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How to Download Form 26AS

Form 26AS is an annual consolidated tax statement that can access from the official website of Income Tax. This form is accessed by all the taxpayers using their Permanent Account Number. If you have paid the tax from your income or if the tax is deducted from your income then all the information is stored in the Income Tax Department Database.

The Form 26AS contains:

  • Details of the tax deducted from your income by the Deductors.
  • Details of the tax collected by the collectors.
  • Advance tax paid by the taxpayer.
  • Self-assessment tax payments
  • Regular assessment tax deposited by the taxpayers (PAN Holders)
  • Details of the refund received by you during the financial year.
  • Details of the High valued transactions in respect of shares, mutual funds etc.

You can download the Form 26AS in two ways:

  • From the TRACES website OR
  • Via Net Banking Facility of the Authorized banks.

How to Download and View Form 26AS through the TRACES Website

TRACES is known as TDS Reconciliation Analysis and Correction Enabling System. This is one of the products of the Income Tax Department. This main objective of the TRACES website is that it allows online correction for already filed TDS Returns. It is a hassle-free system. The PAN Card and Challan corrections can be made using the online rectification.

  1. Registration: For downloading the Form 26AS, the tax Deductor needs to get registered himself/herself on the official website of the Income Tax Department. The official link to the Income Tax website is incometaxindiaefiling.gov.in. Once the registration is completed, a login id and a password are allotted. Now the tax Deductor has to login using these credentials.
    Form 26AS-details @ Rupeenomics
    Traces Official website preview
  2. Login:Enter the PAN Number, password, and date of birth/ date of incorporation in DD/M/YYYY Format. Also, enter the captcha code that is provided in the box. Now click to login.
    form 26AS-details @ Rupeenomics
    Login details
  3. Go to “My Account” and click on the “View Form 26AS” in the drop-down menu.
    form 26AS-details @ Rupeenomics
    Finding Form 26AS
  4. Click on the “Confirm” button so that you are redirected to the “TRACES” website.
    form 26AS-details @ Rupeenomics
    Redirecting to Traces
  5. Now when you reach the “TRACES” website, select the box on the screen and click on “Proceed”.
    form 26AS-Details @ Rupeenomics
    Confirmation popup
  6. Now click the link present at the bottom of the page- “Click View Tax Credit (Form 26AS) “to view your Form 26AS.
    form 26AS-Details @ Rupeenomics
    Click on “View Form 26AS”
  7. Choose the Assessment Year and the type of Format you want to view the Form 26AS. Like for example, if you want to view the Form online, then leave the format in HTML. If you want the form in PDF Format then you can download the form in PDF format so that you can save it for the future reference.
  8. After you are done with the Format selection, enter the “Verification Code” and click on the View/Download.
    form 26AS-Details @ Rupeenomics
    Fill the data required
  9. Viewing the Form 26AS is completely Password protected which means to open the document you need to enter a Password. Form 26AS password is your Date of Birth- DDMMYYYY format. And after entering the password you can view the Form 26AS.
    form 26AS-Details @ Rupeenomics
    Enter DOB as Password

View the Form 26AS through Net Banking of your Bank Account

This facility is available to the PAN Holders who are having a net banking account with any of the authorized banks. You can view the Form 26 AS (Tax Credit Statement), only when your PAN Card is linked to the respected net banking account.

The banks that are registered with the NSDL for providing to view the Tax Credit Statement are as follows:

  1. Axis Bank Limited
  2. Bank of India
  3. Bank of Maharashtra
  4. Bank of Baroda
  5. Citi bank N.A
  6. Corporation Bank
  7. City Union Bank Limited
  8. ICICI Bank Limited
  9. IDBI Bank Limited
  10. Indian Overseas Bank
  11. Indian Bank
  12. Kotak Mahindra Bank Limited
  13. Karnataka Bank
  14. Oriental Bank of Commerce
  15. State bank of India
  16. State Bank of Mysore
  17. State Bank of Travancore
  18. State Bank of Patiala
  19. The Federal Bank Limited
  20. The Saraswat Co-operative Bank Limited
  21. UCO Bank
  22. Union Bank of India

Parts of the Form 26AS

A Form 26AS contains the following parts

Part A – Details of Tax Deducted from Source

This has the details of the taxes deducted from your salary, interest income, pension income and prize winnings etc. The TAN of the Deductor and the amount of the TDS deducted and TDS deposited is also mentioned. This information is provided on the quarterly basis.

