What is form as 26

The new portal has a simplified download feature for Form 26As as well. Form 26 AS, which is also known as annual consolidated statement, is an important document that contains all tax-related information of the taxpayer like TDS Tax Deduction at Source , advance tax, etc. After, the launch of new income tax website, a taxpayer will be able to know one's tax-related details by simply downloading the Form 26AS from the new portal.

To download one's Form 26As, the income taxpayer needs to log in at the new income tax website — www. Never miss a story! Stay connected and informed with Mint. Click here to join our channel ieexplained and stay updated with the latest. As per Section BA of the Income-tax Act, filers are required to furnish a Statement of Financial Transaction for specified transactions during the financial year to the income-tax authority or such other prescribed authority.

Banks and other prescribed reporting financial institutions in their SFTs record details of transactions involving cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts other than a current account and time deposit , cash payments made by any person totalling over Rs 1 lakh, payments of bills for one or more credit card of Rs 10 lakh or more by a person in a financial year.

The tax department will now move towards providing more auto-filled details of financial transactions in the income tax returns ITRs. It will facilitate correct filing of return and when the correct filing is done, correct taxes get paid. Transaction date means date of credit or payment whichever is earlier. This date will be a date after the TDS return is filed. Form 26AS gives you all the details of tax credit. Form 26AS have been updated to capture the details of refund amount , details of self assessment tax and advance tax.

Form 26AS is required because it provides proof of tax deducted and collected at source on our behalf. Further, it confirms that the employers and banks have deducted the accurate taxes on our behalf and deposited into the account of the government. The only way to rectify the error in form 26AS is to inform the deductor and ask him to file a rectified TDS return.

The deductee cannot himself make any corrections in the form 26AS. Products IT. About us Help Center. Log In Sign Up. Start investing now or. The Income Tax Department of India requires to upload annual information statements in new form 26AS containing the details of Tax Credit in the account of a taxpayer as per the records of the department. Read Also. Forget about the old form 26AS because a new form 26AS has been introduced and it is having far fewer details than the old one.

The move will bring more transparency and detail to the form and the financial condition of the assessees. This amendment has been done to keep you aware of the provided communication options, and it will also help you to update these details if required. And if not, then you can take proper action regarding this.

Through the new form 26AS, the Income-tax department will also provide details of Demands which are outstanding. This type of information will help you to verify whether the same demand is genuinely outstanding or disputed. In the case of the disputed demand, you can do rectification of mistake, or fill appeal or fill an application for condonation of delay if the due time already passed.

After demand due, the new form will also feature details of pending income tax according to the tax department and details of proceedings that have completed during the year. This detail is especially added to keep you aware of the pending income tax. At Present time, entities like banks, listed companies, mutual funds, registrar, stock exchanges, etc.

But, if you are well aware then these details are already available to the IT Department, the department will make it available in the form 26AS.