYYY format.

Verify your tax details in Form26AS

A welcome initiative by the Income tax department of introduction of Form 26AS has obviated the need to submit the TDS certificates
(Form 16 / 16A) by the tax payer along with the tax return.

However, the taxpayer is required to verify the details in the Form 26AS and highlight any discrepancy in the details (over /
underreporting of income or taxes) to the tax deductor immediately to make necessary rectifications. This is to avoid any inquiry by the
Income tax department on tax mismatch resulting in a tax demand due to non-availability of appropriate tax credit at a later date.

Therefore, it is important for every tax payer to ensure that the taxes claimed in the tax return are in line with the taxes as appearing in
the Form 26AS.

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect
the views of www.economictimes.com)

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