Form 26AS is a consolidated Tax Credit Statement which provides 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 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|
|Date of Birth/Incorporation|
Furthermore, the Annual Information Statement aims to incorporate all the information related to the different income sources. Part B will include details of:
- Property & Share Transaction Details
- Status of Proceeding with ITD
- Status of IT Refund/Demand
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|
Form 26AS Sample
Components of Form 26AS Tax Credit Statement
- Part A
- Contains the details regarding Tax Deducted at source including Name and TAN of Deductor, Total Amount Paid, Tax Deducted, and Deposited.
- Part A1
- Contains the details regarding Tax Deducted at Source in case Form 15G / 15H has been submitted by the deductee.
- Part A2
- Contains the details regarding Tax Deducted at Source on Sale of Immovable Property u/s 194IA (For the seller of Property).
- Part B
- It has the details regarding Tax Collected at Source
- Part C
- Contains the details of any Taxes paid other than TDS/TCS, i.e., Advance Tax, Self-assessment Tax.
- Status of Booking
- As the name suggests, the status-U means that there was a discrepancy in your Form-26AS. Either your deductor has not deposited your taxes or the particulars are incorrect or unfinished. It will be changed only when the details of the bank match with the details of the deposit in the TDS/ TCS statement.
- This Tax credit is applicable to the TDS/TCS statements that are filled by government deductors. It will change to ‘F’-Final only when the Pay and Accounts Officer (PAO) submits the verification of payment details.
- This initiative is seen when the TDS/TCS details are verified and there are no errors.
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).
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.
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.
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.
Form 26AS will be in affect from the 1st of June 2020.