Components of Form 26AS
Understanding the specific sections of your Form 26AS is essential for verifying that every rupee of tax deducted from your income has been correctly reported to the government. The comprehensive form contains seven parts, which are named from A to G.
Part A: Details of Tax Deducted at Source (TDS):
This section shows the tax deducted by various entities that are eligible on your salary, interest earned, etc
Information such as the name of the deductor, TAN number, and total deducted tax is provided
This detail is provided once every 3 months
This part is further divided into 2 sections: Part A1, Part A2:
Part A1- TDS Details for Form 15G and 15H:
Both these forms are used to provide a self-declaration, which requests the bank not deduct TDS as the income falls below the exemption.
You need to fill out Form 15G if your age is below 60. If you are over 60, you need to fill out Form 15H.
Thus, this section includes details where no TDS is deducted.
Learn the difference between 15G and 15H.
Part A2- TDS Details on the Sale of Immovable Property:
If you have sold an immovable property, such as land, in the previous year and the tax has been deducted on it, then it will show in this section.
Part B: Details Regarding Tax Collected at Source (TCS):
Part B focuses on the tax collected at the source by the seller of goods
TCS is the tax that a seller collects on the sale of their goods to the buyer. The seller collects this tax from the buyer and pays it to the government.
Information like the name and TAN of the collector, the total tax collected is shown in Part B
Part C: Details of Tax Paid:
This section shows the details of all the taxes paid which fall in neither Part A nor Part B above. That is, taxes other than TDS and TCS are shown here.
These can be advance taxes, self-assessment taxes, or challan details
Details such as the amount of tax, the serial number, and the date on which the tax was paid are shown
Part D: Details of Paid Refund:
If you are eligible for any refund of income tax, then the details of this can be seen in this section
These details include the following:
- Assessment Year (AY)
- Mode of refund
- Amount to be refunded
- Date of refund
Part E: Details of AIR Transaction:
This section is concerned with AIR- Annual Information Return transactions
If you have taken part in high-value transactions such as high-value mutual funds, properties, etc, this will be shown here
This includes the following details about AIR transactions:
Type, name of the transaction
The date on which the transaction occurred
Parties involved
Amount and mode of payment
Part F: Details of TDS on Sale of Immovable Property:
This section is applicable in case you buy an immovable property, such as land or a building.
If you buy a property, you have to deduct TDS on it. Details of this deduction are provided in this section
This is governed by Section 194IA
Details such as name, date, and amount of the transaction are mentioned
Part G: Defaults in TDS:
This is the final section of the form, which includes any defaults that occur during the processing of the statement
Various heads in this section are:
Form 26AS is a ledger record of all TDS transactions and any taxes paid throughout the financial year. You should check your Form 26AS regularly to keep an eye on the TDS updates.