26AS self-assessment tax to the bank, bank sends

26AS
: No more headache of penning down tax credits

Keeping record of TDS
amount whenever you receive salary?

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Getting confused in
calculating amount of advance tax that you have deposited in a Financial Year?

Worrying too much
about income tax department mixing your tax details with another tax payer
mistakenly?

Don’t
worry; 26AS comes to your resort whenever these questions strike your mind.

26AS : Tax Credit
Statement

26AS
is a statement that depicts the total amount of TDS/ TCS/ Advance Tax/
Self-Assessment Tax deposited against a particular PAN number during a
particular FY. There can be only one 26AS statement for a PAN number in a
particular financial year.

How does 26AS works?

Whenever
a payer pays some amount to payee and deducts any TDS on such payment, he has
to file TDS return mentioning PAN of the payee, total amount paid and the TDS
amount deducted.

Also,
upon paying advance tax or self-assessment tax to the bank, bank sends the
details to Income Tax Department.

Based
on TDS returns, and details received from bank, Income Tax Department keeps
updating the 26AS statement for each taxpayer.  

How does 26AS
benefits?

It
is very helpful at the time of filing income tax return for the year, since
total amount of TDS, TCS, advance tax and self-assessment tax can be utilized
against the final tax liability.

Many
a times, it happens that people receive payment but forget to remember TDS
amount deducted on such payment. If the total earned income during a FY is
below basic taxable limit (Rs. 2,50,000/- for FY 2017-18), the TDS so deducted
can be claimed as a refund.

Hence,
it is advisable to scan through 26AS before filing income tax return to have a
clear picture of total TDS deducted against the PAN number and total advance
tax deposited.

Let’s grasp the entire concept with the
help of some figures :

Yuvaan, received salary of Rs. 80,000
per month from his company, and his company deducted TDS @ 20% every month.

Yuvaan also received FD interest of Rs.
70,000 from bank, and his bank deducted TDS @ 10%.

As a responsible citizen, Yuvaan also
deposited Rs. 50,000 as advance tax amount.

Now if Yuvaan checks his 26AS at the
end of the year, total tax credit will be –

TDS deducted on salary        =          80,000*12*20%
        =          Rs.
1,92,000

TDS deducted by bank          =          70,000*10%               =          Rs.
7,000

Advance Tax deposited                                                         =          Rs. 50,000

Total tax credit                                                                    =          Rs.
2,49,000

Now he can adjust Rs. 2,49,000 against
his final tax obligation while filing income tax return. Had he not checked
26AS, he might have wrongly calculated the tax amount which could have a direct
affect on his pocket.             

How to view 26AS?

·     
26AS
can be viewed by visiting Income Tax Department website – https://incometaxindiaefiling.gov.in/home

·     
After
logging-in by entering User ID (PAN Number), password, date of birth, and
captcha, dashboard will appear.

·     
Go
to My Account -> View form 26AS (Tax Credit). User will be redirected to
TDS-CPC website

·     
By
selecting the relevant Assessment Year, 26AS can be viewed, or can be
downloaded in HTML, text or PDF mode. For FY 2017-18, 2018-19 will be the
assessment year.

·     
Password
to open 26AS PDF document is date of birth/ date of incorporation in ddmmyyyy
format. Hence if date of birth is 24-Aug-1995, enter 24081995)

How does 26AS look
like?

At
the top few basic details are mentioned –

·     
PAN
number

·     
Status
of PAN (active/ cancelled)

·     
Financial
Year & Assessment Year

·     
Name
and Address of Taxpayer

26AS
is divided into seven major parts – A,B,C,D,E,F & G.

Part A – Details of
TDS

Details
related to TDS deducted by all payers are mentioned here. Details include
– 

·     
Name
and TAN number of deductor

·     
Total
amount paid to the payee

·     
Total
TDS deducted by the payer

·     
Total
TDS deposited to the government by the payer

·     
Section
of TDS

·     
Transaction
Date

·     
Date
of deduction of TDS

·     
Amount
paid and TDS deducted on each transaction date

Part A1 – Details of
TDS for 15G / 15H

If
taxpayer has given 15G/ 15H because of which no TDS has been deducted, details
of it will be displayed here. Particulars are same as mentioned in Part A.

Part A2 – Details of
TDS on sale of immovable property u/s 194IA (Seller)

If
a property has been sold, and payment has been received after TDS deduction,
details will be displayed in this part. Name and PAN of deductor, transaction
date, payment amount and TDS amount will be shown here.   

Part B – Details of
TCS       

If
you have collected TCS on sale of goods, details will be shown here. It
includes name and TAN of collector, section of TCS, transaction date, amount
paid and TCS amount deducted. 

Part C – Details of
Tax paid (other than TDS or TCS)

Advance
tax, self-assessment tax paid to the government will be displayed here. If you
have deposited the amount, but challan details doesn’t match with bank details,
or the amount mentioned is higher than challan amount as per bank, status will
be shown on the basis of which you can correct the details by communicating
with the bank.

Part D – Details of
paid Refund

 Tax refund received and the mode of such
refund along with amount and date of payment will be shown here.

Part E – Details of
AIR transaction

Details
related to Annual Information Return will be displayed in this part.

Part F – Details of
Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ TDS on Rent of
Property u/s 194IB (For Buyer of Property)

TDS
deducted by the buyer while making payment for purchasing immovable property
are shown here.

Part G – TDS Defaults*
(Processing of Statements)

Anomalies
related to TDS returns will be shown here. It includes any shortage of TDS
amount in deduction or deposition, interest or late filing fees and the
financial year to which such anomaly pertains.

A
helping hand as it is widely regarded in income tax world, 26AS acts as a
soldier who protects your tax credit. Evasion of tax is also curbed because of
transparency in TDS and advance tax deposition.  So stop penning down tax credits, 26AS is
always there at your desk.