How to check Form 26AS for your Income Statement?

Last Updated at: December 20, 2019
497
How to check Form 26As for your income statement

Introduction:

Form 26AS, also known as the Tax Credit Statement, is one of the most important documents that one has to submit mandatorily along with the annual income tax returns. This form is a combined statement of the tax containing all information related to one’s transactions of taxes, either paid or received. 

This form can be accessed easily and quickly by all the taxpayers by using their PAN (Permanent Account Number). Additionally, to avoid the hassle of downloading and filling the form, it can now be filed online from the TRACES website. It is not just useful in cross-checking all the data related to tax deductions, the name of deductors, and other purposes, but it is equally essential to file the Income Tax Return (ITR). 

Form 26AS and Its parts:

Since this form caters to all the information regarding the taxes paid by the individual, it contains seven sections which are as follows:

  • Part A:
    TDS (Tax Deducted at Source)- From the tax on the salary to pension interest and income interest, this part contains all the information regarding these amounts. This information is provided every four months.

    • Part A further contains Part A1(Contains the TDS information regarding form 15G/15H) and Part A2 (Contains the TDS information regarding the Seller property). 
  • Part B:
    TCS (Tax Collected at Source)- Only the sellers who collect taxes can enter the information in this part regarding the TCS. 
  • Part C:
    Tax Paid (Apart from TCS and TDS)- The details regarding the tax paid by an individual appear in this part. Details of the self-assessment tax and the challan for depositing the tax are present here.
  • Part D:
    Paid Refund- Details of the refund, if any, are mentioned in this part. Mode of payment, AY (Assessment Year), Amount and interest paid, and the date is provided.
  • Part E:
    AIR Transaction- All the details made about high-value transactions made by banks and other authorities are stated here.
  • Part F:
    Tax Deductions on sales of the Immovable property- Addition of all the details after purchasing a property can be obtained in this part. 
  • Part G:
    TDS Defaults- While processing the tax statements, all the default details regarding it are mentioned in this section. 

Get free legal advice now

Viewing Form 26AS:

Form 26AS is linked with PAN (Permanent Account Number) of the taxpayers, and this PAN is connected with their bank account. The PAN holders have the facility to view their bank credit statements and transactions easily. Moreover, the only condition is that the Bank has to be linked with NSDL (National Securities Depository Limited) to get their credit statement of the taxes. One can view this form through the TRACES online portal. A total of 22 banks are associated, and these accounts are used for viewing Form 26AS. Indeed they include the significant banks, namely State Bank of India (SBI), Union Bank of India, Axis Bank of India and the other regionally.

Downloading Form 26AS

Two ways to download Form 26AS are:

The steps to view the Tax Credit Statement or Form 26AS are as follows:

  • Log in with your PAN number and password on the portal of the Income Tax e-filing.
  • A new page opens up. From the tabs, click on ‘My Account.’ From the drop-down, choose the option of ‘View Form 26AS’.
  • Next, a disclaimer opens up. After reading it, click on the confirm button.
  • It redirects you to the official page of the TRACES account.
  • An attention note appears on the screen. Please read it and tick the checkbox before proceeding. 
  • On the next page, there will be a link to ‘View Form 26AS’. Click on that to view the Tax Credit Statement/ Form 26AS.
  • A new page opens up where you need to choose the format and assessment year for the form.
  • After this, the verification code has to be entered. Once this is over, the form is available for download.
  • To open the downloaded document, you have to enter the password. The password is the Date of Birth of the registered member/ taxpayer. (DD/MM/YYYY)

    After completing all these steps, one can quickly check their details of the income tax as well as the statements made regarding the same.

Check out the blog: How to view and download Form 26AS?

Conclusion:

Considering all the uses and information contained in the Form 26AS, it is mandatory to file it along with all the other income tax returns annually, else they will not be accepted.

However, it contains all details right from the Basic Taxes paid on the income to the refunds, along with the credentials of the person paying or deducting the amounts. Now that you are well acquainted with Form 26AS, you can contact for any further queries.

Note: TRACES- TDS Reconciliation Analysis and Correction Enabling System.