Part A1 – Details of the Tax Deducted from Source for Form 15G/Form 15H

This provides the details of the income where no TDS is deducted, as the taxpayer has already submitted the Form 15G/ Form 15H. You can also verify the status of the TDS deduction if you have submitted the Form 15G/ Form 15H. If you haven’t submitted the form then it will display “No transactions present”.

Part A2 – Details of the Tax Deducted at Source in Immovable Property u/s 194 (IA) (For Seller of property)

If in case you have sold any property during the year then and the TDS is deducted from your receipts then you will find the related entries in there.

Part B – Details of the Tax Collected at Source

This has the details of the tax collected at the source by the seller of the goods. The entries are present here if you are a seller and the tax is collected by you.

Part C – Details of the Tax paid (Other than TDS and TCS)

If you have deposited any tax by yourself then that information will be displayed here. Details of the advanced tax and assessment tax are also present here. It also contains the details of the Challan through which the tax is deposited.

Part D – Details of Paid Refund

This section contains the information that you have received your refund. It also displays the related assessment year to which the refund pertains, along with the mode of the payment, an amount paid and interest paid along with the date of the payment.

Part E – Details of AIR Transactions

This section mainly contains the high-value transaction records. Banks and other financial institutions are also required to report high-value transactions to the tax authorities. It also includes the mutual fund purchases of higher values, property purchases, and high-value corporate funds.

Part F – Details of the Tax Deducted on sale of immovable property u/s 194IA (For Buyer of Property)

If you have bought a property and you have to deduct the TDS before making the payment to the seller. This section contains the details of the TDS deducted and TDS deposited by you.

Part G – TDS Defaults * (Processing Defaults)

This section includes the defaults related to the processing of the statements and it does not include any demand raised by the assessing officer.

Points to Note
  • A Taxpayer can also avail the facility of the online correction of TDS Challan by registering himself on the TRACES website.
  • Apart from PAN and Challan Corrections, all the other corrections will be made through the offline mode through TIN-FC.

National Savings Certificate (NSC) Tax Benefits

National Savings Certificate which is also known as NSC is a savings Bond which is designed for salaried employees and businessmen for small savings and income tax savings investment in India.

National Savings Certificate can be purchased from any Post Office in India by an adult either in his / her name or on behalf of a minor, a trust or two adults jointly. Government provides two different issues of NSCs which includes NSC – VIII Issues and NSC IX Issues. Under NSC VIII Issue, an eligible person can invest for 5 years and under NSC IX Issue, an eligible person can invest for 10 years.

Government of India have fixed the NSC interest rate which is subject to revision on yearly basis which is at the start of every financial year i.e. 1st April. The current NSC rates are for NSC VIII Issue which matures after 5 years is 8.50% compounded half yearly and NSC IX which matures after 10 years is 8.80% compounded half yearly.

This provides dual benefits to the subscribers as one can reinvest the earned interest and claim this amount as deductions under Section 80C. In case you do not reinvest this amount in NSC after maturity, the deposit will be start earning taxable interest at simple interest rates, reducing the scope for accruing interest.

Interest on premature withdrawal of NSCs

National Savings Certificate can be withdrawn prematurely only on some special cases which are

  • In case of death of the certificate holder or the holders
  • Forfeiture of a pledge being a Gazetted government officer when pledge conforms to the rules
  • On court order.

National Savings Certificate Tax Benefits

National Savings Certificate offers various tax benefits. In this section we will discuss the tax benefits available under National Savings Certificate.

