Form 26AS permits the viewer to view all financial transactions in connection with TDS/TCS during the particular financial year.It is important for all taxpayers to verify their Form 26AS before filing income tax return. The following can be verified by checking Form 26AS Default in payment of TDS, penalty paid for the default, etc.High value transactions pursued through banking and financial institutions, as per the Annual Information Report (AIR) filed by the institutions.Refunds received from the Income Tax department.Payment of advance tax or self-assessment tax.The details of deduction would be mentioned by the seller in Form 26AS. If the taxpayer has purchased an immovable property over a value of Rs.50 lakhs during a particular year, he/she needs to deduct tax at source from the consideration paid to the seller.What is Form 26AS?įorm 26AS is a combined annual statement of a taxpayer, in which tax credits of a taxpayer are maintained by the Income-tax Department. Form 26AS consists of details such as tax deducted by entities on the taxpayers’ behalf, details of income on which tax have been deducted, details of deductors, etc. In this article, we look at Form 26AS in detail. Form 26AS indicates details of TDS, TCS, tax paid by an assessee and confirmation from banks that the taxes have been received. Learn » Income Tax » Form 26AS Form 26AS – Income Taxįorm 26AS is an Annual Tax Statement under section 203AA issued by the Income Tax Department.
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