Form 26AS: How to view and download form 26AS?

Last Updated at: July 17, 2020
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Form 26AS: How to view and download form 26AS?
Form 26AS: How to view and Download Form 26AS
Form 26AS can be downloaded from TRACES website or through net banking facility of authorised banks. Assessees need to check their Form 26AS regularly in order to get confirmed that your employer has deposited the tax deducted against your PAN.

 

The Union Budget 2020 proposed the expansion in the Form 26AS’ overall scope. It will now include property and share transaction details along with TDS.

 

Form 26AS is an annual consolidated tax statement that is required while filing for Income Tax Returns that can be downloaded from the Income-Tax department official website by all taxpayers using their PAN (Permanent Account Number). The form contains all the details and particulars about the taxes paid in the Income Tax Department. All the tax detections are being noted by the tax detectors including banks, employers, and even tenants. Form 26AS includes information about the total annual income of the Taxpayer and the tax amount deducted from their incomes by the deductors who then pay taxes to the Government. Form 26AS also encompasses all the details of the TCS- Tax Collected at Source. It also covers the Advance tax and self-assessment tax amounts paid by the taxpayer before filing for returns. Form 26AS includes all the self-assessment tax payment records.

Details:

The Form consists of details of the refund received by the taxpayer during the financial year, TDS on rent of the property, TDC on sale of immovable property, and the high-value transactions related to shares, mutual funds, etc. It also contains details of the deductors like their names and TAN (Tax Deduction Account Number). As far as the taxpayer is concerned, it is important for them to ensure that the taxes claimed in the Income Tax Returns and the taxes listed in Form 26AS coincide. The applicant is requested to cross-check his/ her FORM 26 AS in order to make sure that their taxes detected and the advance amount of tax paid in the year is balanced to the tax department’s reports.

Composition of Form 26AS:

Form 26AS can be divided into 7 parts as follows:

PART A:

Tax deducted at source. (TAN of deductor and the amount deducted and deposited as TDS are also mentioned along with)

(i) Part A1: Details from Form 15G/Form 15H

(ii) Part A2 (for the seller of property) information about tax from source on sale of immovable property u/s 194(IA)

PART B:

The tax collected at Source (Entries appear for sellers if taxes are collected by them)

PART C:

Tax paid thus far other than TDS or TCS (including self-assessment tax, advance tax, etc.)

PART D:

Details of Paid Refund (includes Date of payment, mode of payment, the amount paid along with the interest drawn)

PART E:

AIR (Annual Information Report) Transaction details reported by banks and other financial institutions for High-value transactions to the tax authorities. (includes property purchases, bonds, etc.)

PART F:

(For the buyer of property) information about tax deducted on sale of immovable property u/s 194(IA)

PART G:

Defaults which are related to the process in TDS (excluding demands raised by the assessing officer)

File your ITR before due date

Additional details in form 26AS:

  • Income tax assessee details like PAN, name, and address
  • TAN – Tax Detection and Collection Account Number of the tax detector
  • Financial and assessment year which are applicable (FY and AY)

Significance of Form 26AS:

Form 26AS is one of the most crucial documents that the taxpayer needs to verify before filing his/her Income Tax Returns. This form serves both the government and the citizens. It is instrumental in comparing the deduction of taxes at various sources and to detect if they have multiple deductions in their account. If there are any deductions in the Form 26AS that are unreported to have been deposited with the IT department, the taxpayer can contact their employer or the deductor about the tax deductions. It can also be helpful in identifying any difference in TDS deduction values. The form helps to check if the TCS is accurately filed by the collector. It needs to be reported to the IT Department to avoid any penalty or notices.

This form helps us to know if the amount collected has been deposited to the government on time. Form 26AS verifies the tax credits.

Benefits of Form 26AS:

There are many benefits if Form 26AS is used. They are listed below:

  • The form is always linked with PAN
  • One can view his/her form through the TRACES website
  • Online forms can help you rectify the errors and check the liabilities
  • If there is any inconsistency in the receipt number of the advance tax payment, Form 26AS will be considered by the authorities.

