What is Form 26AS? How to View and Download Form 26AS Online?

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Form 26AS is a tax credit statement that provides the complete record of the taxes paid by a taxpayer. It is an important document needed at the time of filing ITR, and it offers details of the taxes deducted as TDS and TCS from different income sources of the taxpayer. Let’s discuss Form 26AS and how to view and download it online in this post.

What is Form 26AS?

As discussed, Form 26AS is a crucial record of tax credits in the form of a report or statement, also known as an Annual Statement. Form 26AS allows taxpayers to get a consolidated record of all the tax-related details linked to their Permanent Account Number (PAN). Taxpayers can easily view or download Form 26AS from the official website of TRACES.

The Income Tax Department of India records whatever tax taxpayers pay on their income or if the department deducts any taxes from the income of the taxpayer in the Form 26AS database.

The format of Form 26AS was introduced in 2020 and came into effect on 1 June 2020. The Form 26AS structure contains details of all the financial transactions, including SFT or specified financial transactions, as well as any pending tax proceedings.

Information Contained in Form 26AS

The statement of Form 26AS contains the following information:

  • It contains the information on tax deducted at source (TDS) on the income of the taxpayer by deductors, employers, etc.
  • It also contains details of tax collected at source (TCS) by tax collectors
  • It contains information on the advance tax paid or the self-assessment tax paid by the taxpayer
  • The form also has tax refund details (if any) made by the IT department to the taxpayer during the last financial year
  • It also contains the details of Specified Financial Transactions (SFT), especially the high-value transactions related to shares, mutual funds, etc.
  • It also contains details of regular assessment tax that is deposited by the PAN holder (taxpayers)
  • The form has details of tax deducted on selling immovable property
  • It contains details contained in GSTR-3B
  • Also contains details of interest received from banks as well as other financial institutions without TDS deduction in the case of Form 15G/H

How to View and Download Form 26AS?

Form 26AS can be viewed through:

  • Through the TRACES portal
  • By login into https://www.incometax.gov.in/iec/foportal/, the income tax filing account on the Income Tax department’s e-filing website
  • Through the net banking facility of your bank (in case your PAN is linked to your bank account)

How to Download Form 26AS Online from TRACES?

The TRACES website allows taxpayers the facility to download Form 26AS. You can visit the TRACES website https://www.tdscpc.gov.in/app/login.xhtml to download Form 26AS. On the other hand, you can also visit https://www.incometax.gov.in/iec/foportal/, the e-filing portal, and log in to the account using your user ID and password.

Here are the steps to follow:

  • Go to the e-filing portal and log in using your User ID (which is, in most cases, your PAN/Aadhaar number)
  • Submit the password and press ‘Continue’
  • On the screen that appears, go to ‘e-file’ and click on Income Tax Returns. Now, in the dropdown menu, click on ‘View Form 26AS’
  • Here, you can view Form 26 and press ‘Confirm’. You will be redirected to the TRACES website
  • Select the disclaimer box on the screen and click ‘Proceed’
  • Next, click on ‘View Tax Credit (Form 26AS)’ at the bottom of the page
  • Select the year of assessment and format as per your requirement. Click ‘Verification Code’ and go to the ‘View/Download’ button
  • Now, you can click on the download button to get the form downloaded

How to Use Net Banking Facility to View Form 26AS?

A PAN card holder gets the facility to view Form 26AS if they have a net banking account with an authorized bank. Here, the taxpayer’s PAN card must be linked to their bank account to access the facility for free.

Below is the list of some banks registered with NSDL that can be used to view Form 26AS:

Axis Bank Limited, Bank of India, Bank of Maharashtra, Bank of Baroda, Corporation Bank, City Union Bank Limited, ICICI Bank Limited, IDBI Bank Limited, Indian Overseas Bank, Kotak Mahindra Bank Limited, Indian Bank, Karnataka Bank, Oriental Bank of Commerce, State Bank of India, State Bank of Mysore, State Bank of Travancore, UCO Bank, Union Bank of India and so on.

What are the Different Parts and Structures under Form 26AS?

