Form 26AS, also called as Annual Statement, is a consolidated tax statement which has all tax-related information (TDS, TCS, Refund etc) associated with a PAN. It shows how much of your tax has been received by the government and is consolidated from multiple sources like your salary/pension/interest income etc. Form 26AS needs to be checked properly before filing the income tax return for a particular financial year. New Format of Form 26AS has been introduced, which has more details and is in effect from 1 June 2020. This article explains Form 26AS in detail.
Table of Contents
Overview of Form 26AS
Details on Form 26AS is based on the information provided by different agencies such as employer filing employee’s TDS statement filed by them, or bank showing interest on Fixed Deposit.
You must check Form 26AS properly before filing the income tax return for a particular financial year. This is what is used by the Income-tax Department to verify your ITR(Income Tax Return).
- Form 26AS is an annual statement associated with PAN covering a Financial Year.
- Form 26AS is a live document which is updated as the tax-related transaction(TDS deducted, Advance tax paid) are reported/processed for the given FY.
- Only a registered PAN holder can view their Form 26AS. You can view your Form 26AS through your bank, income tax statement. It finally leads to site TRACES which has Form 26AS from FY 2008-09 onwards.
- You can also download the Form 26AS. The password for opening Form 26AS will be your Date of Birth (in DDMMYYYY format), e.g., if your date of birth is 01-Feb-1980, the password will be 01021980.
Our article What to Verify-in Form 26AS? explains how to view the Form 26AS, what exactly to verify in Form 26AS with the Form 16, Form 16A issued and Advance Tax, Self Assessment Tax paid.
New Form 26AS
New Format of Form 26AS has been introduced, which has more details and is in effect from 1 June 2020
New personal information: The new format will show your Aadhaar number, date of birth, mobile number, email ID and your address. Earlier it just had the address which is picked from your PAN. (So if your address in PAN is not updated then it will not be updated)
Details about taxes and proceedings: The Income Tax Department will provide
- Details of demand which is outstanding. Such information will help you ascertain whether the same demand is genuinely outstanding or the same is disputed.
- Details of all pending income tax proceeding & those which have been completed during the year with the tax department.
- The details provided will also include the details of proceedings which have been completed during the year Such information will help you remain updated about the appeals etc. lying pending at various levels and also whether any proceedings have been concluded ex parte without you being aware of it.
Information about your Financial Transactions: Along with the details of tax deducted from various income sources such as salary, interest etc. and deposited against your PAN during the financial year, the revised form will also have information related to specified financial transactions which have been undertaken from June 1, 2020 and if they cross the specified limit in a financial year.
These include buying and selling of shares, real estate etc., payment of credit card bills, making cash payments for the purchase of bank drafts, pre-paid instruments by Reserve Bank of India (such as mobile wallets), cash deposits in a financial year.
if the total credit card bill paid is more than Rs 10 lakh, via electronic modes or 1 lakh in cash, then payment of credit card bill will be reflected in Form 26AS.
Similarly, if the mutual fund investments in a financial year are more than Rs 10 lakh, only then such transactions will be reflected in the Form 26AS.
This is not something new. Earlier for most transactions, the limit was 2 lakhs which now has been increased to 10 lakhs.
Difference between Old and Revised Form 26AS
|Description||Old Form26AS||New Form26AS|
|Tax deducted and collected at source (TDS/TCS Details)||Yes||Yes|
|Specified Financial Transactions
Limit increased from 2 Lakhs to 10 lakhs
Added shares & Property
|Payment of Taxes(Self Assessment/Advance Tax)||Yes||Yes|
|Demand and Refund||Yes||Yes|
|Pending/ Completed proceedings||No||Yes|
|Any other information in relation to sub-rule(2) of Section 114-I||No||Yes|
Structure of Form 26AS
The Form 26AS (Annual Tax Statement) for an Assessment Year is divided into parts described below
- PART A – Details of Tax Deducted at Source (All amount values are in INR)
- This section will show the TDS deducted from your salary / pension income and also TDS deducted by banks on your interest income. TDS deducted by each source is shown as a separate table
- PART A1 – Details of Tax Deducted at Source for 15G / 15H
- This section will show transaction in those financial institutions such as banks where the individual has submitted Form 15G / 15H. TDS in these cases would be zero (because you have submitted 15G/15H). This section enables you to keep a track of all the interest gain which has not been taxed.
- PART B – Details of Tax Collected at Source:
- Tax Collected at Source (TCS) is collected by the seller from the buyer at the time of sale of specified category of goods(such as Alcoholic liquor for human consumption,Scrap,Parking lot, Toll plaza). The TCS Rate vary for each category of goods and the TCS is to be deposited with the govt. SimpleTaxIndia’s India Tax collection at source and tcs provisions discusses it in detail.
- PART C – Details of Tax Paid (other than TDS or TCS)
- If you have paid Advance Tax or Self Assessment Tax, this will be listed here, Whenever you deposit your advance tax / self assessment tax directly to bank, the bank will upload this information around three days after the cheque has been cleared.
