Form 26AS is a consolidated tax statement by the Income Tax Department of India that provides taxpayers with a consolidated view of their tax-related information. It serves as a comprehensive tax statement that includes details of tax credits, tax deductions, and other income sources. Form 26AS plays a vital role in facilitating tax compliance and accurate reporting of income while filing tax returns. It allows taxpayers to verify the correctness of TDS and TCS entries, track tax refunds, and monitor their tax liabilities. By providing easy access to consolidated tax information, Form 26AS helps taxpayers in managing their tax obligations effectively and maintain transparency with the tax authorities.
Information Available on Form 26AS
The following information is available on Form 26AS:
1. Tax Deducted at Source (TDS): It shows details of tax deducted by deductors such as employers, banks, or any other deducted on behalf of the taxpayer. This includes TDS on salary, interest, rent, etc.
2. Tax Collected at Source (TCS): It provides information about tax collected by sellers while receiving payment for specific goods like luxury cars, scrap, etc.
3. Advance Tax/Self-Assessment Tax: This section displays the details of tax payments made by the taxpayer in advance or as self-assessment tax before the filing of the income tax return.
4. Refunds: Information about tax refunds issued by the Income Tax Department to the taxpayer.
5. High-Value Transactions: Form 26AS includes details of significant financial transactions such as property purchases, mutual fund investments, credit card payments, etc., reported under the Annual Information Return (AIR) provisions.
6. AIR Transactions: Information on specified financial transactions reported by various institutions under the Annual Information Return (AIR) provisions.
7. Annual Information Return (AIR): This section provides information on transactions such as cash deposits, purchase of shares, mutual funds, etc., reported by specified entities under the AIR provisions.
8. Tax Demand: If there are any outstanding tax dues or demands against the taxpayer by the Income Tax Department, it will be reflected in this section.
Form 26AS acts as a comprehensive summary of all tax-related activities and transactions of a taxpayer. It helps taxpayers in verifying the information reported by deductors and facilitates the accurate filing of income tax returns. It also assists the Income Tax Department in cross-verification and assessment of taxpayers’ tax liabilities.
Structure and Parts of Form 26AS
Form 26AS consists of different parts that provide a comprehensive overview of a taxpayer’s tax-related information. Here is the structure and breakdown of the parts of Form 26AS:
Part A: Personal Information
This section contains the taxpayer’s personal details, including their name, address, and Permanent Account Number (PAN). It provides basic identification information for the taxpayer.
Part B: Details of Tax Deducted at Source (TDS)
Part B of Form 26AS provides a summary of tax deducted at source by various deductors on behalf of the taxpayer. It includes details, such as the name and Tax Deduction Account Number (TAN) of the deductor, the amount of TDS deducted, and the nature of income for which TDS was deducted.
Part C: Details of Tax Collected at Source (TCS)
This section displays information related to tax collected at source by sellers of specified goods. It includes details such as the name and TAN of the collector, the amount of TCS collected, and the nature of goods for which TCS was collected.
Part D: Details of Tax Paid (other than TDS/TCS)
Part D provides information about tax payments made by the taxpayer other than TDS or TCS. It includes details of advance tax, self-assessment tax, and any other tax payments made by the taxpayer during the financial year.
Part E: Details of Annual Information Return (AIR) Transactions
This section of Form 26AS displays high-value transactions reported by specified entities under the Annual Information (AIR) provisions. It includes details such as cash deposits, purchase of share/mutual funds, credit card payments, etc.
Part F: Details of Tax Deducted at Source on Sale of Immovable Property
If the taxpayer has sold any immovable property, this part of Form 26AS provides information about the tax deducted at source on such transactions.
Part G: TDS Defaults (Processing of Statements)
Part G displays any defaults or errors found during the processing of TDS statements filed by deductors. It includes details of statements processed with defaults and their respective financial years.
Part H: Refund Issued
This section shows details of any tax refunds issued by the Income Tax Department to the taxpayer during the financial year.
