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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.
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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.
The statement of Form 26AS contains the following information:
Form 26AS can be viewed through:
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:
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.
Here are the various parts of Form 26AS:
Below are some benefits of Form26AS:
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:
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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~ 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
You can correct errors in Form 26AS by informing the deductors about the error and requesting that they file a rectified TDS.
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.
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.
Form 26AS is important because it is the taxpayer's annual credit statement available in a consolidated form.
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.
Yes, if your PAN details are not correct, you can update them by visiting the official portal to change your PAN details.
Form 26AS is updated at the time when the TDS return filed by a taxpayer is processed by the income tax department.
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.
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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