What is Form 26AS?

Discussion in 'Income Tax' started by Raju Choudhary, Mar 28, 2016.

  1. Raju Choudhary

    Raju Choudhary Active Member Staff Member

    A taxpayer may pay tax in any of the following forms:
    (1) Tax Deducted at Source (TDS)
    (2) Tax Collected at Source (TCS)
    (3) Advance tax or Self-assessment Tax or Payment of tax on regular assessment.
    The Income-tax Department maintains the database of the total tax paid by the taxpayer (i.e., tax credit in the account of a taxpayer). Form 26AS is an annual statement maintained under Rule 31AB of the Income-tax Rules disclosing the details of tax credit in his account as per the database of Income-tax Department. In other words, Form 26AS will reflect the details of tax credit appearing in the Permanent Account Number of the taxpayer as per the database of the Income-tax Department. The tax credit will cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, Self-Assessment tax, etc.
    Income-tax Department will generally allow a taxpayer to claim the credit of taxes as reflected in his Form 26AS.
     
  2. Nikhil8

    Nikhil8 Member

    Details of tax collected on your income by deductors.
    Details of tax collected by collectors
    Advance tax paid by the taxpayer.
    Self assessment tax deposited by the taxpayers (planholders)
    Details of refund received by you during by the tax payers (PAN holders)
    Details of refund received tax deposited by the taxpayers (PAN holders)
    Details of refund received by you during the financial year.
    Details of the high value. Transactions in respect of shares, mutual fund etc.
     
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