Client Lic Form 26AS: An Income Tax Filing Document

Meaning of Anatomy 26AS:The Anatomy 26AS (ANNUAL TAX STATEMENT) is a circumscribed tax acclaim annual issued by the Assets Tax Administration to the tax payer. Entries in the Tax Acclaim Annual (Form 26AS) are generated if a accurate PAN bulk has been appear in anniversary TDS statements. It shows how abundant of your tax has been accustomed by the IT Administration and is circumscribed from assorted sources like your bacon / hire /professional / absorption assets etc. This anatomy contains the anniversary tax annual beneath Area 203AA and additional accouterment to Area 206C (5) of the Assets Tax Act, 1961 and Rule 31AB of Assets Tax Rules, 1962. TDS certificates i.e. anatomy 16 and 16A accept to be cantankerous arrested with anatomy 26AS.Form 16 is issued by an employer admitting Anatomy 16A is issued by any added TDS deductors not getting an employer viz. a coffer deducting TDS on Interest, a applicant deducting TDS on Professional fees, a addressee deducting TDS on Rent.Importance:Form 26AS is important for claiming the acclaim of TDS/TCS deducted/collected by the deductor/collector which has been deposited to the annual of the government. The deductor/collector should accurately book the TDS/TCS annual giving data of the tax deducted/collected on your behalf.The anatomy is basically disconnected into several locations as follows:PART A – Data of Tax Deducted at Source

It consists of abundant account of tax deductors and absolute bulk deducted/paid or accustomed to you with tax deducted and tax deposited thereon. TDS reflected in Anatomy 16 and Anatomy 16A should be akin with this part.PART A1 – Data of Tax Deducted at Antecedent for 15G / 15H

This allotment will appearance transaction in those banking institutions such as banks area the alone has submitted Anatomy 15G / 15H. TDS in these cases would be zero. It enables you to accumulate a clue of all the absorption accretion which has not been taxed.PART A2 – Data of Tax Deducted at Antecedent on Auction of Adamant Acreage u/s 194IA (For Agent of Property)

Here u/s 194IA a client of Adamant acreage has to abstract TDS and address the TDS to government through challan Anatomy 26QB provided the application for alteration of an adamant acreage is not beneath than Rs. 50 lakhs. Bulk will reflect beneath this allotment if you are a agent of the property.PART B – Data of Tax Calm at Antecedent (TCS)

Every person, getting a seller,shall aggregate tax at source(TCS) from the client of appurtenances defined in area 206C(1). TCS is calm on auction of Liquor, timber, atom etc. at the time of debiting of the bulk payable to client or at the time of cancellation of payment, whichever is earlier.PART C – Data of Tax Paid (other than TDS or TCS)

All beforehand tax payments, self-assessment tax payments are reflected beneath this part.PART D – Data of Paid Refund

If you accept got any tax refunds in that appraisal Year it would be listed beneath this part.PART E – Data of AIR Transaction

If you accomplish some top bulk transactions, such as investment in acreage and alternate funds, again these affairs are automatically appear to the assets tax administration by banks and added authorities through Anniversary Information Return (AIR)PART F – Data of Tax Deducted at Antecedent on Auction of Adamant Acreage u/s 194IA (For Client of Property)

As mentioned aloft in Allotment A2. Amounts will reflect in this cavalcade if you are a client of the property.Example: Mr. X a salaried alone alive in A Ltd and cartoon a bacon of Rs.40,000 per ages which is Rs.4,80,000/- per annum during the banking year 2013-14 I.e Appraisal Year 2014-15. He has fabricated declarations to A Ltd for deductions for LIC exceptional of Rs.10,000, Provident Fund Rs.25,000, Mediclaim Rs.3,000. Housing Loan Absorption Rs.30,000 and arch claim of Rs. 12,000/-. Accordingly his taxable Bacon is Rs.4,00,000/- afterwards all the aloft deductions. Basic Exemption absolute for alone is Rs.2,50,000/- on which no TDS is applicable. On the antithesis bulk of Rs.1,50,000, tax is levied @ 10% which amounts to 15,000. A Ltd will accordingly abstract an bulk of Rs. 1,250 per ages from Mr. X bacon from the alpha of aboriginal ages of the banking year. Any arrears in TDS is usually deducted in endure ages of the banking year. A Ltd will book anniversary TDS allotment by depositing the TDS with government on assigned due dates. A ltd will affair Anatomy 16 to Mr X which is a affidavit of bacon fatigued and TDS deducted accordingly by 31st May. Mr. X should firstly account the TDS deducted from his account bacon block with TDS reflected in Anatomy 16 if it matches with the bulk he should added analysis whether the aforementioned bulk matches with TDS reflected in Anatomy 26AS.

Any getting should appropriately analysis his Anatomy 26AS afore filing his assets tax allotment as benightedness of the aforementioned can artlessly advance to tax acclaim mismatches consistent to notices from the IT Departments, IT Refund withheld or even penalties. One accept to bethink the adage ‘Precaution is consistently bigger than cure’ and aswell ‘stich in time saves nine’ both appropriately accordant for the aloft discussed subject.