• Notification Date: 16-03-2023
  • Notification No: N/A

Form 26AS to display only TDS/TCS Data for AY 2023-24, other taxes and Refunds shall be available in AIS

The income tax e-portal will show only Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) data in the Form 26AS, according to reports. All other details of advance tax, self-assessment tax and refunds will be available in the Annual Information Statement (AIS). On a related note, the e-portal was recently updated with a functionality to enable taxpayers to reply to submit response to any ITBA notice/document DIN not linked to PAN/TAN or Notice under Section 133(6) where user may not have an e-filing account of the entity to which notice is issued. 
Form 26AS used to be the “tax passbook” containing all the details of the tax deducted from a person’s income, self-assessment tax and advance tax paid for the relevant year. Similarly, AIS was an extension of Form 26AS. It contains details of the financial transactions that are undertaken by an individual irrespective of whether the tax is deducted or not on that income. 

It is significant for taxpayers to cross-check the TDS certificates such as Form 16/Form 16A vis-à-vis Form 26AS and AIS. As per the earlier modified forms, from the Assessment Year 2023-24 onwards, PART-III of the form contains the details of Transactions under Proviso to Section 194B/First Proviso of section 194R/Proviso to sub-section (1) of 194S. Further, Part IV includes the details of Tax Deducted at Source on Sale of Immovable Property under Section 194IA/194IB/194IM of the Income Tax Act. Also, Part VII contains 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 Assets).