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Form 26AS – detailed analysis

form 26as analysis

Form 26AS

Form 26AS is introduced by income tax department and tdscpcl. It is a really useful tool which not only gives you annual  tax related information, but also saves you from income tax notices.In this part, we will analysis each part of form 26AS.

Form 26AS is divided in six parts:

PART A:

Here, we can see information about total TDS deducted by deductor during the year.

  1. Sections means in which income tax section your tds was deducted.
  2. Transaction date means when an amount was deposited or credited to your account.
  3. To get the tax credit, the status of booking should be ‘F’. F means the final status of TDS. It means tds deposited by the deductor in the bank and tds amount filed by deductor in tds statement is matched.

In other case, it will be O (overbooked): Amount claimed in tds statement exceeds tds deposited in bank, U(unmatched): amount claimed in tds statement does not match with amount deposited in bank, P (provisionally matched)-tds deducted by book entry by government and still not verified by PAO.

  1. Date of booking means TDS return filing date.
  2. Amount paid / credited means the amount credited or paid to your account on which tax was deducted.
  3. Tax deducted means TDS deducted from amount credited/paid.
  4. TDS Deposited means TDS deposited in government account.If TDS is deducted but not deposited in government account, you will not get tax credit. Compare this figure with your form 16/16AS total tds deposited amount. If there is any difference, contact your tax deductor and ask him to revise the return so that you can get tds credit on income tax return.

Part A1:

Details of TDS deducted for form 15G/15H

 

Part A2:

Details of TDS on sale of immovable property u/s 194IA:

If you have sold any property during the year, sale value is more than 50 lacs and  you have deducted TDS at 1% u/s 194IA. This amount will be reflected in this part.

Part B:

Details of TCS:

This part reveals details about your tax collected at source. TCS will be applicable for certain purchases.

Part C:

Details of tax paid:

This part shows your tax payment (other than TDS/TCS). It shows self assessment tax paid by you and advance tax paid by you during the year.

 

Part D:

Details of refund : If you receive any tax refund during the year, it will reflect in this part. The refund may be any assessment year.

Part E:

Details of AIR transactions:

If you have done high value of transaction like purchase of share, debenture, immovable property for prescribed limit etc. during the year, it will be reflected in this part as AIR trasaction.

 

Part F:

Details of TDS on sale of immovable property u/s 194IA (For buyer of property):

When you purchase any immovable property and tds is deducted by the buyer, TDS amount will be reflected in this part. Remember that you ( Seller) can get credit for it while filing tax return.

 

Conclusion: You can see that form 26AS reveals many things like tds/tcs deduction, advance tax paid, S.A. tax paid. You can use it to compare its value with FORM 16/16A. You can also know refund status. By utilizing form 26AS, you can avoid notices and be aware of tax trasactions.

I hope you like this article.If you have any query , ask us in comment section.You can read more article by subscribing our news letter. Just enter your email id for it. You can also follow us on social network.

 

 

22 Comments

  1. By Raj Alok

    Dear Ms Khatri,

    Can you please elaborate a little on how I can fill up my tax return with 3 form 16 (I had worked in 3 organisations during 2014-15).

    • By admin

      Sum up the taxable salary income and show in return.

  2. By Shahid

    Dear Mam,
    My total credit amount in form 26AS differs from form 16.However the TDS deposited matches. The total credit amount in form 26AS is Rs.583080 whereas total credit in form 26AS shows only Rs.452078.(Difference of Rs 131002.) The TDS deposited is Rs 18186 which matches in both.
    Which figure should I take for filing IT return Form 16 or Form 26AS.
    However last year the total credit in form 26AS was Rs 20000 higher than that in the Form 16.
    I am a salaried govt employee and have no other source of income except salary.
    Please Clarify.
    Regards.

    • By admin

      Talk with your employer about this matter . As per my view, show higher income as per form 16 and claim tds credit as per form 26AS. It is always better to show higher income to save yourself from interest and penalty.

  3. By D K Bhunia

    Dear Mam,
    For AY 2014-15, 26AS reflects tax credit 13410 with status of booking “u”. But intimation u/s 143(1) shows tax credit 9000. So the tax authority demands 4410,& interest. Return was efiled. What to do ? Kindly help.

    • By admin

      Tell your deductor to revise the tds return because the challan is unmatched.

      The demand will be removed once the right data will reflect in form 26AS.

      • By D K Bhunia

        But my other colleaques’ status are also “u” though they have not got demand notice instead. Those who had Refund already received it. Why notice only for me ? Thanks.

      • By admin

        Can you mail me the details on admin@taxmasala.in? I ll see after tell.

  4. By rahul verma

    madam,
    i am salaried person and for last two year my employer is giving me wrong form 16.my form 16 and form 26as are not matching.for fy 2013-14 my gross income is 420960 and in form 26as it is 385479 /- and tds amount also differ in form 16 it is 10399/- and in form 26as is 6744/-

    now same problem happens this last year means fy 2014-2015 gross income in form 16 is 473988/- and in form 26as it is 362856 and tds in form 16 is 10000 and form 26as show 11000/-

    so please guide me what shall i do because i asked my employer to rectify this problem for both year but they are not listening.
    can i file itr return with this mismatchinf figure of form 16 and 26as.

    • By admin

      Do not file ITR with mismatched figure. Instead try to convince your employer to file tds return properly.

  5. By TEJAL

    what is difference between transaction date and date of booking

    • By admin

      Transaction date means transaction is done – Payment or credit of account and date of booking when the tds return filling date.

  6. By Poonam Lohia

    Hello Ma’am,

    I wanted to know the difference b/w Part A2 and Part F of Form 26AS.

    Thank you

    • By admin

      I have explained in article. Please check again.

  7. By Chetan

    Very Informative Article!

    I have a doubt on the part F. In article it is written that assessee can claim the tds credit of PART F. It is for buyers of property i.e. purchaser. Purchaser is required to deduct tax on the payment to be made to seller. therefore it is the seller whose tds has been deducted by purchaser. how can the purchaser claim credit of tds where no tds has been deducted of purchaser.

    • By admin

      You are absolutely right. I have corrected the mistake. Thanks for reading.

  8. By Sruzan

    I have a case Where the 26AS reflects more amount credited than What I actually received in the account. It is almost like two entries for each transaction, one with TDS deducted amount another with TDS as 0 amount. Is this an error by the employer ? Should we correct this before filing ? What to do in this case. Can you please clarify. Thank you.

    • By admin

      It is mistake done by your employer in return filling. Ask your employer to revised TDS return for that mistake.

  9. By Mahesh

    Dear Madam,

    TDS is deducted on date of transaction and net amount is paid say on 30-Oct-2015. It is booked on 26-Jan-2016. While calculating advance tax, which date should be considered for reducing the tax liability. Should tax liability be reduced on 15-Dec-2015 or on 15-Mar-2016?
    Kindly clarify. Thanks.

  10. By Deepak

    I have sold my house.the buyer has deducted a tea amount challen paid in ion bank.but the red is not reflecting in my account.how to get it

  11. By Prabha

    I have paid Self assesment tax more than a week back but it is not showing in 26AS. How long does it take to appear?

    • By CA Tarannum Khatri

      It takes 3 to 10 days to reflect. Dont worry. It will reflect soon. Maintain receipt with you.

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