Form 26as: Introduction to Form 26AS /Annual Tax

Introduction to Form 26AS /Annual Tax Statement Income Tax Department facilitates a PAN holder to view its Tax Credit Statement ( Form 26AS /Annual Tax Statement) online. Form 26AS /Annual Tax Statement contains: What is Form 26AS ? As per Section 203AA of the Income Tax Act, 1961 , Form 26AS is a consolidated statement issued to a PAN holder with respect to a financial year. As per Rule 31AB of the Income Tax Rules, it will include details of: Tax deducted at source (TDS) Tax collected at source (TCS) Advance tax / Self-Assessment Tax / Regular Assessment Tax etc. deposited in the bank by tax payers (PAN holders) Refund received during the financial year Details of transactions in Mutual Fund, Shares ... Form 26AS is an essential document for taxpayers, providing a comprehensive view of the taxes deducted or collected on your behalf. Here are some of the reasons why Form 26AS is necessary: In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961 r.w.r.114-I of Income Tax Rules, 1962 w.e.f. 01.06.2020. The new Form 26AS will provide a complete profile of the taxpayer for a particular year. 1. Mobile no., e-mail id, date of birth/incorporation and Aadhaar no. 2. Information relating to tax deducted or collected at source. 3. Information relating to ...