Form 26AS – What is Form 26AS? View & Download Form 26AS Online

Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer. It also reflects details of advance tax/self-assessment tax paid, and high-value transactions entered into by the taxpayer.

Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS to file IT returns manually. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, etc. 

Form 26AS gives a consolidated record of every tax-related information associated with your PAN (Permanent Account Number). It can be viewed and downloaded easily from the TRACES website. It is useful to verify the contents of the TDS certificate and ensure that the TDS deducted from your income is actually deposited with the income tax department.

Information Available on Form 26AS

Form 26AS is a statement that shows the below information:

• Tax deducted on your income by all the tax deductors
• Details of tax collected source by all the tax collectors
• Advance tax paid by the taxpayer
• Self-assessment tax payments
• Regular assessment tax deposited by the taxpayers (PAN holders)
• Details of income tax refund received by you during the financial year
• Details of the high-value transactions regarding shares, mutual funds, etc.
• Additional details like mutual fund purchases and dividends, interest on income tax refunds, off-market transactions, foreign remittances, salary break-up details, etc.
• Details of tax deducted on sale of immovable property
• Details of TDS defaults (after processing TDS return) made during the year
• Turnover details reported in GSTR-3B

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

Structure and Parts of Form 26AS?

• Part A: Details of Tax Deducted at Source
  • Part A1: Details of Tax Deducted at Source for 15G/15H
  • Part A2: Details of Tax Deducted at Source on the Sale of Immovable Property u/s194(IA)/TDS on Rent of Property u/s 194IB/TDS on Payment to Resident contractors and professionals u/s 194M (For Seller/Landlord of Property/ Payee of resident contractors and professionals)
• Part B: Details of Tax Collected at Source
• Part C: Details of Tax Paid (other than TDS or TCS)
• Part D: Details of Paid Refund
• Part E: Details of SFT Transaction
• Part F: Details of Tax Deducted at Source on the sale of Immovable Property u/s194(IA)/TDS on Rent of Property u/s 194IB/TDS on payment to resident contractors and professionals u/s 194M (For Buyer/Tenant of Property/Payer of resident contractors and professionals)
• Part G: TDS Defaults* (processing of Statements)
• Part H: Details of Turnover as per GSTR-3B

Part A: 
Details of Tax Deducted at Source

Part A of Form 26AS contains TDS details deducted from your salary, interest income, pension income, prize winnings, etc. It also includes the TAN of the deductor and the amount of TDS deducted and deposited to the government. This information is provided every quarter.

Part A1: 
Details of Tax Deducted at Source for 15G/15H

Details of income where no TDS has been deducted are given here since the taxpayer has submitted Form 15G or Form 15H. You can verify the status of the TDS deduction if you have submitted Form 15G or Form 15H. If you have not submitted Form 15G or Form 15H, this section will display ‘No transactions present’.

Part A2: 
Details of the following entries are mentioned here:

• TDS on sale of immovable property u/s194(IA) (for the seller of property)
• TDS on rent of property u/s 194IB (for the landlord of property)
• TDS on payment to resident contractors and professionals u/s 194M (for a payee of resident contractors and professionals)

That is, it will show entries if you have sold the property/rented the property, received payments for contractual or professional service during the year, and TDS was deducted on the same.

Part B: 
Details of Tax Collected at Source

Part B shows the Tax Collected at Source (TCS) by the seller of goods. Entries in Form 26AS will show the seller's details who have collected tax from you.

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

If you have deposited any tax yourself, that information will appear here. Details of advance tax. as well as self-assessment tax, are present here. It also contains challan details (BSR code, date of deposit, CIN) through which the tax was deposited.

Part D: 
Details of Paid Refund

Information regarding your refund will be presented in this section if any. The assessment year to which the refund pertains, along with the mode of payment, the amount paid and interest paid, and the date of payment, are mentioned.

Part E: 
Details of SFT Transaction

Banks and other financial institutions must report high-value transactions to the tax authorities. High-value purchases of mutual funds, property purchases, and corporate bonds are all reported here.

