It lets one check if the tax deducted or collected has been timely deposited in the Income Tax department.It shows if the TDS statement has been filed correctly by the employer and if the TCS is accurately filed by the collector.Form 26AS is important for both the government as well as the citizens.It is one important document as it contains vital details related to tax.

The income tax department is put to notice about any high-value transactions like investments in mutual funds, purchase of property etc by banks and other authorities through AIR.įorm 26AS consists of a consolidated statement of income sources (salary, income from investments, consultancy, pension etc) and the tax amount submitted with the IT department as TDS/TCS. Part E: It contains the details about the Annual Information Return (AIR) transactions. Part D: It encompasses details about the paid refunds- both for which you applied for and the ones you received. Part C: This part encompasses details about the tax paid like advance tax or self-assessment tax apart from TDS or TCS. The seller collects it from the buyer and deposits it with the government on a quarterly basis. TCS is the tax which is collected during the sale of a specified category of goods (like toll plaza, liquor, parking lot etc.). It encompasses the details of Tax Collected at Source(TCS). For FY 2019-20, the rate of TDS which is applicable to proceeds on the sale of a property is 1%. This part gives details about the TDS on the sale of house property. One can easily track the details about the earned interest which has not been taxed. Since the individual has submitted the form 15G/15H, his tax deducted would be zero. This part gives details about the TDS from Form 15G/15H which highlights transactions in banks and other financial institutions where one has submitted Form 15G/15H.

This part gives details about the TDS deducted from the salary/ pension income and from the interest generated from the investments. It is governed by Section 203AA, Rule 31AB of the Income Tax Act, 1961.įorm 26AS encompasses multiple parts viz. Form 26AS or Annual statement gives consolidated details related to tax (TDS, TCS and refund etc) which is associated with the PAN.

Form 26as traces