- PART D – Details of Paid Refund
- If you have got any tax refunds in that assessment Year it would be listed under this section.
- PART E – Details of AIR Transaction.
- If you make some high-value transactions, such as investment in property and mutual funds, then these transactions are automatically reported to the income tax department by banks and other authorities through Annual Information Return (AIR)
- PART F – Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ TDS on Rent of Property u/s 194IB /TDS on payment to resident contractors and professionals u/s 194M (For Buyer/Tenant of Property /Payer of resident contractors and professional.
- PART G – TDS Defaults* (Processing of Statements). Added from 1 Jun 2020.
Personal Information in Form 26AS
The address reflecting in Annual Tax Statement (Form 26AS) is picked up from Income Tax Department’s PAN database with the details of PAN card issued to you.
PART A of Form 26AS
TDS deducted by each source is shown as a separate table as shown in the image below. Entries are in reverse chronological order that means entry wth date later will appear first. So if you have an entry for date 31-Jul-2012, 31-Aug-2012, 30-Sep-2012 then they will appear as 30-Sep-2012 31-Aug-2012 31-Jul-2012. Please verify that
- Details of deductor match your Form 16, Form 16A.
- All entries for a deductor match the entries in your Form 16/16A. Check each entry for Section Under Which Deduction is made (192 for Salary, 193 for interest on Fixed Deposit from bank) , Date at which Transaction is made, Status of Booking.
- Status of booking is F or FINAL which shows that payment details of TDS / TCS deposited in bank by deductors have matched with the payment details mentioned in the TDS / TCS statement filed by the deductors.
Status of Booking: Various codes for Status of Booking are given below. Status of Booking should be F.
Please contact the deductor to update details if :
- Some entry(s) is missing.
- If Status of Booking is U which means Unmatched. It means Deductors have not deposited taxes or have furnished incorrect particulars of tax payment. Final credit will be reflected only when payment details in the bank match with details of deposit in TDS / TCS statement.
Part A1 of Form 26AS
This section will show transaction in those financial institutions such as banks where the individual has submitted Form 15G / 15H. TDS in these cases would be zero (because you have submitted 15G/15H). This section enables you to keep a track of all the interest gain which has not been taxed. If you have not submitted Form 15G/15H then there will no entries in this section and it will show No Transactions Present
Part B of Form 26AS
Tax Collected at Source (TCS)is collected by the seller from the buyer at the time of sale of specified category of goods(such as Alcoholic liquor for human consumption, Scrap, Parking lot, Toll plaza). The TCS Rate vary for each category of goods and the TCS is to be deposited with the govt. If you have not collected any tax then there will no entries in this section and it will show No Transactions Present
Part C of Form 26AS
Details of Tax Paid (other than TDS or TCS)If you have paid Advance Tax or Self Assessment Tax it will appear in this section.
Please verify that advance tax or self-assessment tax details are showing up in Form 26AS, If they don’t match with your details please contact the Bank
Major and minor head codes used in Part C are given in the image below. For Individual major code is 0021 and minor codes are 100 for Advance Tax and 300 for Self Assessment Tax.
Part D of Form 26AS
If you have got any tax refunds in that assessment Year it would be listed under this section or If you have not received any tax refund then there will no entries in this section and it will show No Transactions Present
PART E of Form 26AS
If you make some high-value transactions, such as investment in property and mutual funds, then these transactions are automatically reported to the income tax department by banks and other authorities through Annual Information Return (AIR). Earlier the limit was 2 lakh(shown in the image below) but from 1 Jun 2020, the limit for transactions to be reported in Form 26AS has been increased to 10 lakhs. Some new sections have also been added.
From 1 Jun 2020, the limit for transactions to be reported in Form 26AS has been increased to 10 lakhs. Some new sections have also been added.
Updation of Form 26AS
Form 26AS has evolved. The earlier version of the form is shown below. Earlier the information was maintained by TIN NSDL but now it is maintained by TRACES. Though look and feel are different Information reported is similar (Part A1 for tax saved by submitting Form 15H/15G was missing in earlier versions of Form 26AS). Click on image to enlarge
In did not include payments pertaining to Assessment Year (AY) other than the AY mentioned above and payments against penalties
- What to Verify in Form 26AS?
- E-Filing of Income Tax Return, E-filing : Excel File of Income Tax Return, Which ITR Form to Fill?
- Fill Excel ITR form : Personal Information,Filing Status, Fill Excel ITR1 Form : Income, TDS, Advance Tax
- Fill Excel ITR1: 80G, Exempt Income,Calculation of Tax
- After e-filing ITR: ITR-V,Receipt Status,Intimation u/s 143(1)
- Paying Income Tax : Challan 280
Hope it helped in understanding Form 26AS. Looking forward to your questions, comments and feedback.