Viewing Form 26AS:

You can view the Form 26AS from the TRACES (TDS Reconciliation, Analysis and Correction Enabling System) Portal. Another method that could be used is through Netbanking. Since the Form 26AS is linked with the PAN of the Taxpayers, you can easily view through the Netbanking of their bank accounts. Taxpayers, who are PAN holders of any authorized bank can avail of this provision. Moreover, Axis Bank, Corporation Bank, Indian bank, Citibank N.A, ICICI bank limited, Indian overseas bank, State Bank of India, Kotak Mahindra Bank, IDBI bank limited, etc. are some of the prominent banks that allow the taxpayers to view their Form 26AS through net-banking facilities.

Downloading Form 26AS:

You can download it from the TRACES portal. Here is a step-by-step guide on how to download the Form online:

STEP 1:

Visit the e-filing website of the I-T Department – https://incometaxindiaefiling.gov.in

STEP 2:

Login filling the appropriate credentials in the fields.

STEP 3:

After logging in, click on the ‘View Form 26AS (Tax Credit)’ tab, where you can find it under the ‘Quick links’ or ‘My Account’ tab.

STEP 4:

The page redirects to the TDS-CPC website where you can view the Form.

STEP 5:

The data will be available from FY 2008-09, the user can choose the required assessment year for which they would like to download the statement. The file will be in HTML format. If you want, you can convert the HTML file to PDF file later.

Every taxpayer has to oblige to the form. He/she should verify and examine the Form 26AS and mention the disparities to the tax detector if any. This way, we can rectify and find solutions to our problems and doubts.

Form 26AS is a very important document that no taxpayer should leave unverified before filing for ITR. As the PAN is linked with the IT accounts, the department can easily keep track of all transactions related to TDS directly through the banks. So, it is necessary for all taxpayers to compulsorily verify their Form 26AS before filing for IT Returns to avoid any kind of legal mistakes.

Vakilsearch will help you understand all the facts and points and will guide you throughout the process.

 

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Form 26AS: How to view and download form 26AS?

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Form 26AS can be downloaded from TRACES website or through net banking facility of authorised banks. Assessees need to check their Form 26AS regularly in order to get confirmed that your employer has deposited the tax deducted against your PAN.

 

The Union Budget 2020 proposed the expansion in the Form 26AS’ overall scope. It will now include property and share transaction details along with TDS.

 

Form 26AS is an annual consolidated tax statement that is required while filing for Income Tax Returns that can be downloaded from the Income-Tax department official website by all taxpayers using their PAN (Permanent Account Number). The form contains all the details and particulars about the taxes paid in the Income Tax Department. All the tax detections are being noted by the tax detectors including banks, employers, and even tenants. Form 26AS includes information about the total annual income of the Taxpayer and the tax amount deducted from their incomes by the deductors who then pay taxes to the Government. Form 26AS also encompasses all the details of the TCS- Tax Collected at Source. It also covers the Advance tax and self-assessment tax amounts paid by the taxpayer before filing for returns. Form 26AS includes all the self-assessment tax payment records.

Details:

The Form consists of details of the refund received by the taxpayer during the financial year, TDS on rent of the property, TDC on sale of immovable property, and the high-value transactions related to shares, mutual funds, etc. It also contains details of the deductors like their names and TAN (Tax Deduction Account Number). As far as the taxpayer is concerned, it is important for them to ensure that the taxes claimed in the Income Tax Returns and the taxes listed in Form 26AS coincide. The applicant is requested to cross-check his/ her FORM 26 AS in order to make sure that their taxes detected and the advance amount of tax paid in the year is balanced to the tax department’s reports.

Composition of Form 26AS:

Form 26AS can be divided into 7 parts as follows:

PART A:

Tax deducted at source. (TAN of deductor and the amount deducted and deposited as TDS are also mentioned along with)

(i) Part A1: Details from Form 15G/Form 15H

(ii) Part A2 (for the seller of property) information about tax from source on sale of immovable property u/s 194(IA)

PART B:

The tax collected at Source (Entries appear for sellers if taxes are collected by them)

PART C:

Tax paid thus far other than TDS or TCS (including self-assessment tax, advance tax, etc.)

