Form 26AS – How to View & Download ?

Form 26AS is an annual statement that includes all the details about the tax deducted at source (TDS), information regarding the tax collected by your collectors.

The advance tax you have paid, self-assessment tax payments, information regarding the refund you have received over a financial year, regular assessment tax that you have deposited, and information regarding high-value transactions regarding mutual funds, shares, etc., are concerned.

Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS to file IT returns manually. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, etc.

Form 26AS gives a consolidated record of every tax-related information associated with your PAN (Permanent Account Number). It can be viewed and downloaded easily from the TRACES website. It is useful to verify the contents of the TDS certificate and ensure that the TDS deducted from your income is actually deposited with the income tax department.

Information Available on Form 26AS

Tax deducted on your income by all the tax deductors
Details of tax collected source by all the tax collectors
*Advance tax paid by the taxpayer
*Self-assessment tax payments
*Regular assessment tax deposited by the taxpayers (PAN holders)
*Details of income tax refund received by you during the financial year
*Details of the high-value transactions regarding shares, mutual funds, etc.
Details of tax deducted on sale of immovable property
Details of TDS defaults (after processing TDS return) made during the year
Turnover details reported in GSTR-3B

What are the New Form 26AS Additions?

Foreign remittance information reported in Form 15CC
Information from Annexure-II of the last quarter’s Form 24Q related to TDS on salary
Information from other taxpayers’ ITRs.
Interest on a refund of income tax.
Information on Form 61/61A that could be used to populate the PAN.
Depository/Registrar and Transfer Agent report off-market transactions.
The Registrar and Transfer Agent report information on mutual fund dividends.
The Registrar and Transfer Agent report mutual fund purchases (RTA) information.

Structure and Parts of Form 26AS

PART-I Details of Tax Deducted at Source

TDS on salary, business, profession, interest income etc., shall be reported here

PART-II Details of Tax Deducted at Source for 15G/15H

TDS on which no TDS is made because of Form 15G/15H due to income being less than the basic exemption limit. Mainly applicable for senior citizen taxpayers

PART-III Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194S

TDS made on payment made in kind (car in a lottery, foreign trips for meeting sales targets etc.)

PART-IV Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Contractors or Professionals/ Seller of Virtual Digital Asset)

TDS made on sale of house property/rent payment in excess of Rs. 50,000 per month, payment to a contractor/professional services in excess of Rs.50 lakhs/sale of virtual digital asset (cryptocurrency)

PART-V Details of Transactions under Proviso to sub-section(1) of section 194S as per Form-26QE (For Seller of Virtual Digital Asset)

PART-VI Details of Tax Collected at Source

TCS made under various sections of 206C

PART-VII Details of Paid Refund (For which source is CPC TDS. For other details refer AIS at E-filing portal)

PART-VIII Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Person making payment to contractors or Professionals / Buyer of Virtual Digital Asset)

These details consist of the TDS made by you in relation to the purchase of house property/rent payment in excess of Rs. 50,000 per month, payment to a contractor/professional services in excess of Rs.50 lakhs/purchase of virtual digital asset (cryptocurrency). This is just for information purposes.

How to Use Form 26AS for Tax Planning and Compliance

Regular Review: Check your Form 26AS regularly to ensure it aligns with your income sources and deductions.
Resolve Discrepancies: If you find any mismatches, promptly contact the deductor or Income Tax Department for rectification. This helps prevent potential tax notices or penalties.
Accurate Reporting: Accurately declare all income reflected in your Form 26AS while filing your income tax returns to claim correct tax credits and avoid additional tax liabilities.
Reconcile Deductions: Verify that eligible deductions (e.g., donations, investments under Section 80C to 80U) are correctly reflected in your Form 26AS. If not, contact the relevant entities for updates.
Track Refunds/Demands: Use your Form 26AS to monitor the status of tax refunds or demands, including assessment year, amount, and payment mode

How Can I View and Download Form 26AS?