Part F: 
Details of Tax Deducted at Source on the sale of Immovable Property u/s194(IA)/TDS on Rent of Property u/s 194IB/TDS on payment to resident contractors and professionals u/s 194M

When you have bought a property/paid rent to the tenant/paid for contractual work or professional fees, and deducted TDS on such payments, this section will show details of the TDS deducted & deposited by you.

Part G: 
TDS Defaults*(Processing of Statements)

This part shows TDS defaults (after processing of TDS returns). However, they do not include demands raised by the assessing officer.

Part H: 
Details of Turnover as per GSTR-3B
This part shows the taxpayer's turnover as reported in the GSTR-3B return.

How to view Form 26AS?

You can view Form 26AS through the following two modes:

• The TRACES portal
• The net banking facility of your bank account

How to view and download Form 26AS from TRACES website?

Form 26AS can be downloaded on the TRACES website. Below are the steps to view and download Form 26AS from the TRACES website.

Step 1: Visit the e-filing website

Step 2: Enter your user ID- It can be either PAN or Aadhaar number. If the user ID is invalid, error message will be displayed. Continue with valid user ID details.

Step 3

• Confirm the secure access message by selecting the tickbox below the message. The default secure access message is set as 'Login'. The default secure message is proof genuineness of the income tax website accessed. The taxpayer can make their own personalised, secure access message from the 'Profile' option.
• Enter the password and continue.

Step 4

• The following screen will appear. Go to ‘e-file’. Click on ‘Income Tax Returns’ and select ‘View Form 26AS’ in the drop-down.
• View Form 26AS

Step 5

• Click on ‘Confirm’ to the disclaimer so that you are redirected to the TRACES website (don’t worry, this is a necessary step and is completely safe since it is a government website).
• TRACES Website

Step 6: You are now on the TRACES (TDS-CPC) website. Select the box on the screen and click on ‘Proceed’.

Step 7: Click on the link at the bottom of the page – Click ‘View Tax Credit (Form 26AS)’ to view your Form 26AS.

Step 8: Choose the Assessment Year and the format you want to see Form 26AS. If you want to see it online, leave the format as HTML. You can also choose to download it as a PDF. After you have made your choice, enter the ‘Verification Code’ and click on the ‘View/Download’ button.

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

How to view Form 26AS from net banking facility?

The facility to view Form 26AS is available to a PAN holder having a net banking account with any authorised bank. You can view your Form 26AS only if your PAN number is linked to that particular account. This facility is available for free. The list of banks registered with NSDL through which you can view your Tax Credit Statement (Form 26AS) are as below:

How to use the income tax department’s e-filing website?

The first step is to either login or register on the e-filing website. After entering your PAN number under the 'Taxpayer' tab, the website will tell you if you're already registered. 

If you've e-filed before, the chances are that you might already be registered. Please search your email inbox for 'incometax.gov.in' to look for information that might be useful.

Log in through your user ID and password, and you can use the portal for income tax-related compliances.

Note: Your user ID is your PAN number. If you don’t remember your password, you need to reset your password.

Benefits of Form 26AS

• Form 26AS provides important information about tax deducted/collected and deposited with the government tax authorities by the authorised deductors/collectors.
• A taxpayer can view all financial transactions involving TDS/TCS for the relevant financial year in Form 26AS.
• Form 26AS helps in the computation of income and to claim the tax credits when filing an Income Tax Return (ITR) on income. 
• Form 26AS helps in computation of income and to claim the tax credits at the time of filing Income Tax Return (ITR) on income. 
• A taxpayer can confirm the verification of refunds during the applicable financial or assessment year using Form 26AS.

New Form 26AS effective from 1 June 2020

With effect from 1 June 2020, the taxpayers' data will be available in a new Form 26AS, which is as follows:

• Tax deducted at source and tax collected at source
• Details of specified financial transactions
• Income-tax payments such as advance tax and self-assessment tax paid by the taxpayer
• Tax demands and tax refunds
• Pending and completed income-tax proceedings

The government is yet to notify or clarify the specified financial transactions reportable in the new Form 26AS. The new form is in line with the Budget 2020 announcement to facilitate compliance and correct payment of taxes.

Introduction of Annual Information Statement (AIS)

Now again, the tax department has introduced an Annual Information Statement (AIS) to incorporate new details like foreign remittances, off-market transactions, interest on income tax refunds, mutual fund purchases and dividend details, and break-up details of salary and ITR information of another person. 

