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There are a few differences in the method through which resident Indians and Non-Resident Indians file their taxes* in India. Form 26AS is an important document for everyone who wants to file their taxes and learn about the applicable tax deductions and collections at the source.
To get a better understanding of what Form 26AS comprises and how a Non-Resident Indian can view it online, let us go through this blog.
What is Form 26AS?
Form 26AS is a comprehensive document that provides information about the taxes deducted or collected from your income. It includes details about the Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) on your behalf. This form shows the amounts that have been deducted and deposited with the government, which can be used as a credit while filing your Income Tax return.
In addition to TDS and TCS details, Form 26AS also provides other important information. Previously, the Form 26AS download had to be done separately, and then use it while filing your tax* returns. However, now you can import it directly into your tax return, making it easier to claim the tax credits.
What Does Form 26AS for NRIs Include?
Form 26AS for NRIs is a comprehensive statement that provides various important pieces of information related to your income tax, such as:
Tax Deducted at Source (TDS) by Tax Deductors: This section of Form 26AS of the income tax displays details of tax deducted on your income by all the entities or individuals who are required to deduct tax at source. It includes information such as the name of the Deductor, their Tax Deduction Account Number (TAN), the amount paid/credited and amount of tax* deducted, and the period for which the deduction was made.
Tax Collected at Source (TCS) by Tax Collectors: If you have received any income on which tax has been collected at source, this section of Form 26AS for NRIs will show the relevant details. It includes the name and TAN of the entity or individual who collected the tax, the amount paid/debited, Tax Collected and the respective period.
Advance Tax Payments: Form 26AS also provides information about any advance tax payments made by you during the financial year. This includes details of the payment dates and the amounts paid.
Self-Assessment Tax Payments: If you have made any self-assessment tax payments after the financial year-end but before filing your income tax return, these details will be available in Form 26AS. It includes information about the payment dates and the respective amounts.
Regular Assessment Tax Deposits: Taxpayers with Permanent Account Numbers (PAN) who are subject to regular assessment may have made tax deposits during the year. Form 26AS includes details of such tax deposits made by PAN holders.
Income Tax Refund Details: If you have received any income tax refunds during the financial year, Form 26AS provides information about the refund amount and the respective assessment year.
High-Value Financial Transactions: Form 26AS also includes details of high-value financial transactions, such as transactions related to shares, mutual funds, and other specified assets. This information helps the tax authorities monitor such transactions for potential tax evasion or non-compliance.
Tax Deducted on Sale of Immovable Property: In cases where tax* is deducted on the sale of immovable property, such as land or buildings, Form 26AS displays the relevant details.
TDS Defaults: After processing TDS returns, if any defaults or discrepancies are found in the deducted tax amount, such details are included in Form 26AS.
Turnover Details in GSTR-3B: For taxpayers registered under the Goods and Services Tax (GST) regime, turnover details reported in GSTR-3B are also mentioned in the new version of Form 26AS.
Additionally, the Annual Information Statement of Form 26AS, effective from June 01, 2020, incorporates information on specified financial transactions, pending, and completed assessment proceedings, tax demands, refunds, and the existing data presented in Form 26AS online. This expanded information helps provide a more comprehensive view of your tax-related matters.
Where Can I Find 26AS Online?
Visit the Income Tax* Department of India's official website: https://www.incometaxindiaefiling.gov.in/
Register or click on the "Login Here" button.
Once you are logged in, go to the "My Account" section on the website.
Under the "My Account" section, select "View Form 26AS (Tax Credit)" from the drop-down menu.
You will be directed to the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website.
On the TRACES website, click on the "View Tax Credit (Form 26AS)" option.
Select the assessment year for which you want to view Form 26AS of the income tax department.
Next, select the format in which you want to view Form 26AS - HTML, PDF, or Text format.
Verify the captcha code and click on the "View/Download" button.
The Form 26AS will be displayed on the screen. You can choose to download it if needed.
If you are a Non-Resident Indian who has purchased an NRI insurance policy, you should be aware that if the payment made towards your policy (maturity amount + applicable bonuses) goes above ₹1 lakh, TDS will be applicable under Section 195 of the Income Tax Act (194DA for residents).
Under this section, your insurance provider will deduct the TDS in Form 26AS when paying out the proceeds to you. The TDS rate is currently 1% of the total amount over ₹1 lakh. The deducted TDS on the life insurance policy for an NRI will then be remitted to the government by your insurer on your behalf.
If you have a Tata AIA Life Insurance policy, you will learn that this provision is designed to ensure tax collection at the source so that there is no scope for non-compliance or tax* evasion. Hence, ensure you know the TDS deduction that will apply to your net proceeds on your life insurance policy.
Conclusion
Whether you are a resident Indian or a Non-Resident Indian, you can access your Form 26AS online anytime. And since this process is a simple and quick one, it is always advisable to review your Form 26AS from time to time so that you are aware of all the deductions and other details in your income tax returns.