Part I: Details of Tax Demand Outstanding
Part I of Form 26AS displays any outstanding tax demand against the taxpayer. It includes details such as the assessment year, demand Identification number, and the amount of tax payable.
Part J: Tax Credit for TCS
This section provides details of tax collected at source (TCS).
Part K: Details of paid refund
Part K displays information related to refunds already paid to the taxpayer in previous years.
Part L: AIR Transactions Noted by Department
This section provides additional information about specified transactions identified by the Income Tax Department.
Each part of Form 26AS serves to provide a comprehensive view of different tax-related aspects, allowing taxpayers to reconcile their tax liabilities, verify tax deductions, and ensure accurate tax filings.
How to view Form 26AS ?
To view Form 26AS, you can follow the steps outlined below:
1. Visit the official website of the Income Tax Department of India, which is https://www.incometaxindiaefiling.gov.in.
2. Log in to your account using your User ID (PAN) and password. If you are a new user, you may need to register and create an account on the website.
3. After logging in, you will be directed to your dashboard.
4. Click on ‘e-File’ > ‘Income Tax Return’ and then click on ‘View Form 26AS’. Choose the current year as Assessment Year and choose HTML as the viewing option.
5. You will be redirected to the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website.
6. On the TRACES website, you have two options to view your Form 26AS: either through Net Banking or by registering on the TRACES website.
How to download Form 26AS from Net Banking Facility ?
1. Click on the option that says “View Tax Credit (Form 26AS) using Net Banking.”
2. Select your bank from the list of authorized banks.
3. You will be redirected to the login page of your net banking portal.
4. Log in to your net banking account using your credentials.
5. Look for the option to view your tax credit statement or Form 26AS. It may be labelled as Tax Credit Statement, Tax Deduction Details, or similar.
6. Click on the option, and your Form 26AS will be displayed on the screen.
How to download Form 26AS from TRACES ?
1. Visit the official TRACES website.
2. Click on the “Register as New User” option if you are accessing TRACES for the first time. Fill in the required details to register your account. If you already have an account, proceed to step 4.
3. After successful registration, log in to your TRACES account using your User ID, Password, and PAN.
4. Once you are logged in, go to the “My Account” tab on the top menu.
5. From the drop-down menu, select View Form 26AS(Tax Credit). You will be redirected to the Form 26AS page.
6. On the Form 26AS page, select the relevant assessment year for which you want to download the form.
7. Choose the desired format in which you want to download the form: HTML, Text, or PDF.
8. Verify your identity by Providing the requested authentication details, which could be an OTP (One-Time Password) sent to your registered mobile number or by answering security questions.
9. Once the authentication is successful, you will be able to view Form 26AS on the screen.
10. To download the form, click on the “Download button or the download icon available on the screen.
11. Choose the location on your device where you want to save the downloaded file.
12. The Form 26AS will be downloaded to your computer or mobile device in the selected format(HTML, Text, or PDF).
13. Open the downloaded file to access and view your Form 26AS offline.
Benefits of Form 26AS:
1. Verification: Taxpayers can cross-check the information in Form 26AS within their records to ensure accuracy in tax filings and avoid any discrepancies.
2. Refund Processing: Form 26AS provides details of tax refunds issued by the Income Tax Department, allowing taxpayers to track the status of their refunds.
3. Compliance: It helps individuals and businesses assess their tax compliance by providing a consolidated view of their tax-related transactions.
4. High-Value Transactions: Form 26AS notifies taxpayers about significant financial transactions reported under AIR provisions, helping them review and declare such transactions correctly in their tax returns.
5. Tax Planning: By reviewing Form 26AS, taxpayers can analyze their tax liabilities, plan their investments, and ensure timely tax payments.
6. Dispute Resolution: In case of any discrepancies or errors in Form 26AS, taxpayers can approach the concerned deductor or the Income Tax Department for rectification and resolution.
Overall, Form 26AS plays a crucial role in facilitating accurate tax filing, ensuring tax credit verification, tracking refunds, and promoting tax compliance. It serves as a valuable tool for taxpayers to maintain transparency, reconcile tax-related information, and resolve any issues related to their tax liabilities.