Details of Turnover as Per GSTR-3B
The recent big update about 26AS “Annual Tax Statement under Section 203AA of the Income Tax Act, 196” is that 26AS will display in “PART H – Details of Turnover as per GSTR-3B”.
Form now on-wards be careful while filing Income Tax Return (ITR) because the turnover should match with GST and Income Tax Return filed by you.
Now let’s see in detail Form 26AS (Updated One):
It will show the following details:
PART A – Details of Tax Deducted at Source
It will display the details of TDS deducted from all the party. As shown below:
PART A1 – Details of Tax Deducted at Source for 15G / 15H
It consists of details of income where no TDS has been deducted because the taxpayer has submitted Form 15G or Form 15H. Status of TDS deduction can be verified if Form 15G or Form 15H is submitted.
If it is not submitted then this section will display as “No transactions present“.
PART A2 – Details of Tax Deducted at Source on the following:
on Sale of Immovable Property u/s 194IA (For Seller of Property)/ TDS on Rent of Property u/s 194IB / TDS on payment to resident contractors and professionals u/s 194M (For Seller/Landlord of Property/Payee of resident contractors and professionals)
PART B – Details of Tax Collected at Source
It will display the amount of Tax Collected by Seller if applicable. Transactions will be present here if a seller has collected tax during the sales transaction else it will display “No transactions present“
PART C – Details of Tax Paid (other than TDS or TCS)
It will display:
Tax deposited by assessee like details of “Self Assessment Tax”, “Advance Tax ” and their challan details.
Part D – Details of Paid Refund
It will display the amount of refund revived. Assessment Year, Nature of Refund, Interest on IT refund, Date of payment, Remarks ( If any, in case of adjustment of IT Refund against outstanding demand)
Part E – Details of SFT Transaction
It will display the “Statement of Financial Transactions” (SFT) filed. From “SFT-001 to SFT-014” if any filed else it will display “No transactions present“
PART F – Details of Tax Deducted at Source (others)
on Sale of Immovable Property u/s 194IA (for the buyer of Property)/ 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)
It will display details of any default in the payment of TDS, the penalty paid for default in payment or filing of TDS return, etc. Else it will show “No transactions present“
PART H – Details of Turnover as per GSTR-3B
It will display: GSTIN of Assessee, Application Reference Number (ARN), Date of filing, Return Period, Taxable Turnover, and Total Turnover.
Note: Make sure that turnover should match with as per IT return and as per GST return.
Source: E-filing Website
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