Before filing your income tax return it is advisable always to view 26 AS to check the amount of tax deposited in your account with the income tax department.
Form 26AS can be viewed and downloaded in three ways:-

1). By login into your income tax filing account on the Income Tax department’s e-filing website https://www.incometax.gov.in/iec/foportal/

2). Through your net banking account if your PAN is linked to your bank account.

3) View tax credit from the traces site

How to Download Form 26AS from TRACES Online

Step 1:

a) Go to the e-filing website “https://www.incometax.gov.in/iec/foportal/”

b) On the top-right side, you will find the “Login option. Click on it.

Step 2:

a) Enter the required details like your PAN Number, Password,

b) Click on Continue

Step 3:

a) Once you log in to your account. Take the cursor to the e-file tab.

b) Click on “Income Tax Returns”, and you will get a drop-down list.

c) From the menu, select “View Form 26AS

d) Click on “Confirm.” This will take you to the Traces website.

Step 4:

Now you are at Traces’ Website. Select the checkbox & click on the “Proceed” button.

Step 5:

Click on “View Tax Credit (Form 26AS)” to view your Form 26AS.

Step 6:

Select “Assessment Year” and “View As” from the drop-down list.

If you want to see your 26AS Form online, you can view it by clicking on the “View/Download” button.

If you want to download a PDF file, click “View/ Download” and then “Export as PDF”.

Step 7:

Your Form 26AS is successfully generated, and you can check 26AS by opening your PDF file without password protection. And you can verify tax details that you paid or on your behalf.

Importance & Benefits of Form 26AS

Verification of Tax Deductions: Form 26AS helps taxpayers verify whether the tax deducted by their employers or other deductors has been correctly deposited with the tax authorities. It includes details of tax deducted at source (TDS) on salary, interest, rent, etc. This allows taxpayers to ensure that the tax deductions made by the deductors are in line with the actual payments made to them.
Facilitates Income Tax Return (ITR) Filing: Form 26AS provides taxpayers with a consolidated view of their tax payments, including TDS, advance tax, self-assessment tax, etc. This information is crucial while filing income tax returns as it helps in accurately reporting the tax payments made during the financial year. Taxpayers can cross-verify the details in Form 26AS with their own records before filing their returns, minimizing the chances of errors or discrepancies.
Avoidance of Double Taxation: In cases where individuals have income from multiple sources or have paid taxes in multiple jurisdictions, Form 26AS plays a vital role in avoiding double taxation. By providing a comprehensive view of the taxes paid, it helps taxpayers claim tax credits or exemptions for taxes already paid in another country or for income that is subject to double taxation avoidance agreements.
Financial Record-Keeping: Form 26AS serves as an important financial record for taxpayers. It provides a consolidated statement of all tax-related transactions, including tax credits, refunds, and any outstanding demand. This makes it easier for taxpayers to maintain their financial records and track their tax liabilities and refunds over time.
Resolving Tax Discrepancies: In case of any discrepancies or mismatches between the tax credits claimed by taxpayers and the tax deductions reported by deductors, Form 26AS acts as a reference document. Taxpayers can identify the discrepancies and take appropriate steps to rectify them by communicating with the deductors or contacting the tax authorities if required.
Transparency and Compliance: Form 26AS promotes transparency in the tax system by providing taxpayers with a consolidated view of their tax-related information. It helps individuals stay updated on their tax obligations, encourages timely filing of tax returns, and promotes compliance with tax laws.

FAQs

What information does Form 26AS contain?

Form 26AS contains details such as TDS deducted by employers, banks, or other deductors, TCS collected by sellers, advance tax paid by the taxpayer, self-assessment tax paid, and details of high-value transactions reported to the Income Tax Department.

What is Form 26AS?

Form 26AS is a consolidated statement issued by the Income Tax Department of India. It contains details of tax deducted at source (TDS), tax collected at source (TCS), advance tax paid, and self-assessment tax paid by the taxpayer.

How can I access my Form 26AS?

Taxpayers can access their Form 26AS through the Income Tax Department’s website by logging into their account on the e-Filing portal.

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