 

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How to check Form 26AS for your Income Statement?

497

Introduction:

Form 26AS, also known as the Tax Credit Statement, is one of the most important documents that one has to submit mandatorily along with the annual income tax returns. This form is a combined statement of the tax containing all information related to one’s transactions of taxes, either paid or received. 

This form can be accessed easily and quickly by all the taxpayers by using their PAN (Permanent Account Number). Additionally, to avoid the hassle of downloading and filling the form, it can now be filed online from the TRACES website. It is not just useful in cross-checking all the data related to tax deductions, the name of deductors, and other purposes, but it is equally essential to file the Income Tax Return (ITR). 

Form 26AS and Its parts:

Since this form caters to all the information regarding the taxes paid by the individual, it contains seven sections which are as follows:

  • Part A:
    TDS (Tax Deducted at Source)- From the tax on the salary to pension interest and income interest, this part contains all the information regarding these amounts. This information is provided every four months.

    • Part A further contains Part A1(Contains the TDS information regarding form 15G/15H) and Part A2 (Contains the TDS information regarding the Seller property). 
  • Part B:
    TCS (Tax Collected at Source)- Only the sellers who collect taxes can enter the information in this part regarding the TCS. 
  • Part C:
    Tax Paid (Apart from TCS and TDS)- The details regarding the tax paid by an individual appear in this part. Details of the self-assessment tax and the challan for depositing the tax are present here.
  • Part D:
    Paid Refund- Details of the refund, if any, are mentioned in this part. Mode of payment, AY (Assessment Year), Amount and interest paid, and the date is provided.
  • Part E:
    AIR Transaction- All the details made about high-value transactions made by banks and other authorities are stated here.
  • Part F:
    Tax Deductions on sales of the Immovable property- Addition of all the details after purchasing a property can be obtained in this part. 
  • Part G:
    TDS Defaults- While processing the tax statements, all the default details regarding it are mentioned in this section. 

Get free legal advice now

Viewing Form 26AS:

Form 26AS is linked with PAN (Permanent Account Number) of the taxpayers, and this PAN is connected with their bank account. The PAN holders have the facility to view their bank credit statements and transactions easily. Moreover, the only condition is that the Bank has to be linked with NSDL (National Securities Depository Limited) to get their credit statement of the taxes. One can view this form through the TRACES online portal. A total of 22 banks are associated, and these accounts are used for viewing Form 26AS. Indeed they include the significant banks, namely State Bank of India (SBI), Union Bank of India, Axis Bank of India and the other regionally.

Downloading Form 26AS

Two ways to download Form 26AS are:

The steps to view the Tax Credit Statement or Form 26AS are as follows:

  • Log in with your PAN number and password on the portal of the Income Tax e-filing.
  • A new page opens up. From the tabs, click on ‘My Account.’ From the drop-down, choose the option of ‘View Form 26AS’.
  • Next, a disclaimer opens up. After reading it, click on the confirm button.
  • It redirects you to the official page of the TRACES account.
  • An attention note appears on the screen. Please read it and tick the checkbox before proceeding. 
  • On the next page, there will be a link to ‘View Form 26AS’. Click on that to view the Tax Credit Statement/ Form 26AS.
  • A new page opens up where you need to choose the format and assessment year for the form.
  • After this, the verification code has to be entered. Once this is over, the form is available for download.
  • To open the downloaded document, you have to enter the password. The password is the Date of Birth of the registered member/ taxpayer. (DD/MM/YYYY)

    After completing all these steps, one can quickly check their details of the income tax as well as the statements made regarding the same.

Check out the blog: How to view and download Form 26AS?

Conclusion:

Considering all the uses and information contained in the Form 26AS, it is mandatory to file it along with all the other income tax returns annually, else they will not be accepted.

However, it contains all details right from the Basic Taxes paid on the income to the refunds, along with the credentials of the person paying or deducting the amounts. Now that you are well acquainted with Form 26AS, you can contact for any further queries.

Note: TRACES- TDS Reconciliation Analysis and Correction Enabling System.

 

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