What is Form 26AS? – Full Guide on TDS, TCS, Tax Rules & FAQs in India (2025)
Everything you need to know about Indian taxation, TDS/TCS, Form 26AS, and more – Updated for FY 2024-25.
📌 What is Form 26AS?
Form 26AS is your annual tax statement provided by the Income Tax Department. It shows the tax deducted at source (TDS), tax collected at source (TCS), advance tax paid, self-assessment tax paid, and refunds received.
Who issues Form 26AS?
The Income Tax Department of India issues it through the TRACES portal based on the PAN of the taxpayer.
Is Form 26AS mandatory?
It's not mandatory to file, but you must check it before filing ITR. It confirms whether the TDS deducted on your income is actually deposited with the government.
Is Form 26AS given by the employer?
No, it's not given directly by the employer. However, the TDS deducted by the employer will appear in your Form 26AS if correctly filed.
How to check 26AS?
- Visit IncomeTax.gov.in
- Login with your PAN
- Go to "e-file" > "View Form 26AS"
💸 What is TDS and TCS?
What is TDS?
TDS stands for Tax Deducted at Source. It's deducted by the payer while making payments like salary, rent, or professional fees, and is deposited with the government.
What is TCS?
TCS stands for Tax Collected at Source. It's collected by the seller (e.g., car dealer, jeweler) from the buyer at the time of sale of specified goods.
What are TCS charges?
Rates vary by transaction. For example, foreign remittances above ₹7 lakh are charged at 20% TCS (unless LRS exemption applies).
Who pays TCS tax?
The buyer ultimately bears the TCS, though it's collected and paid by the seller.
What is GST TDS rate?
The GST TDS rate is 2% (1% CGST + 1% SGST or 2% IGST) for certain government-related payments.
🧾 TDS and Form 26A Related Questions
What happens if TDS is not reflected in 26AS?
You won’t get credit while filing ITR. Contact the deductor (e.g., employer or bank) and ask them to revise their TDS return.
Why is Form 26A required?
Form 26A is needed when TDS was deducted but not deposited or filed. The deductor submits Form 26A with a CA's certificate to validate the deduction.
Is TDS refundable?
Yes, if excess TDS has been deducted, it will be refunded after processing your ITR.
What is Form 16, 16A, and 26AS?
- Form 16: TDS certificate from employer for salary
- Form 16A: TDS on other income (e.g., interest)
- Form 26AS: Annual tax credit summary from all sources
📊 Salary Tax Slabs and Related FAQs
How much tax for ₹16 lakhs salary?
Under new regime (FY 2024-25): Approx ₹1.95–2.20 lakhs (post rebate, excluding exemptions). Under old regime with exemptions (HRA, 80C), tax may be lower.
What is TDS in salary?
It’s the tax deducted by your employer based on your projected annual salary and exemptions submitted via Form 12BB.
Which salary has no tax?
Income up to ₹2.5 lakh (old regime) or ₹3 lakh (new regime) is tax-free. Senior citizens have higher slabs.
🌐 Online Filing and Audit Questions
Who is compulsory to file e-filing?
All individuals with income above the basic exemption limit must file ITR online (except super-senior citizens who can do paper filing).
Who is compulsory for tax audit?
If your business turnover exceeds ₹1 crore or professional receipts exceed ₹50 lakhs, tax audit is mandatory.
How to prepare 26AS?
You don't prepare it. It's auto-generated by the Income Tax Department based on TDS, TCS, and taxes paid under your PAN.
💰 Money Transfer, Bank, and Foreign Exchange Questions
What is the maximum money transfer without tax in India?
Cash deposits above ₹10 lakh/year are scrutinized. For UPI or online transfers, tax doesn’t apply unless source is unexplained or over ₹50 lakh.
Can I transfer ₹20 lakhs?
Yes, but PAN/Aadhaar and income proof may be asked. Bank may report it to the Income Tax Department.
Is money sent from Dubai to India taxable?
No, if sent to a family member as remittance. But large frequent inflows may trigger scrutiny under FEMA or Income Tax.
How much money can I receive in my bank account without tax?
Up to ₹50,000 in cash from a non-relative is non-taxable. Anything more may be considered as income unless from relatives.
Can I receive money from abroad in my bank account?
Yes. Through NRE, NRO, or regular savings account with proper documentation and banking channel.
Can I deposit ₹50 lakhs in a bank?
Yes, but PAN is mandatory, and it may be reported to the IT department. Source of income must be justifiable.
Can I keep ₹1 crore in a bank?
Yes. No tax on amount itself, but interest earned is taxable.
Can I withdraw ₹4 crores from a bank?
Yes, if balance allows. PAN and reason must be declared. Large cash withdrawals attract TDS under Section 194N.
✈️ Travel and Currency FAQs
Can I carry Indian cash to Dubai?
Up to ₹25,000 in Indian currency allowed when traveling abroad. Foreign currency up to US$3,000 (in cash) is permitted without declaration.
Can I carry ₹1 lakh cash in a flight?
Yes, but you must show PAN and justification if asked by authorities.
Is INR accepted in Dubai Mall?
No. INR is not accepted. Convert to AED (Dirham) before shopping.
Can I use UPI in Dubai?
Yes, at certain locations as India and UAE have enabled UPI-based payment acceptance through partnerships like PhonePe and NPCI.
🧮 Miscellaneous Tax Questions
How much FD is tax free?
Interest up to ₹40,000/year (₹50,000 for senior citizens) is tax-free. Beyond that, TDS is deducted.
Who has to fill Form 15G?
Individuals below 60 years whose total income is below exemption limit and want to avoid TDS on FD interest.
What is the full form of TDS?
Tax Deducted at Source
What is the full form of VAT?
Value Added Tax – now replaced by GST in India.
What is the full form of HRA?
House Rent Allowance
What is GST return?
A GST return is a document containing details of your sales, purchases, output GST, and input GST, filed monthly or quarterly by businesses.
What is Form 27D?
Form 27D is a certificate for TCS issued by the seller to the buyer for tax collected at source.
Does Tata pay taxes?
Yes, Tata Group companies are among the top corporate taxpayers in India.
Does Mukesh Ambani pay taxes?
Yes, as a salaried individual and promoter of Reliance Industries, he pays taxes per law.
Does Virat Kohli pay taxes?
Yes, as one of the highest-paid celebrities in India, he pays income tax as per slabs on salary, endorsements, and business income.
What is the maximum limit of savings account in SBI?
No maximum balance limit. But for deposits >₹10 lakh, KYC and source of income may be verified.
Who pays VAT in India?
VAT was paid by sellers. Now replaced by GST. Only petroleum and liquor still attract VAT at state level.
