Form 26AS : Tax Credit / Annual Information Statement

author portrait

Hiral Vakil

Form 26AS
ITR Form
Tax Credit Statement

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

It is a very important document to have while filing ITR. However, you would not want to miss out on tax credits while filing ITR.

CBDT Announcement Regarding New Form 26AS – Annual Information Statement

The Ministry of Finance has released a new avatar of Form 26AS 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 details of the Aadhaar number, D.o.B, contact details as well. This helps the taxpayers file their ITR with all the basic details available in the Form 26AS. Part A of the statement is as follows:

Permanent Account Number   Aadhaar Number  
Name  
Date of Birth/Incorporation  
Mobile Number  
e-Mail Address  
Address  

Furthermore, the Annual Information Statement aims to incorporate all the information related to the different income sources. Part B will include details of:

Given below is the format of Part B for your reference:

Sl. No. Nature of Information
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
ITR for Salaried Individuals
CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
[Rated 4.8 stars by customers like you]
ITR for Salaried Individuals
CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
[Rated 4.8 stars by customers like you]

Form 26AS Sample

Form 26AS - Tax Credit Statement
Refer to the Notification Here

Components of Form 26AS Tax Credit Statement

In case of non-government deductors, it means that the payment details mentioned in TDS/TCS filed by the deductor match with the payment details of the same deposited in Bank.

In the case of government deductors, it means that that payment details of TDS/TCS match with the same submitted by Pay and Accounts Officer (PAO).

How to download Form 26AS?
Taxpayer can download Form 26AS from Income Tax e-Filing Portal.
Read More
How to download Form 26AS?
Taxpayer can download Form 26AS from Income Tax e-Filing Portal.
Read More

FAQs

Can I claim TDS in my return without Form 16?

Yes, the TDS credit in your case will be reflected in your Form 26AS, and, hence you can claim the same while filing ITR. However, the claim of TDS to be made in your return of income should be strict as per the TDS credit being reflected in Form 26AS.

What to do if the TDS credit is not reflected in Form-26AS?

Non-reflection of TDS credit in Form 26AS can be due to several reasons like the non-filing of the TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer. Thus, in case of a non-reflection of TDS credit, the payee has to contact the payer for ascertaining the correct reasons for the non-reflection of the TDS credit.

How to resolve unmatched entries in Form 26AS?

There can be one or more of the following reasons for ‘U’-unmatched status.
Deductor/Collector did not file TDS/TCS Return.
​Deductor/Collector has not/incorrectly quoted your PAN in the TDS/TCS Return.
​You have not provided your PAN or your provided PAN is incorrect.
Take the following steps in such cases:
​Cross-check the TDS information with Form-16 &/or Form-16A.
​Ask your deductor to revise the TDS return.
​Once they do it and it’s submitted to the department, ask them to update your TDS details.

When will the new Form 26AS be in effect?

Form 26AS will be in affect from the 1st of June 2020.

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Close Bitnami banner
    Bitnami