Form 26AS is also known as Annual Tax Statement, is a consolidated tax statement which includes TDS, TCS and advance tax/self assessment tax/regular assessment tax etc. deposited in the bank by the taxpayers with PAN holders.
PAN Card plays a very vital role in form 26AS, as the name and address in the annual tax statement against your PAN is taken from the Income Tax Department (ITD) PAN database. Click to know you should check Form 26AS before you file tax returns in India?
If the PAN details available with ITD is not your current address the annual tax statement which is proposed to be printed and posted to you every year will not reach you.
The form is divided into three parts namely; Part A B and C as under:
It displays details of tax which has been deducted at source (TDS) by each person (deductor) who made a specified kind of payment to you.
This part will help you to keep a track of all the interest gain which has not been taxed. If you have failed to submit Form 15G/15H to THE bank then no entries will be present in this section. The field will show as "No Transactions Present"
This section contains the details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA. This is only applicable to the Seller of Property.
It displays details of tax collected at source (TCS) by the seller of specified goods at time these goods have been sold to you.
Details similar to those displayed in Part A in respect of the seller and the tax collected will also be available.
Part C contains the details of Tax Paid other than TDS or TCS. It displays details of income tax directly paid by you (like advance tax self assessment tax) and details of the challan through which you have deposited this tax in the bank.
If amount of advance or self assessment tax paid in the bank is incorrectly reflected in Part C of Form 26AS, in such cases, you should take up the matter with your bank for rectification of amount. This could be because the bank has made error in data entry.
This section contains details of any paid tax refund for the assessment year. If there is no refund the field shows as "No Transactions Present "
Cases where you have made high value transaction 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).
This part have the details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA. This is applicable to the buyer of the property.