  • As under NSC, the certificate holders will not get paid directly in their accounts and it can be reinvested, a taxpayer/investor can claim for tax deduction on the interest amount. For that they need to show the interest as income and then claim income tax rebate on it under Section 80C of the Indian Income Tax Act.
  • Under National Savings Certificate (NSC), a yearly investment up to Rs. 1,00,000 qualifies for income tax repayment
  • Under National Savings Certificate, there is no tax deduction at source.

How to calculate National Savings Certificate Tax

To calculate National Savings Certificate tax you are required to enter your date of purchase of NSC, total NSC amount, total years of completion after purchase and the applicable rate of interest, and the calculator will reveal the total interest. And based on the results you can claim your income tax rebate.

Key Benefits of investing in NSCs

NSC is one of the safest schemes as it is backed by the government of India (GoI). It also comes with a lot of benefits which are as follows:

  • Under NSC one can receive interest up to 8.8% which is indeed an attractive rate of interest on savings.
  • If you invest in NSC, after 5 to 10 years once the scheme matures, you will receive assured returns on it
  • NSC is one of the most reasonable investment as one can invest as minimum as Rs. 100.
  • NSC makes getting loans easier as by showing your NSC certificate you can get easy loans from the bank.
  • National Savings Certificates are issued in different denominations such as Rs. 100, Rs.500, Rs.1000, Rs. 5000 and Rs.10, 000. A person is free to purchase any number of National Savings Certificates as per his/her convenience
  • This scheme is considered to be very flexible as the investors can transform their National Savings Certificate from one individual to the other, if they certificate holder intends to transfer their certificate.

A Quick Guide To GST Rates For Various Categories

The Goods and Services Tax (GST) is an Indirect Tax. The introduction of this tax has revolutionized the Indian Taxation System. It is basically a Value Added Tax that is levied on the manufacture, sale, and consumption of goods as well as the services at the national level.  It has been one of the essential things that have caught a lot of attention in the market scenario. It is an eye candy in the world on marketing and business.

On 8th of September 2016, the President of India Mr. Pranab Mukherjee, gave an acknowledgment to this Bill, making an Act. Later, this GST Act was passed in Lok Sabha on 29th March 2017, and it came into an effect from 1st on 1st July 2017.

The Government has categorized the GST in 3 parts:

  • Central– levied by the Union Government on India
  • State– levied by the Various State Government
  • Integrated– Levied by the State Government when there is a movement of the goods from one state to another.The GST Rates comprises of the CGST + SGST which is equal or half of the below-given rates.

The GST Rates on Goods are categorized into -0%, 2.5%, 3%, 5%, 12%, 18% and 28%.

Whereas, the GST Rates on the Services or categorized into- 0%, 5%, 12%, 18%, 28%.

Nil Tax (0%)

  • Goods– No tax will be imposed on the items like milk, eggs, jute, natural honey fresh fruits and vegetables, curd, sindoor, human hair, children;s coloring books, newspapers, printed books, jaggery, salt, bone meal, Kajal etc.
  • Services–  No taxes will be imposed on the services like: Hotels and Lodges with tariff below Rs 1000, Grandfathering services have been exempted, Services by the Reserve Bank of India, Service provided by the Public Libraries etc. Rough precious and semi-precious stones come under the tax imposition of 0.25%.

GST (5%)

  • Goods– Items such as fish fillet, packed food items, apparels under Rs 1000, coffee, tea, revenue or postage stamps, tea, agarbattis, raisin, branded paneer, kerosene, coal etc imposes a GST of 5%.
  • Services– Transport Services (railway and air transport), small restaurants, textile job etc fall under 5% GST.

GST (12%)

  • Goods– Apparels above Rs 1000, frozen meat products, notebooks, ketchup, cell phones, umbrella, notebooks, spoons, chess boards, tooth powder, Ayurvedic medicines etc fall under the umbrella on 12% GST.
  • Services– Non-AC Hotels, State run Lotteries, Business Class air tickets, Work contracts etc impose 12% GST.

GST (18%)- Most on the items fall under this tax slot.

