4/13/2023 0 Comments Tds traces form 26as![]() It is relevant in case you are unable to figure out how much income has to be shown in ITR for which TDS was deducted. It refers to the total amount paid by the Bank to you during the financial year. Referring an incorrect TAN may lead you into trouble and you may not get credit of taxes. It is mandatory to include TAN during efiling the Income Tax Returns. ![]() Employer deducts TDS on salary payments, Bank deducts TDS on interest payments and Insurance companies deduct TDS on commission payments. The TDS department of Income Tax allots a unique identification number (TAN) to the companies who are liable to deduct TDS. Similarly, if a Bank has deducted any TDS on interest paid on FDR’s, the name of the Bank will be reflected. For example, if an Employer deducts TDS from salary, then the Employer’s name will appear in the respective column. The essential constituents of Part A are marked in Figure 1 and they are explained as follows:ĭeductor refers to a Corporate, an Organization or an Employer which deducts the TDS from the payments made by an individual. Part A of Form 26AS reflects the income earned by an individual on whom TDS is deducted that includes Deductor name, TDS amount, Salary, Interest, Commission, Professional Fees etc. Part A: Tax Deducted at Source from Salary Following parts of Form 26AS are explained in detail : 2. In this guide we will understand Form 26AS and all its parts in detail.įorm 26AS is divided into nine parts. To view Form 26AS or download Form 26AS from the Income Tax Website, read our complete guide on How to View It is also known as Tax Credit Statement or Annual Form 26AS is a consolidated tax statement issued to the PAN holders.
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