All about Form 26AS/What is Form 26AS

Form 26AS is a much talked about Form in Income Tax these days.  Herein we will discuss what it is all about, how we can check and download the same and why it is of so much use while filing the Income Tax return.

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Provisions of Income Tax Act regarding Form 26AS :

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Annual Information Statement

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114-I. (1) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any person authorised by him shall, under section 285BB of the Income-tax Act, 1961, upload in the registered account of the assessee an annual information statement in Form No. 26AS containing the information specified in column (2) of the table below, which is in his possession within three months from the end of the month in which the information is received by him:─

 

TABLE

Sl. No.Nature of information

(1)

(i)Information relating to tax deducted or collected at source

(ii)Information relating to specified financial transaction

(iii)Information relating to payment of taxes

(iv)Information relating to demand and refund

(v)Information relating to pending proceedings

(vi)Information relating to completed proceedings

 

(2) The Board may also authorise the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any person authorised by him to upload the information received from any officer, authority or body performing any function under any law or the information received under an agreement referred to in section 90 or section 90A of the Income-tax Act, 1961 or the information received from any other person to the extent as it may deem fit in the interest of the revenue in the annual information statement referred to in sub-rule (1).

 

(3) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) shall specify the procedures, formats and standards for the purposes of uploading of annual information statement referred to in sub-rule (1).

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What does this Form 26AS include :

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From the above provisions of Income Tax, it can be stated that Form 26AS is an Annual Tax Information of any person which contains all the details relating to his taxes i.e.

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(i) Tax Deducted for collected at Source

 

(ii) Advance Tax/Self Assessment Tax

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(iii) Complete details of all financial transactions received from various sources such as Banks, Post Office, Shares & Securities, Mutual Funds, Credit Cards etc.

 

(iv) Information relating to any demand or refunds created or issued during the year

 

(v) Information on all pending proceedings at Income Tax department including the completed ones.

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Why this Form is of very much relevance for your IT return filings :

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Since this Form 26AS is auto populated by Income Tax Department from various informations received from different departments, financial Institutions, It becomes necessary to check this form before filing of IT returns as it may happen that the information provided in this form is missed while filing the returns.

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In above case, it may lead to severe consequences later as there can be cases of misreporting of income which may lead to heavy penalty and harrasment at later stage.

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With the recent amendments in this Form, the scope of information has been much widened and thus every financial information which is of some material value will get reflected in this form such as spending on credit cards, transactions in shares and securities, purchase of gold etc. above certain limits, foreign travel etc.