The income tax department used to already avail these records from the authorised entities. For instance, an authorised dealer (e.g. banks) submits Form 15CC for every payment made to non-residents, transfer agents, and depositories report off-market transactions (gift transfers, legacy transfers, transfers between two Demat accounts, etc.). Further, salary break-up details are available in Form 16 from details uploaded by employers on the TRACES portal. 

Moreover, information related to certain transactions undertaken by the taxpayers is available with the tax department through ITR filed by others. For example, the property seller reports buyers' details in their ITR.

Benefits of Annual Information Statement (AIS)

• The new AIS will pull out taxpayers' data and provide pre-filled returns to the taxpayers. The pre-filling of data is planned in a phased manner by the income tax department.
• The department is also working to remove errors or duplication of the information in the new report. The AIS statement has a feature to submit online feedback if the details reflected are inaccurate. In case of inaccuracy or errors, the taxpayer can provide feedback requesting a modification. The taxpayer can also submit feedback for bulk information. Further, an AIS offline utility is also available to upload feedback offline. Taxpayers can download the AIS in PDF, CSV, and JSON formats.
• The AIS report has two parts: (i) Taxpayers Information Summary (TIS) and (ii) Annual Information Statement (AIS). TIS is a simplified statement showing aggregate value, whereas AIS is a comprehensive statement. TIS shows the processed value (i.e. the value according to income tax records) and derived value (i.e. the value modified after considering the taxpayer's feedback). On feedback submission, the derived information in TIS will automatically update in real-time.
• The new AIS statement will simplify the ITR filing for taxpayers as more details are available in just one statement. Taxpayers can identify incorrect information reported in AIS and provide feedback for corrective action.
• Also, tax authorities would easily compare the information reported by the taxpayer with the source and identify any mismatch. This will reduce the issue of notice by the income tax department and tax leakages.

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

A TDS certificate or Form 16/16A and Form 26AS have different purposes though they may seem to contain the same information. You can gather all relevant information related to TDS in Form 26AS, sufficient to file ITR. However, there is a need to obtain a TDS Certificate. The rationale behind introducing Form 26AS was to enable the taxpayers to cross-check and verify their details in the TDS certificates with the details recorded in Form 26AS and maintain transparency of information.

When you do not have a TDS certificate or Form 26AS, you cannot verify your details and find mismatches that may have occurred. When you have both, you can cross-check, compare the details and find discrepencies, if any. In the case there are discrepancies, you can get it corrected.

Further, in the case of salaried persons, Form 26AS is not sufficient to file ITR since it does not show the break-up of the income and deductions claimed under Section 80C to Section 80U which are available in TDS certificate. Thus, you need a TDS certificate along with Form 26AS.

Things to verify in TDS certificate with Form 26AS

Form 26AS must be verified with the details of TDS certificate, i.e. Form 16 (for salaried individuals) and Form 16A (for non-salaried individuals), to ensure that the TDS deducted from the payee’s income was deposited with the income tax department.

Other things that taxpayers must verify in the TDS certificate and Form 26AS are as follows:

• Check the name, PAN number, deductor’s TAN, refund amount and TDS amount to ensure that they are correctly reflected. A mismatch in details may create problems while filing ITR.
• Verify if the Tax Deducted at Source (TDS) amount, as shown in the TDS certificate, has been received by the government. Taxpayers can verify this by comparing the TDS data on the payslips with the Form 26AS data. If the deductor has not filed or submitted the TDS on your behalf, contact the deductor and ask him/her to file the TDS return and submit the tax amount at the earliest.
• Check if the TDS mentioned in Form 16/16A is reflecting in Form 26AS correctly. When the TDS shown in the TDS certificate is not reflecting in Form 26AS, it means that the deductor has deducted the tax on your behalf but has not deposited it with the income tax department. In such a case, you need to take action and contact the deductor to recify it.

In the case of any discrepancy between the TDS certificate and Form 26AS, inform your deductor and get it corrected immediately. Ensure that the deductor has filed TDS using your PAN number and other details. In many cases, if the TDS is filed under an incorrect PAN, it can result in problems for you and the deductor.

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