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What is Form 26AS- Key Facts Every Taxpayer Should Know

As a taxpayer, you should be aware of the documentation related to income tax to avoid any mistakes or misses. Form 26AS or tax credit statement is among the most crucial documents for tax filing. It gives all the details of any amount deducted as TDS or TCS from different income sources. 

Additionally, it shows details of advance tax/self-assessment tax paid by the taxpayer. It also reflects the high-value transactions they enter. The scope of the statement has been further expanded to include mutual funds purchases, dividends, foreign remittances, refund details, etc.

In short, Form 26AS serves as a consolidated record of the entire tax-related information linked with a taxpayer’s PAN (Permanent Account Number). It helps in verifying the contents of the TDS certificate and ensuring that the TDS deducted from your income is the same as the amount deposited with the income tax department. You can view and download it from the TRACES website. 

We will share a complete guide on Form 26AS, the information it includes, and the process to download it for tax purposes.

What is Form 26AS?

Form 26AS is a comprehensive statement showing the tax-related information for the assessee's PAN (Permanent Account Number). The details mentioned in Form 26AS include:

  • Tax deducted from your income (TDS) by deductors

  • Tax collected at source (TCS) by collectors

  • Self-assessment tax payments

  • Advance tax paid

  • Regular assessment tax deposited

  • Refund during the financial year

  • TDS defaults made during the year

  • High-value Transactions

  • Interest received from banks and others without TDS deductions (for low/no deduction declaration provided with Form 15G / H)

  • Turnover details reported in GSTR-3B

From 1 June 2020, the new AIS also includes information on specified financial transactions, tax demands, refunds, pending and completed assessment proceedings, and the existing data presented in the form.

New Form 26AS (effective from 1 June 2020)

The taxpayers' data is available in a new Form 26AS with effect from 1 June 2020. The following information is available in the form:

  • TDS and TCS

  • Income-tax payments like advance tax and self-assessment tax

  • Details of specified financial transactions

  • Tax demands and refunds 

  • Pending and completed income-tax proceedings

The new form aligns with the Budget 2020 announcement to ensure compliance and correct payment of taxes.

Why is Form 26AS important?

Form 26AS plays a significant role in the tax process because it enables taxpayers to verify the deductions of the TDS and TCS from their income. They can ensure the deduction of the correct amount of tax and also that the deductor has deposited it with the government.

Incase of excess TDS or TCS, they can use Form 26AS to back refund claims. Taxpayers can also use it to file their returns accurately and avoid any errors or omissions. Additionally, it helps in tracking tax status, ensuring they have paid all the taxes due, and detecting discrepancies in tax records.

Structure and Components of Form 26AS

Form 26AS has several components serving as the backbone of its structure. Each of these components provides specific information related to the taxes for an assessee. Here are the details of the sections included in Form 26AS.

Part A: Deducted at Source (TDS) Details

Part A includes TDS details deducted from your salary, pension income, interest income, prize winnings, etc. Additionally, it shows the TAN of the deductor and the TDS amount deducted and deposited by them to the government. The information is provided quarterly. 

Deducted at source

Part A1: Details of TDS for 15G/15H

Part A1 includes income details where no TDS has been deducted for taxpayers submitting Form 15G or Form 15H. This section will show ‘No transactions present’ if you have not provided Form 15G or Form 15H

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Part A2: Details of the following entries:

  • TDS for sellers on sale of immovable property u/s 194(IA)

  • TDS for landlords on rent of property u/s 194(IB)

  • TDS on payment made to resident contractors and professionals u/s 194M

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Part B: Tax Collected at Source (TCS) Details

Part B includes the details of the TCS by the seller of goods, including the details of the sellers who have collected the tax.

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Part C: Details of Tax Paid (except TDS or TCS)

The information regarding the tax you have deposited yourself will appear in this part. It includes advance tax and self-assessment tax, along with challan details (date of deposit, BSR code, CIN) through which you deposited the tax.

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Part D: Details of Paid Refund

This part has information about your refund, such as the assessment year to which the refund pertains, the date of payment, the mode of payment, and the amount and interest paid.

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Part E: SFT Transaction Details

 

Banks and financial institutions report high-value transactions of assessees to the tax authorities. This section covers the high-value purchases of mutual funds, corporate bonds, and property purchases.

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Part F: Details of TDS on the sale of Immovable Property/Rent of Property/TDS on payment to resident contractors and professionals

This section includes the details of the TDS deducted and deposited by you when you have bought a property, paid rent, or paid for contractual work or professional fees.

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Part G: TDS Defaults

This section includes TDS defaults after processing of TDS returns. However, the demands raised by the assessing officer are not included in this section.