  • Goods– Footwears costing more than Rs 500, biscuits, ice creams, bidi, instant food mixes, speakers, camera, monitors, aluminium foil, machinery products such as weighing machinery, printers, CCTV, Bamboo Furniture, Optical Fiber, cornflakes, sugar, pasta, tractor parts, salad dressings, headgear, steel products, envelopes, tampons, jams, sauces etc fall under 18% GST Slab.
  • Services– AC hotels that provide liquor, telecom services, branded garments, and financial services, restaurants inside the 5-star hotels etc attract the tax slab on 18%…

GST (28%)

  • Goods– Chewing Gums, Waffles, Wafers, water heaters, automobiles, motorcycles, hair shampoo, dye, sun screen, wallpaper, ceramic tiles, pan masala, shaving creams, vacuum cleaner, deodorants etc come under the 28% GST Tax Slab.
  • Services– Hotels with room tariffs more than Rs 7500, private run lotteries, 5-star hotels, race club, cinema complexes and other luxury products will attract a 28% GST.

The GST is more of a transparent system. This will gradually wipe out inflation and various provisions like compensation cess. It covers 29 states and 2 union territories and soon will be widely accepted and supported. Just like the demonetization policy, this will also come up in flying colors.

GST is that one slightly expensive bitter pill which is given by the doctor instead of the various pills. Now it is up to you whether you want to go for that one pill or go for many

Want to know more about the Indian Taxation System and GST. Visit Here.

GST (Goods and Services Tax)- A Boon To The Society

The GST is the Goods and Services Taxes that are levied by the Government. The mission of the GST is to take over all the indirect taxes and help to improve the economy of the nation. The introduction of GST led to the evolution of the Indian Taxation System. It became an eye candy in the field of marketing and business. If we think of defining what is exactly a GST mean- you may conclude with many terms either it is an indirect tax, or it is a Value-Added Tax levied by the Government on domestic products etc.

Hence, the proper definition of  GST is

GST is a value added tax (VAT) that is proposed to be an indirect tax which is levied by the Government where the tax is levied on the manufacture, sale, and consumption of goods as well as the services at the national level

On 8th of September 2016, the President of India Mr. Pranab Mukherjee, gave an acknowledgment to this Bill, making an Act. Later, this GST Act was passed in Lok Sabha on 29th March 2017, and it came into an effect from 1st July 2017.

Benefits of GST

  1. Common Man Friendly– The single tax administration has made the expectations come true. More than 80% of the household items have got their prices fall down and they fall within the 18% tax slab. The GST has been categorized into different slots in the form of rates. These rates start from 0% to 28%.The day to day products got their taxes reduced and fall within the 18% GST rate. These slabs came into action from 1st of July 2017. A huge number of items are either tax exempted or in the 5% GST tax slab. Will provide a maximum number of benefits to the poor people. For a common man, the items that have gone cheaper includes
  • Prices of the movie tickets have gone cheaper in most of the states.
  • Dining in the restaurants
  • Televisions
  • Two – Wheelers
  • Stoves
  • Washing Machines etc.
  1. Advantages In The Trade and Industry– GST has given quite a little more benefits for the manufacturers and traders and industrial workers.
  2. One Tax– The overall structure for charging a GST for a state will include the subsuming of several taxes of central taxes and state taxes which enables to give one tax called instead to giving 16 taxes.
  3. Common Market– There will be a common market in the absence of CST and the entry tax. Presently, the goods are being sold mostly within the state so as to avoid paying CST. It is because this tax will not be credited at the time of manufacture or in the course of trading. The Good quality products that are manufactured at one end of the country will find more market in the farthest part of the country because there will be no CST as well as no Entry Tax.
  4. The Distinction Between the Goods and Services is abolished– There were different controversies going recently regarding the storage and the packaging of the goods and the services. But due to the introduction of the GST, this will get over.
  5. An invoice will get simpler– Initially, the invoices were more in a detailed version since the taxes on the Goods and Services are written separately for a single transaction. But after the introduction of GST, only one rate is written.
  6. No Entry Tax Levied– The India’s long distance truckers used to park 60% of the time. This led to the delay of delivering the goods and the products at the desired destination. Now due to the GST arrival, there is no entry tax levied. This is one of the biggest benefits for the movement of the goods by road transport.
  7. Big Central Excise Tariff is Removed– The eight- digit classifications called the Central Exercise Tariff has been replaced by one rate.
  8. GST Benefits To the Indian Economy– India has already taken strategic steps in order to develop more industrially, economically and financially. The introduction of the Goods and Services has transformed the economic growth of the nation. The involvement of GST also led to the elimination of the cascading effect of the taxes.

