What is Form 26AS?
Form 26AS is a document that shows details of taxes deducted and deposited with the Government on behalf of a taxpayer. It serves as proof that the tax deducted at source (TDS) or collected at source (TCS) has been credited to the taxpayer’s account.
Sections of Form 26AS
Form 26AS is divided into seven sections, each providing specific details:
- Part A: Contains details of TDS (Tax Deducted at Source), including the deductor’s name, TAN, and the amount deducted.
- Part B: Contains details of TCS (Tax Collected at Source) from the taxpayer.
- Part C: Provides information on taxes paid by the taxpayer directly, excluding TDS and TCS.
- Part D: Includes details of any refunds issued by the Income Tax Department to the taxpayer.
- Part E: Lists Annual Information Return (AIR) transactions, highlighting high-value transactions like large credit card payments or property purchases.
- Part F: Contains information about TDS deducted on the sale of immovable property, relevant to the seller.
- Part G: Highlights any TDS defaults or errors in filing TDS statements by the deductor.
This consolidated statement ensures transparency in tax transactions and helps taxpayers verify the accuracy of the taxes credited to their account.
How HR teams use this term
HR teams usually use Form 26AS when they write policies, explain employee communication, review payroll or leave records, or keep employee data clean in an HRMS.