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Part H: Details of Turnover as per GSTR-3B

In this section, you can see your turnover as reported in the GSTR-3B return.

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Steps to Download Form 26AS from the TRACES Portal

You can download Form 26AS from the TRACES portal with the following steps:

Step 1: Access the e-filing website.

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Step 2: Enter your user ID (Pan or Aadhar number).

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Step 3: Enter your user ID (Pan or Aadhar number).

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Step 4: Go to ‘e-file’, click on ‘Income Tax Returns’, and choose ‘View Form 26AS’ in the drop-down menu to view Form 26AS.

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Step 5: You will see a disclaimer. Click on ‘Confirm’ to get redirected to the TRACES website.

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Step 6: Select the box shown on the screen and click on ‘Proceed’ to move ahead with the process.

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Step 7: Click ‘View Tax Credit (Form 26AS)’ to see your Form 26AS.

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Step 8: Click ‘View Tax Credit (Form 26AS)’ to see your Form 26AS.

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Step 9: : After downloading Form 26AS, you can view it by opening it.

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Steps to View Form 26AS via Net Banking

PAN holders having net banking accounts with any authorised bank have the facility to view Form 26AS through net banking. Your PAN number should be linked to that particular account to avail of the facility free of cost. Here is a list of banks registered with NSDL through which you can see Tax Credit Statement (Form 26AS):

AxisBank Limited

Bank of Baroda

Bank of India

Bank of Maharashtra

Citibank N.A.

City Union Bank Limited

Corporation Bank

ICICI Bank Limited

IDBI Bank Limited

Indian Bank

Indian Overseas Bank

Karnataka Bank

Kotak Mahindra Bank Limited

Oriental Bank of Commerce

State Bank of India

State Bank of Patiala

State Bank of Mysore

State Bank of Travancore

The Federal Bank Limited

The Saraswat Co-operative Bank Limited

Union Bank of India

UCO Bank

Form 26AS and TDS Certificate (Form 16/16A)

PAN holders having net banking accounts with any authorised bank have the facility to view Form 26AS through net banking. Your PAN number should be linked to that particular account to avail of the facility free of cost. Here is a list of banks registered with NSDL through which you can see Tax Credit Statement (Form 26AS):

Form 26AS and TDS certificate or Form 16/16A contain the same information, but they have different purposes. While you can get TDS-related information to file ITR in Form 26AS, you still need to get a TDS Certificate. Form 26AS enables the taxpayers to cross-check their details in the TDS certificates with the information in Form 26AS and ensures transparency of information.

Without these forms, you do not have a way to verify details or find mismatches that may have occurred. Conversely, you can compare the details and find discrepancies when you have both of them. It is easy to address the discrepancies if you find them.

For salaried individuals, Form 26AS is not enough to file ITR as it does not show the income break-up and deductions claimed u/s 80C to Section 80U. These vital pieces of information are available in the TDS certificate.

What should you Cross-Check in the TDS Certificate and Form 26AS?

The details in Form 26AS and TDS certificate (Form 16 for salaried individuals and Form 16A for non-salaried individuals) have to be cross-checked to ensure that the TDS deduction is deposited with the income tax department. You must also check the following details on both forms:

  • Check the name, PAN, deductor’s TAN, TDS amount, and refund amount

  • Verify that the TDS amount reflected in the TDS certificate has been received by the government

  • Check that the TDS mentioned in Form 16/16A reflects correctly in Form 26AS correctly

PAN holders having net banking accounts with any authorised bank have the facility to view Form 26AS through net banking. Your PAN number should be linked to that particular account to avail of the facility free of cost. Here is a list of banks registered with NSDL through which you can see Tax Credit Statement (Form 26AS):

What is an Annual Information Statement (AIS)?

Annual Information Statement (AIS) has been introduced by the Income Tax department. It includes new details such as off-market transactions, mutual fund purchases, and dividend details, interest on income tax refunds, foreign remittances, and break-up details of salary.

Earlier, the income tax department got these records from authorised entities. For example, banks submit Form 15CC for payments made to non-residents and depositories report off-market transactions such as legacy transfers, gift transfers, and transfers between two Demat accounts. Form 16 uploaded by employers on the TRACES portal shows the salary break-up details.

 

The AIS report has two parts:

  • Taxpayers Information Summary (TIS) showing the processed value (value according to income tax records) and derived value (value modified after considering the taxpayer's feedback)

  • Annual Information Statement (AIS) provides all details in one place to simplify the ITR filing for taxpayers

The new AIS pulls out taxpayers' data and provides pre-filled returns to the taxpayers. The income tax department implements the pre-filing process in a phased manner. The AIS statement has a feature for taxpayers to submit online feedback if the details are incorrect. The taxpayer can provide feedback and request a modification. Further, the AIS offline utility enables them to upload feedback offline. They can download the AIS in PDF, JSON, or CSV formats. Likewise, tax authorities can also compare the information given by the taxpayer with the sources to identify any mismatch and prevent tax leakages.

