Format of Form 26AS changed by Income tax department | Advance tax and self assessment tax not available in Form 26AS

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Form 26AS is a statement generated on TRACES portal of Income tax department which provides detail of tax deducted, tax collected, tax paid, SFT information, tax refund and GST turnover of an assessee.

Recently we had seen that Income tax department had introduced AIS and TIS for providing this information along with some other detailed information such as share and mutual fund transaction reported under SFT etc.

However, in past 1-2 days we have seen that Income Tax department has changed the format and nature of information being displayed in Form 26AS wherein they have removed the details of tax paid by assessee under Advance tax or self assessment tax or tax on regular assessment in Form 26AS, SFT information and GST turnover information and has introduced a new information to provide details in relation to TDS u/s 194R and 194S.

Because of the above reason many assessee who use software to import Form 26AS or use Form 26AS to check and calculate Advance tax paid by them till date are under panic as they are unable to find the value of Advance tax paid by them.

They need not worry and can have a look at AIS/ TIS to find value of advance tax being paid by them as 15th March is approaching which is the due date to pay 4th installment of Advance tax. Further, the software providers should incorporate a mechanism so that advance tax details are imported from AIS/ TIS.

It is important to note here that Income tax department has not issued any circular/ notification to amend the schema of Form 26AS as on date.

Below mentioned are the details column of Old Form 26AS and New Form 26AS

Various sections of old Form 26AS:

PART A – Details of Tax Deducted at Source

PART A1 – Details of Tax Deducted at Source for 15G / 15H

PART A2 – Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ TDS on Rent of Property u/s 194IB / TDS on payment to resident contractors and professionals u/s194M (For Seller/Landlord of Property/Payee of resident contractors and professionals)

PART B – Details of Tax Collected at Source

PART C – Details of Tax Paid (other than TDS or TCS)

Part D – Details of Paid Refund

Part E – Details of SFT Transaction

PART F – Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ TDS on Rent of Property u/s 194IB /TDS on payment to resident contractors and professionals u/s 194M (For Buyer/Tenant of Property /Payer of resident contractors and professionals)

PART G – TDS Defaults* (Processing of Statements)

PART H – Details of Turnover as per GSTR-3B

Various section of new Form 26AS:

PART-I – Details of Tax Deducted at Source

PART-II-Details of Tax Deducted at Source for 15G / 15H

PART-III – Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194S

PART-IV -Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Payee of resident contractors and professionals/ Payee of Virtual Digital Asset)

PART-V-Details of Tax Collected at Source

PART-VI- Details of Paid Refund (For which source is CPC TDS. For other details refer AIS at E-filing portal)

PART-VII-Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Payer of resident contractors and professionals/Payer of Virtual Digital Asset)

PART-VIII-TDS/TCS Defaults* (Processing of Statements)

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