This would include tax deducted from various sources such as salary, commission, tax deducted on interest received through fixed deposits, rental income, etc. This is reflected in Form 26AS because banks and other authorities are required to report such transactions to the IT department through the Annual Information Return (AIR).įorm 26AS is an auto-generated database maintained by the IT department of the total income and tax paid by taxpayers. These may result from transactions such as a sale of property or mutual fund investments. This means you can claim the credit reflected in the form against the taxes payable for that assessment year.įorm 26AS also helps the IT department keep a tab on incomes other than refunds and regular sources such as the monthly salary. In this connection, please note that the IT department allows a taxpayer to claim tax credits as reflected in their Form 26AS, which shows TDS (by customers/employers/others) against payments received. This too is reflected in Form 26AS.įorm 26AS also contains details of refunds received by the taxpayer during a financial year. Advance tax, self-assessment tax, regular assessment tax etc. Sometimes taxes are calculated and deposited by taxpayers on their own (small businesses, professionals etc.). Needless to say, only legal income is reflected in the form. Therefore, it is also called the taxpayer’s Annual Statement (AS). as well as the total tax deducted on it and deposited in your name with the IT department. It is a consolidated statement that contains details of all income – such as your salary, the interest on your bank deposits, etc. So is Form 26AS essentially meant for tracking tax deductions?įorm 26AS is more than a tool to track tax deductions. Related: How to File your Income Tax Returns (ITR) Online The form 26AS available on the website of the Income Tax department, contains details of all taxes deducted and collected from the taxpayer, and shown against the person’s PAN (Permanent Account Number). You can always find out by checking Form 26AS. Here is a question: Assuming your employer (or a company or person for whom you have done some freelance work) makes some deductions from your emoluments as TDS/TCS (tax deducted/collected at source) and claims to deposit the amount against your name with the Income Tax department, how will you know if they have actually done so?Īctually, this should not pose a major problem.
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