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How to Read FORM-26AS and extract information from it

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How to Read FORM-26AS and extract information from it

Form 26AS simply provides the financial transactions details related to Assessee. These transactions can be done by Assessee or are done by third party with Assessee. Form 26AS reflects these transactions only when some authority/person reports details regarding these transactions by filing Various Returns prescribed for various type of Transactions.

Form 26AS mostly use for Checking and reconciling the amount of TDS deducted from the income of the Assessee. Information of amount of TDS Deducted and Gross Amount payable or paid to Assessee. This Amount of TDS and Gross Amount can be seen in the table of PART-A of Form 26AS. This Table of PART-A of Form 26AS also reflects the details of the Deductor such as Name and TAN of Deductor and the Section Under which TDS has been deducted.

What Other Purposes, does Form 26AS serves?

  • Details of Tax Collected at Source (TCS): Part B of Form 26AS reflects the amount of TCS deducted on account of Assessee along with Section under which TCS has been Deducted (Needless to mention that Gross amount and TCS Amount also Reflects).
  • Details of Tax Paid (Other than TDS or TCS): Part C of Form 26AS reflects the Amount paid in cash to settle tax liability. Also the advance tax paid by Assessee over the time period in a financial year reflects in this Part of Form 26AS.
  • Details of Paid Refund: Part D of Form 26AS reflects the amount which the Assessee has received as refund from income tax department. Along with the amount bifurcation of Refund amount and interest amount included in refund.
  • Details of SFT Transactions: SFT transactions are reported by various authorities to income tax department through filing of returns prescribed for this. Which will then reflect in Form 26AS under Part E with details such as Type of Transaction, Name of the SFT Filer, and Transaction Date along with amount.

Latest Involvement in SFT Transactions, is the amount of saving bank interest which will be shown under code SFT-016 of the Part E of Form 26AS.

  • Part G of Form 26AS: This part of Form 26AS states the details about the defaults done by Assessee regarding short deduction or short payment of the in the account of Government. The amount and interest paid or payable by Assessee regarding the defaults done.
  • Details of Turnover as Per GSTR-3B: Part H of Form 26AS reflects information about the Turnover of GST. These details are auto populated in Form 26AS after filing the GSTR returns on the GST Portal by Assessee.

How to Use the Information of Form 26AS?

Form 26AS information regarding the financial transactions of Assessee can be used in following ways:

  • To Reconcile GST with Income Tax Return: As discussed earlier in this article that, Part H of Form 26AS reflects the details about the Turnover of Assessee under GST. So to reconcile the turnover details in books now Assessee do not have to open GST portal. Assessee can just check the turnover details from the Form 26AS.
  • Reconcile TDS details with the amount of Salary Received: Salaried Assessee’s faces problems while reconciling their salary amount received with the Actual amount of Salary in the agreement with the company. To reconcile that, Form 26AS provides all the details such as Gross amount and the amount of TDS deducted on that. Using these details, not only Salaries Assessee’s but any other Assessee’s can reconcile their amount received with actual amount decided earlier.
  • Proof of Tax Payment: After paying tax, the payment reflects in the Part C of the Form 26AS. Which will then be produced before the income tax department as sometimes even after paying taxes, the outstanding demand letter can come.

Hope the article was helpful. Thanks

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