Some of the benefits of GST in the field of Indian Economy are

  • Removal of various indirect taxes such as VAT, CST, Service Tax and Excise.
  • The GST will bring the uniformity and also reduce the cascading consequence of these taxes by proving them the input credit tax. This will help the industry to benefit from the proposed common procedures and claim credit for the paid tax.
  • The arrival of the GST  will help to increase the mobilization of the resources that are available for the development of the country. This will either lead to the availability of the resources directly to the poorer states or indirectly the tax base becomes more weightless.
  • This will benefit people as the prices will fall down and this will help the companies as the consumption will increase.
  • The introduction of GST will lead to the corruption free taxation system. The tax is levied at the time of the product released from the manufacturing site, and after that, the retailers also pay for it.
  • The introduction of GST will also create a positive impact on the State and the Central Government. This will help India to gain approx $15 million in a year. It is estimated that due to the implication of GST, it will also improve the exportation, provide more opportunities for the employment, enhancement in the economic growth and reduce the burden of the central and state Government.
  • The successful implementation of the GST can attract the foreign investors about India’s increased economic growth, lesser compliance and the procedural costs in the taxation sphere and remove the complexities faced by the foreign investors who find it bit confused while investing.

According to the survey conducted, there are about 140 countries that have already implemented GST. Some of the countries include- Australia, Canada, Germany etc. The introduction of the GST can lead to creating a transparent and corruption free tax administration and can boost the Indian economy in the long run.

To read more about various taxes and GST in India. Visit this link: https://rupeenomics.com/different-taxes-india-direct-indirect-tax/

Form 26AS-Details about the Form, Features and Procedure to Download

Income Tax has always been making a strong and a convincing impact on the economy of the country. It is a boon and a key driver for  the growth and development for any country. The Income Tax Department also manages the whole database of the Total tax paid by the employer/tax payer. This procedure of filing an income tax is called as “ITR Filing”. Well, while filing for an ITR there are various forms and documents that are needed to be submitted. One of such form is the 26AS Form. The income tax provides sufficient facilities and benefits to the citizens of the country.

Also, if there is no income tax in the country then it will be very difficult to collect funds and organize and maintain the systems like the Military System, Industry, Agriculture, Police etc which are the backbones of the society and country’s economic growth. Like for an example, it would be impossible to survive and stay safe without the Police Department. The Police department protects the society and provides us security. The army pack of the country also protects the country from the enemies from the terror attacks and crimes. Thus, in order to have a smooth functioning of all the systems the income tax is posted on all the citizens of the country all over the World.

Based on our consumption and needs there are different types of taxes that impose different tax rates accordingly like GST, Direct Taxes etc. The taxes that are imposed on us are spent on the following Government Organizations and Functions-

  • National Defense
  • Law Enforcement and Public Order.
  • Protection of Human Rights
  • Country’s Infrastructure
  • Government Operation and Effective Functioning
  • Educational System In the Society
  • Health care, Pension and Unemployment systems
  • Energy, Waste and Drainage and Transportation System etc.
  • Form 26AS contains various details that were deducted from your income when you need to file an Income Tax Return. This is one of the important document that is required while you are filing for an ITR.

Understanding Form 26AS In Details

Form 26AS is an annual statement which holds the details of the Tax Credit which are maintained for each tax payer as per the Database record of the Income Tax Department. The Form 26AS is issued under the section 203 AA of the Income Tax  Act 1961.

