All about 26AS under Income Tax Act

Form 26AS is an important tax filing as it is Tax Credit Statement.

On 9^th September 2021, CBDT had announced enhancing the timelines for some compliance for direct tax.

Due date for filing Income Tax Return

• Filing for taxpayers who are not covered under audit is expanded from 30^th September 2021 to 31^st December 2021.
• Filing for taxpayers who are covered under audit is expanded to 15^th February 2021.
• Filing for transfer pricing is expanded to 28^th February 2021.
• Filing for belated or revised returns for financial year 2020-2021 is expanded from 31^st December 2021 to 31^st March 2022.

Due date for Furnishing Audit Report

• Due date for furnishing the audit report is expanded to 15^th January 2022.
• Due date for furnishing the audit report for transfer pricing is expanded to 15^th January 2022.

FORM 26AS

Form 26AS includes the information on all the deducted tax on the income of deducted. All the details of collected tax by the person who is collecting. All the details of advance tax which is paid by the person who is paying the tax. Information of Self-assessment tax payments. All the information of regular assessment tax payments by the PAN Holders. All the details of refund received by the taxpayer and the high-value transactions with regards to share, mutual funds etc.

STRUCTURE OF FORM 26AS

• Part A: This part contains all the details of TDS and in this there are Part A1 which contains the details of TDS for Form 15G or Form 15H, then there is Part A2 contains the details of TDS on sale of Immovable Property that is under Section 194(IA).
• Part B: This contains details of Tax Collected at Source.
• Part C: This has information of Tax Paid.
• Part D: This contains details of paid refund.
• Part E: This contains details of AIR Transaction.
• Part F: This contains details of Tax Deducted on sale of immovable property.
• Part G: Process of default.

STEP FOR DOWNLOADING FORM 26AS

• Step 1: E-filing website.
• Step 2: Enter your user Id and the individual can also access the account via net banking.
• Step 3: Log in to your account by entering your password and click on continue.
• Step 4: Click on "e-file" and select "Income Tax Returns" then click on "View Form 26AS".
• Step 5: Click on "Confirm".
• Step 6: The candidate will see the TRACES website. Now select the box and click on "Proceed".
• Step 7: Click on the link at the bottom of the page.
• Step 8: Choose the appropriate year and the format and the candidate will see the Form 26AS. The person can download the form.
• Step 9: This is the last step where the person will see the Form 26AS by opening it.