Form 26AS

Hello, in this post we will discuss Form 26AS. We will learn the usage of 26 AS, details available in Form 26 AS, how to download form 26 AS from TRACES and Authorized banks for viewing Form 26AS through net banking.

What is Form 26AS?

Form 26AS (Tax Credit Statement) is an Annual Tax Statement regularly updated by Income Tax Department in which the details of tax credits are maintained for each taxpayer as per the database of Income-tax Department. This allows the taxpayer to verify proper credits of Taxes paid against the PAN of the taxpayer (mainly TDS and also Advance Tax / Self-Assessment Tax). Tax Credit Statement or Form 26AS is an important document for tax filing. Instead of manually downloading Form 26AS for filing your I-T Returns, Form 26AS can be directly imported while filing Income Tax Returns.

What is Form 26AS used for?

  • It facilitates to view all financial transactions involving TDS/ TCS
  • Gives details of Nil/Low deductions claimed.
  • It helps to locate any TDS defaults relating to TANs associated with PAN.
  • Helps to find any tax demand created by Income Tax Department
  • It helps in the seamless processing of Income Tax Return and a speedy issue of refunds.
  • It helps in verification of CIN (Corporate Identity Number) in non-TDS payments.
  • Helps in verification of refunds encashed during the year.
  • It helps in the claim of other taxes paid and computation of income at the time of filing of the return.

What are the details available in Form 26 AS?

  • Details of tax deducted on different income by Deductors
  • Details of tax collected by collectors
  • Advance tax paid by the taxpayer
  • Self-assessment paid by the taxpayer
  • Regular assessment tax deposited by the taxpayers (PAN holders)
  • Details of the refund received during the financial year
  • Details of the High-value Transactions in respect of shares, mutual fund etc.

What are the details available in Form 26 AS?

Form 26AS consists of following details;

  1. Part A: Details of Tax Deducted at Source: Part A of Form 26AS has details of TDS deducted on salary, interest income, pension income and prize winnings etc. TAN of the deductor and the amount of TDS deducted and deposited will also be mentioned. This information is provided on a quarterly basis.
  2. Part A1: Details of Tax Deducted at Source for Form 15G/Form 15H: Part A1 consists details of income where no TDS has been deducted since 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 Form15G or Form 15H is not submitted then this section will display as ‘No transactions present’.
  3. Part A2: Details of Tax Deducted at Source on a sale of Immovable Property u/s194(IA) (For the seller of Property): If any property is sold during the year and TDS was deducted from the receipts the relevant entries can be found here.
  4. Part B: Details of Tax Collected at Source: Part B has details of the tax collected at source (TCS) by the seller of goods. Entries will be present here if a seller has collected tax during the sales transaction.
  5. Part C: Details of Tax Paid (Other than TDS or TCS): If any tax is deposited by self, that information will appear here. Details of advance tax, self-assessment tax is present here. It also has the details of the challan through which the tax was deposited.
  6. Part D: Details of Paid Refund: Information is present in this section if any refund is received. Assessment year to which the refund pertains, along with the mode of payment, the amount paid and interest paid and also the date of payment is mentioned here.
  7. Part E: Details of AIR Transaction: Banks and other financial institutions are required to report high-value transactions to the tax authorities. Mutual fund purchases of high value, property purchases, high-value corporate bonds are all reported here.
  8. Part F: Details of Tax Deducted on sale of immovable property u/s194IA (For Buyer of property): On purchase of a property where the consideration value exceeded Rs. 50 lakh, TDS has to be deducted before making payment to the seller. This section has details of TDS deducted & deposited by the purchaser.
  9. Part G: TDS Defaults* (processing of defaults): This section consists details of any default in the payment of TDS, the penalty paid for default in payment or filing of TDS return, etc.

How to view Form 26AS?

Form 26 AS can be viewed in two ways:

  • Through TRACES portal (as explained below)
  • Via Net Banking Facility of authorized banks

How to download Form 26AS from TRACES?

Step-1: Go to https://incometaxindiaefiling.gov.in and login using income tax department login & password. If you don’t have an account, Register first.

Step-2: Go to ‘My Account’. Click on ‘View Form 26 AS’ in the drop down

Step-3: Click on ‘Confirm’ on the displayed screen which redirected to the TRACES website.

Step-4: You are now on the TRACES Website. Select the box on the screen and click on ‘Proceed’.

Step-5: Click on the link at the bottom of the page ‘Click View Tax Credit (Form 26AS)’ to view Form 26 AS.

Step-6: Choose the Assessment Year and the format in which Form 26AS is required to be viewed. If Form 26 AS is to be viewed online, select the format as HTML. If Form 26 AS is to be downloaded in PDF format for future reference, choose PDF. After selecting the choice, enter the ‘Verification Code’ and click on ‘View/Download’.

Step-7: To open the downloaded document enter the password. Form 26 AS password is your DOB in DDMMYYY format.

Note:

  • Form 26AS is available for view from FY 2008-09 onwards.
  • Form 26AS is linked with taxpayer PAN
  • The third format ‘text’ in ‘View / Download’ is for third-party software input

Authorized banks for viewing Form 26 AS through Netbanking?

This facility is available to a PAN holder having a net banking account with any of authorized banks. Tax Credit Statement (Form 26AS) can be viewed only if PAN is mapped to that particular account. This facility is available for free.

List of banks registered with NSDL for providing a view of Tax Credit Statement (Form 26AS) are as below:

  • Axis Bank Limited
  • Bank of India
  • Bank of Maharashtra
  • Bank of Baroda
  • Citibank N.A.
  • Corporation Bank
  • City Union Bank Limited
  • ICICI Bank Limited
  • IDBI Bank Limited
  • Indian Overseas Bank
  • Indian Bank
  • Kotak Mahindra Bank Limited
  • Karnataka Bank
  • Oriental Bank of Commerce
  • State Bank of India
  • State Bank of Mysore

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