Avail 50% discount on all subjects for Nov batch(access till Nov 20th). Use coupon code Nov14.

×

Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Discussion > Income Tax > Tax queries >

Form 26 AS

    Post New Topic
Pages : 1





Asst Mgr-Finance


[ Scorecard : 5026]
Posted On 17 August 2009 at 10:06 Report Abuse

can anyone explain what is  Form 26  AS  and what for it is required in Fiiling Income Tax Returns


Online classes for CA CS CMA



Preetham S L
CA Final Student


[ Scorecard : 94]
Posted On 17 August 2009 at 12:53

Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. This statement, with respect to a financial year, will include details of:
a) tax deducted at source (TDS);
b) tax collected at source (TCS); and
c) advance tax/self assessment tax/regular assessment tax etc., deposited in the bank by the taxpayers (PAN holders).
Form 26AS will be prepared only with respect to Financial Year 05-06 onwards.





Preetham S L
CA Final Student


[ Scorecard : 94]
Posted On 17 August 2009 at 12:54

The credits available in the tax statement confirm that:
a) the tax deducted/collected by the deductor/collector has been deposited to the account of the government;
b) the deductor/collector has accurately filed the TDS/TCS statement giving details of the tax deducted/collected on your behalf;
c) bank has properly furnished the details of the tax deposited by you.
In future, you will be able to use this consolidated tax statement (Form 26AS) as a proof of tax deducted/collected on your behalf and the tax directly paid by you along with your income tax return, after the need for submission of TDS/TCS certificates and tax payment challans along with income tax returns has been dispensed with by the Income Tax Department (ITD).
However, as of now for claiming the credit for tax deducted/collected at source you may be required to enclose TDS/TCS certificates (Form 16/16A) issued to you by the deductor.




Devesh Thakur
CA Final Student-Article Assistant


[ Scorecard : 214]
Posted On 17 August 2009 at 13:09

 

Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. This statement, with respect to a financial year, will include details of:
a) tax deducted at source (TDS);
b) tax collected at source (TCS); and
c) advance tax/self assessment tax/regular assessment tax etc., deposited in the bank by the taxpayers (PAN holders).
Form 26AS will be prepared only with respect to Financial Year 05-06 onwards

The Form 26AS (Annual Tax Statement) is divided into three parts, namely; Part A, B and C as under:
Part A displays details of tax which has been deducted at source (TDS) by each person (deductor) who made a specified kind of payment to you. Details of the deductor (name & TAN) along with details of tax deducted like section under which deduction was made (e.g. section 192 for salary), date on which payment was effected, amount paid/credited, tax deducted from payments and deposited in the bank are included in this part.
Part B displays details of tax collected at source (TCS) by the seller of specified goods at time these goods have been sold to you. Details similar to those displayed in Part A in respect of the seller and the tax collected will also be available.
Part C displays details of income tax directly paid by you (like advance tax, self assessment tax) and details of the challan through which you have deposited this tax in the bank.

In such cases the details of TDS/TCS cannot be posted into your Form 26AS. Therefore it is important to provide your PAN to all the entities who deduct/collect tax on your behalf.
 
The deductor can use the TAN view facility available at TIN website to verify both upload and booking status of the TDS/TCS statement uploaded by it.



sivaram
Asst Mgr-Finance


[ Scorecard : 5026]
Posted On 17 August 2009 at 14:13

Thanks Mr Preetam and Mr Devesh Thakur for the reply



There are 4 Replies to this message






Related Files








Related Threads


Post your reply for Form 26 AS



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.




Forum Home | Forum Portal | Member Control Center | Who is Where | Popular Threads | Today's Topic | Recent Posts | Today's Posts | Post New Topic | Thread With Files | Top Threads This Month | Forum Stats | Unreplied Threads

back to the top