The Section 203 AA came into an effect from the 1st day of April 2005. The implementation of this new section states

that within the prescribed time after the end of each financial year beginning on or after the 1st day of April 2005, prepare and deliver to each and every person from whose income the tax has been deducted or in respect of whose income tax has been paid a statement in the prescribed form specifying the amount of tax deducted or paid and such other particulars may be prescribed 

The form contains various details of the taxes deducted from your income by the deductors. The deductors can be your employer, bank or a tenant.

Features of the Form 26AS

  • The Form encloses the details of the advance taxes, self-assessment tax that you may have paid during the year.
  • Besides that, it also contains the details of the tax collected at source (TCS) which is also mentioned in the statement.
  • It will also state the details of any income tax refund received from the tax department during the relevant financial year.
  • It will also reflect the annual details i.e, the Annual Information Return which is filed based on the different entities, on what the individual has spent or invested into. It mostly focuses on the high-valued transactions.
  • Consider an example, if a person deposits cash in his/her savings account and the amount exceeds 10 Lacs then, the bank will send an AIR. The same goes for, if more than Rs 2 Lacs is invested in the Mutual Fund or if more than 2 Lacs is spent on the credit card.
  • The details of the taxes in the statement are sent by the deductors and the sellers after the confirmation of the Banks that the taxes have been received.

Every tax payer has been advised to double check his Form 26AS to confirm that the taxes deducted and the advance tax paid during the year matches the tax deposited as per the Income Tax Department records. Any error in the Form can lead to the tax authority issuing the notice. This mismatch can occur due to the wrong entry of PAN Card details,  Aadhaar Card Details, Assessment Year records.

Where Can You Download the Form 26AS

The Form 26AS can be downloaded from

  • TRACES Website– The TRACES website works under the Income Tax Department which denotes- “TDS Reconciliation Analysis and Correction Enabling System”.
  • Via Netbanking Facilities provided by certain Banks.

How To Download Or View the 26AS Form

To download the 26AS Form follow the steps that are mentioned below-

Form 26AS-details @ Rupeenomics
Official website preview
  • Log in using your Income Tax Department User ID and password. You need to register yourself first to receive the User ID and Password.
form 26AS-details @ Rupeenomics
Login details
  • Enter the User details, which include User Id, password, date of birth in DD/MM/YYYY Format. Enter the Captcha and Log in.
  • A screen appears, which directs to “Go To My Account”. When clicking the My Account option a number of sub-section appears. Click on “View Form 26AS” in the drop-down.
form 26AS-details @ Rupeenomics
Finding Form 26AS
  • After clicking, you are redirected to the TRACES Website.
    form 26AS-details @ Rupeenomics
    Redirecting to Traces
  • A box appears on the screen, on the TRACES Website. Click on the box and proceed.
form 26AS-Details @ Rupeenomics
Confirmation popup
  • A link appears at the bottom of the page, “Click View Tax Credit (Form 26AS). To view the form.
form 26AS-Details @ Rupeenomics
Click on “View Form 26AS”
  • Choose the assessment year and the format in which you want to view the Form 26 AS. If you want to view the form online then leave it in HTML format. If you want to download it, choose the PDF Format. After choosing the desirable format to enter the “Verification Code” and click on the View/ Download.
form 26AS-Details @ Rupeenomics
Fill the data required
  • To open the document you have to enter the Password. The password of Form 26AS is your Date of Birth in DD/MM/YY Format.
form 26AS-Details @ Rupeenomics
Enter DOB as Password
  • Thus, you have successfully downloaded the 26AS Form.
form 26AS-Details @ Rupeenomics
Form 26AS

Through Net Banking of Your Bank Account

This facility is available to the PAN Card holder who has Net Banking Facility. If your PAN number is mapped to the particular account then the facility is available for free.

The Following Banks are officially authorized banks to facilitate Form 26AS.