PART D:

Details of Paid Refund (includes Date of payment, mode of payment, the amount paid along with the interest drawn)

PART E:

AIR (Annual Information Report) Transaction details reported by banks and other financial institutions for High-value transactions to the tax authorities. (includes property purchases, bonds, etc.)

PART F:

(For the buyer of property) information about tax deducted on sale of immovable property u/s 194(IA)

PART G:

Defaults which are related to the process in TDS (excluding demands raised by the assessing officer)

File your ITR before due date

Additional details in form 26AS:

  • Income tax assessee details like PAN, name, and address
  • TAN – Tax Detection and Collection Account Number of the tax detector
  • Financial and assessment year which are applicable (FY and AY)

Significance of Form 26AS:

Form 26AS is one of the most crucial documents that the taxpayer needs to verify before filing his/her Income Tax Returns. This form serves both the government and the citizens. It is instrumental in comparing the deduction of taxes at various sources and to detect if they have multiple deductions in their account. If there are any deductions in the Form 26AS that are unreported to have been deposited with the IT department, the taxpayer can contact their employer or the deductor about the tax deductions. It can also be helpful in identifying any difference in TDS deduction values. The form helps to check if the TCS is accurately filed by the collector. It needs to be reported to the IT Department to avoid any penalty or notices.

This form helps us to know if the amount collected has been deposited to the government on time. Form 26AS verifies the tax credits.

Benefits of Form 26AS:

There are many benefits if Form 26AS is used. They are listed below:

  • The form is always linked with PAN
  • One can view his/her form through the TRACES website
  • Online forms can help you rectify the errors and check the liabilities
  • If there is any inconsistency in the receipt number of the advance tax payment, Form 26AS will be considered by the authorities.

Viewing Form 26AS:

You can view the Form 26AS from the TRACES (TDS Reconciliation, Analysis and Correction Enabling System) Portal. Another method that could be used is through Netbanking. Since the Form 26AS is linked with the PAN of the Taxpayers, you can easily view through the Netbanking of their bank accounts. Taxpayers, who are PAN holders of any authorized bank can avail of this provision. Moreover, Axis Bank, Corporation Bank, Indian bank, Citibank N.A, ICICI bank limited, Indian overseas bank, State Bank of India, Kotak Mahindra Bank, IDBI bank limited, etc. are some of the prominent banks that allow the taxpayers to view their Form 26AS through net-banking facilities.

Downloading Form 26AS:

You can download it from the TRACES portal. Here is a step-by-step guide on how to download the Form online:

STEP 1:

Visit the e-filing website of the I-T Department – https://incometaxindiaefiling.gov.in

STEP 2:

Login filling the appropriate credentials in the fields.

STEP 3:

After logging in, click on the ‘View Form 26AS (Tax Credit)’ tab, where you can find it under the ‘Quick links’ or ‘My Account’ tab.

STEP 4:

The page redirects to the TDS-CPC website where you can view the Form.

STEP 5:

The data will be available from FY 2008-09, the user can choose the required assessment year for which they would like to download the statement. The file will be in HTML format. If you want, you can convert the HTML file to PDF file later.

Every taxpayer has to oblige to the form. He/she should verify and examine the Form 26AS and mention the disparities to the tax detector if any. This way, we can rectify and find solutions to our problems and doubts.

Form 26AS is a very important document that no taxpayer should leave unverified before filing for ITR. As the PAN is linked with the IT accounts, the department can easily keep track of all transactions related to TDS directly through the banks. So, it is necessary for all taxpayers to compulsorily verify their Form 26AS before filing for IT Returns to avoid any kind of legal mistakes.

Vakilsearch will help you understand all the facts and points and will guide you throughout the process.

 

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A lawyer with 14 years' experience, Vikram has worked with several well-known corporate law firms before joining Vakilsearch.