Frequently asked questions

Q

Why is Form 26AS required?

A

Form 26AS gives proof of tax deducted and collected at source on the taxpayer’s behalf. It also confirms that entities deducting these taxes have deposited them into the government’s account so that the taxpayer can claim credit for the same.

Q

What is Form 26AS used for?

A

Form 26AS provides the tax credit details for taxes paid during the financial year, including TDS or TCS from various sources of income. It also shows advance tax/self-assessment tax and high-value transactions. Form 26AS in its latest version includes details of pending and completed assessment proceedings, specified financial transactions, tax demands, and refunds.

Q

How do I download Form 26AS or Tax Credit Statement?

A

You can view or download Form 26AS by logging in to the income tax portal using your account credentials. The next steps are as follows:

  • Navigate to the ‘e-File’ tab on the site’s homepage. Click ‘Income Tax Returns’ in the drop-down menu here and select ‘View Form 26AS’ to reach the next step.

  • Go through the disclaimer and click on ‘Confirm’ to get redirected to the TRACES portal.

  • Agree to the usage of Form 16/16A and click on the ‘Proceed’ button.

  • Click ‘view tax credit (Form 26AS).

  • Select the ‘Assessment Year’ and ‘View type’,

  • Click on the ‘View/Download’ button.

You will see Form 26AS on the screen. You can download it as PDF by clicking on the ‘Export PDF’ button.

Q

How can you view Form 26AS through net banking?

A

You can view and download Form 26AS through net banking in one of the authorised banks. Ensure that your PAN is mapped to that particular account. 

Q

How can you check Form 26AS online without logging in?

A

You must register yourself to view or download Form 26AS from the IT e-filing portal. However, you can also download without login through your net banking facility of an authorised bank where you maintain an account. Log in to your net banking account and click on the ‘Tax Credit Statement’ button to view your Form 26AS.

Q

When does Form 26AS get updated?

A

Form 26AS is updated when the IT department processes the TDS returns filed by the deductors. Notably, the last date for filing TDS returns for Q4 is 31 May. An additional seven days are taken to process the TDS returns. Form 26AS is updated with the latest amount once the processing is completed.

Q

What are the transaction date and date of booking in Form 26AS?

A

Transaction date refers to the date of payment or credit of income, whichever is earlier. The date of booking is the date when the TDS return is processed and the amount booked. This is the date after the TDS return is filed.

Q

When does TDS reflect in Form 26AS?

A

TDS gets reflected in Form 26AS after the person deducting it files a TDS return and the same is processed. Generally, the processing time is seven days.

Q

How can you rectify errors in Form 26AS?

A

Errors can always happen in Form 26AS. The only way to address them is by informing the deductor and asking them to file a rectified TDS return. You cannot make any corrections in Form 26AS on your own.

Q

What is the password of Form 26AS in pdf format?

A

The taxpayer’s date of birth/incorporation (DDMMYYYY format) is the password to open Form 26AS in the pdf format.

Q

How can you download Form 26AS in Excel format?

A

You can download Form 26AS in Excel format with a simple process. Here are the steps you need to follow:

  • Login income tax e-filing account to start with. Navigate to the ‘e-File’ menu’. Click ‘Income Tax Returns’ from the drop-down menu and select ‘View Form 26AS.

  • Go through the disclaimer and click on the ‘Confirm’ button.

  • You will be redirected to the TDS portal. Agree to the Form 16/16A acceptance and usage generated from the TRACES portal. Click on the ‘Proceed’ button.

  • Click ‘View tax credit (Form 26AS)’

  • Select the ‘Assessment Year’ and choose Excel as the ‘View type’.

  • Click on the ‘View/Download’ button.

This actionable guide offers a comprehensive overview of Form 26AS and everything about downloading it to a novice taxpayer. You can consult an expert if you still have doubts regarding it.

Prachi Jain

Chartered Accountant

Prachi Jain is a Chartered Accountant with a passion for simplifying finance and tax-related matters through her insightful and informative blogs. With a background in finance and a deep understanding of tax regulations, Prachi has established herself as a trusted source of financial wisdom. Prachi is committed to empowering her readers with the knowledge they need to make informed financial decisions. Her expertise and dedication shine through in every blog post, helping her audience navigate the intricacies of finance and taxes with confidence. Follow Prachi Jain's blog for practical insights and guidance on managing your finances effectively.

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