What is Form 26AS? What is its purpose?

Hey!

So, if you’re someone who just started on doing their taxes, it might take you sometime to get used-to to the tax nomenclature.
For all those and more, let’s quickly have a rundown of what Form 26AS is.

Form 26AS is a consolidated Tax Credit Statement which gives the following details to a taxpayer.

• ​Details of Tax Deducted at Source (TDS) from the taxpayer’s income.
• ​Details of Tax Collected at Source (TCS) from taxpayer’s payments.
• Advance Taxes, Self Assessment Taxes and Regular Assessment Taxes paid by the taxpayers.
• Details of the Income Tax Refunds received during the year.
• Details of any high-value transactions (for eg. Shares, Mutual Funds, etc.).

It is one of the most important documents to have while filing ITR.

CBDT Announcement Regarding New Form 26AS — Annual Information Statement

The Ministry of Finance released a new format of Form 26AS which is applicable from 1st June 2020. The notification states that the Form 26AS will be divided into two parts; Part A and Part B.
Part A of the Annual Information Statement will contain the following:

1. Permanent Account Number
2. Aadhaar Number
3. Name
4. Date of Birth/Incorporation
5. Mobile Number
6. e-Mail Address Address

Part B of the Annual Information Statement will have details of Property & Share Transaction, Status of Proceeding with ITD and Status of IT Refund/Demand.The format will have the following details:
Permanent Account Number

1. Information relating to tax deducted or collected at source
2. Information relating to specified financial transactions
3. Information relating to payment of taxes
4. Information relating to demand and refund
5. Information relating to pending proceedings
6. Information relating to completed proceedings
7. Any other information in relation to sub-rule (2) of rule 114-I

Furthermore, the Annual Information Statement aims to incorporate all the information related to the different income sources. The bifurcation of Form 26AS into 2 parts helps the taxpayers file their ITR with all the basic details available in the Form 26AS.

Form 26 AS — Tax Credit Statement

You can download Form 26AS from the Income-tax e-filing website.

How to download Form 26AS from the TRACES website

If you have any more tax-related queries, feel free to contact us or ask questions on our tax q&a platform, we promise to answer it in the simplest way!