During income tax return filing season, you come across Form 26AS very frequently. Form 26AS gives overall view of tax deducted for your PAN at various sources.
Summary of Form 26AS:
Form 26AS gives an overall view of your income tax deducted in a particular financial year from various sources of income like tax deducted on Salary income, tax deduction on interest received from Fixed deposits, tax deducted on consideration received from sale of property, etc.
Form 26AS displays various taxes that are deducted from your income by your employer, bank, or your tenant. It also displays your advance tax or any self-assessment tax that have been paid during financial year during that year. The tax that is collected at source (any form of source like bank, employer etc.). It also contains the details of income tax refunds that you have received from your tax department during financial year. It also has a column showing AIR transactions details. AIR is the Annual Information Return which is filed by your bank in case you have entered into some specified transaction.
Steps to view Form 26AS:
- Log in to Income Tax department website https://www.incometaxindiaefiling.gov.in/home and get yourself registered there.
- After getting registered, log in to the user ID.
- Click on My Account tab.
- You will see option of View Form 26AS (Tax Credit).
- On the next page, you have to confirm and after confirmation, you will be redirected to Traces website.
- Click on view/verify Tax credit & then on view 26AS.
- Select the relevant assessment year for which you require form 26AS & You can select view as HTML to see your form 26AS.
Contents of Form 26AS:
- Part A of Form 26AS :
TDS deducted by each source is shown as a separate table. 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, 194A for interest on Fixed Deposit from bank), Date at which Transaction is made, Status of Booking.
- 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. - 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 government. - 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.
If advance tax or self-assessment tax details don’t match with your details please contact the Bank. - Part D of Form 26AS :
If you have got any tax refunds in that assessment Year it would be listed under this section.
* Any TDS deducted on any form of income received by a person is reflected in such person’s 26AS. However in case of TDS deducted under section 194IA by buyer while making payment to seller of property is also reflected in buyer’s 26AS.
Notes:
- 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.
- 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 bank match with details of deposit in TDS / TCS statement
Importance of Form 26AS:
- Form 26AS is an important tool that helps you to compare your taxes deducted at various sources and identify if you don’t have any multiple deductions in your account. In case you have a tax deduction and it is not shown under your form 26AS that it is not deposited with the Income Tax department, in such case you can contact your employer or the source which have deducted the tax at source. In most cases, this happens due to wrong PAN number being updated at the source.
- Also, if your form 26AS is showing different values for TDS deducted that deducted you can request Income Tax Department to recheck your case and do the necessary changes. This also helps you avoid any kind of notice or penalty from Income Tax Department for non-reporting of actual TDS of your incomes.
What are Major Codes and Minor Codes in Form 26AS?
Here, Major Code means the type of “Tax Applicable”, whereas Minor Code means “Type of Payment”.
The List of Minor and Major Codes are:
Major Codes:
| Code | Description |
| 0020 | Corporation Tax |
| 0021 | Income Tax (Other than Companies) |
| 0023 | Hotel Receipt Tax |
| 0024 | Interest Tax |
| 0026 | Fringe Benefit Tax |
| 0028 | Expenditure Tax/ Other Taxes |
| 0031 | Estate Duty |
| 0032 | Wealth Tax |
| 0033 | Gift Tax |
Minor Codes:
| Code | Description |
| 100 | Advance Tax |
| 102 | Surtax |
| 106 | Tax on distributed profit of domestic companies |
| 107 | Tax on distributed income to unit holder |
| 300 | Self-Assessment Tax |
| 400 | Tax on Regular Assessment |
| 800 | TDS on Sale of immovable property |
*Click here to know about Tax Credits