Here are the various parts of Form 26AS:

  • Part A contains TDS details
    • Part A1 contains TDS for 15G/15H details
    • Part A2 contains information on TDS on property sale (Immovable Property)
  • Part B contains details of TCS or Tax Collected at the Source
  • Part C contains the information related to other Tax Paid (excluding TDS/TCS)
  • Part D has the details of Paid Refunds
  • Part E contains information regarding SFT Transaction
  • Part F has information on TDS deducted and deposited in case of purchase of a property
  • Part G has information on TDS Defaults or processing of Statements, and
  • Part H contains details of Turnover as per GSTR-3B

What are the Benefits of Form 26AS?

Below are some benefits of Form26AS:

  • It offers important information regarding TDS and TCS by authorized deductors/collectors
  • It allows the taxpayers to view every financial transaction that is involved in the process of TDS/TCS for a particular financial year
  • Form 26AS also supports taxpayers in calculating income and claiming the tax credits at the time of filing an ITR
  • It also helps taxpayers confirm refund verification during the relevant assessment year

Information on the New Additions in the Form 26AS

The New Additions of Form 26AS contain information on the Annual Information Statement (AIS). The AIS is divided into Part A and Part B in the new form.

PART A:

This part of Form 26AS contains general details like the taxpayer’s name and other details like Aadhaar, PAN, email ID, mobile number, address, etc.

PART B:

This part of the B Form 26AS contains details related to the below-mentioned transactions:

  • Details on TDS or TCS
  • Details regarding SFT or specified financial transactions
  • Details about payment of taxes
  • Details related to refund and demand
  • Details related to tax proceedings that are pending
  • Details regarding completed tax proceedings
  • Any other details related to sub-rule (2) of 114-I

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To Sum Up

Form 26AS is a tax credit statement that contains crucial details of taxes deducted from a taxpayer’s income. It is important to verify Form 26AS with the details of the TDS certificate of salaried individuals in Form 16, and for non-salaried individuals, it is available in Form 16A. This will make sure that the TDS deducted from a taxpayer’s income is deposited with the IT department.

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FAQs: What is Form 26AS?

Can I get Form 26AS downloaded in Excel?

~ Yes, you can. For that, you have to log in to the e-filing portal and reach the ‘e-File’ button.
Click ‘Income Tax Returns’ and go to ‘View Form 26AS’.
~ Next, go through the disclaimers and click ‘Confirm’
~ Click ‘View tax credit’ next and choose the ‘Assessment Year’
~ Next, choose ‘Excel’ on the ‘View Type’ option
~ Click the ‘View/Download’ button and get the file in Excel

Can I rectify any error made in Form 26AS?

You can correct errors in Form 26AS by informing the deductors about the error and requesting that they file a rectified TDS.

What does Form 26AS contain?

Form 26AS contains each of the details related to tax deducted from a taxpayer’s income, such as self-assessment tax payments, tax collected by collectors, advance tax payments, refunds, and more.

What are the various forms related to TDS that a taxpayer has to submit?

Part A1 of Form 26A contains information on a taxpayer’s income where TDS is not applied or deducted if the taxpayer submits Form 15G/Form 15H.

Why is Form 26AS important?

Form 26AS is important because it is the taxpayer's annual credit statement available in a consolidated form.

What if the advance tax I paid is reflected wrongly in Part C of my Form 26AS?

If the advance tax paid by a taxpayer to the bank is reflected wrongly because of the bank’s mistake in the data, you can raise the matter with your bank and rectify the error.

Is address and name change possible in my PAN if I have already submitted it in Form 26AS?

Yes, if your PAN details are not correct, you can update them by visiting the official portal to change your PAN details.

When is Form 26AS updated?

Form 26AS is updated at the time when the TDS return filed by a taxpayer is processed by the income tax department.

How to use net banking to view Form 26AS?

To view/download Form 26AS through net banking, taxpayers are required to have a bank account in an authorized bank, as mentioned above in the post, and the account should be linked to their PAN.

When does TDS get reflected in Form 26AS?

TDS is reflected in Form 26AS once a taxpayer files a TDS return, and it is processed by the CPC or Centralised Processing Centre. It takes about seven working days to get the process done.

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Jan 31, 2024
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