  • Axis Bank Limited
  • Bank of India
  • Bank of Maharashtra
  • Bank of Baroda
  • Citi Bank
  • Corporation Bank
  • City Union Bank Limited
  • ICICI Bank Limited
  • IDBI Bank
  • Indian Bank
  • Kotak Mahindra Bank
  • Karnataka Bank
  • Oriental Bank of Commerce
  • State Bank of India
  • State Bank of Mysore
  • State Bank of Travancore
  • State Bank of Patiala
  • The Federal Bank Limited
  • The Saraswat Co-operative Bank Limited
  • UCO Bank
  • Union Bank of India

Parts of Form 26AS

The Form 26 AS is made up from different Forms. It contains the following Parts-

  • PART A- Details of the tax deducted at Source
  • PART A1- Details of the tax deducted at the source for Form 15 G/ Form 15 H.
  • PART A2- Details of the tax deducted at source on sale of Immovable Property u/s 194 (IA) For the seller of the property.
  • PART B- Details of the tax collected at the source.
  • PART C- Details of the tax paid (other than TDS and TCS)
  • PART D- Details of the Paid Refund
  • PART E- Details of the AIR Transaction
  • PART F- Details of Tax Deduction on sale of Immovable Property u/s 194 (IA)
  • PART G- TDS Defaults (Processing of Defaults)

PART A- Details of the Tax Deducted At The Source

This Part of the form contains the details of the TDS deducted from your salary, interest income, pension income and prize winnings etc. The TAN of the deductor and the TDS deducted and deposited are also mentioned. Here the information is based on quarterly.

PART A1Details of the Tax Deducted At the Source for Form 15G/ Form 15 H

Here the details of the income are mentioned where no TDS has been deducted. It is because you have applied for Form 15G and Form 15H. You can verify the status of TDS deduction if you have already submitted the 15G and H Form. If you have not submitted the form then it will show “No more Transactions”.

PART A2- Details of the tax deducted at source on sale of Immovable Property u/s 194 (IA)

This part contains the information if you have sold your property and the TDS was deducted from the receipts. Then you can find the required relevant information here.

PART BDetails of the Tax Collected at the Source

This part contains the details of the tax collected at the Source by the seller of goods. You can view the entries if you are a seller and the tax is collected by you.

PART C- Details of the Tax Paid (other than TDS and TCS)

If you have deposited any tax by yourself then the related information can be found here. The details of the tax paid, self- assessment tax is present here. It also contains the details of the challan through which the tax is deposited.

PART DDetails of The Paid Refund

if you have received a refund then you can find out the details in here. Assessment of the year when the refund is applied. Along with the mode of payment, an amount paid and interest paid and also the date of the payment is mentioned.

PART E- Details of the AIR Transaction

Here the high valued transactions to the tax authorities are reported by the Banks and other financial corporations. Mutual fund purchases of high value, Property purchases, and high-value corporate bonds are also reported here.

PART FDetails of Tax Deducted on Sale of Immovable Property u/s 194 (IA)

If you have purchased any property then you have to get your TDS deducted before making payment to the seller. This part contains the information regarding the TDS deducted and deposited by you.

PART GTDS Defaults (Processing of Defaults)

This contains the information regarding the defaults related to the processing of the statements and do not include the demand raised by the assessing officer.

TDS Mismatch in Form 26AS and its Rectification

The TDS Mismatch in the form 26AS is one of the common problems that is faced by some of the tax payers. The TDS mismatch is mainly the mismatch in between the records of TDS and the records uploaded in the form 26AS. After the deduction of the TDS/TCS, the person who is deducting the TDS amount should deposit the same with the income tax department.

Some of the possible reasons for the Mismatch of the TDS in Form 26AS is- Wrong input of PAN number or TAN number, Payment of TDS, Challan Identification number etc, the Wrong amount being mentioned in the TDS.

Rectification

To avoid such problems always match and compare the details between the TDS inputs and the inputs in Form 26AS.

Otherwise, intimate the person who has deducted the TDS. He will later file a Revised TDS return with the correct particulars that will later be visible in the Form 26AS.

NOTE- The person who has deducted the TDS to file the Revised TDS takes time to make changes. The income tax website does not get updated instantly. It takes time for the Form 26AS to get updates as well.

Conclusion

This form serves a lot of purposes. Besides cross-checking the data it is also used for ITR filing purpose.

You can visit this link to know the procedure to fill ITR offline: Filing ITR Offline step by step procedure.

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