Your Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to manually download Form 26AS for filing your IT Returns. Now, you can directly import the Form 26AS information, while filing Income Tax Returns.
New Form 26AS effective 1 June 2020 to also include information on specified financial transactions, pending and completed assessment proceedings, tax demands and refunds in addition to the existing data presented in the form.
1. What is Form 26AS?
Includes info on tax deducted on your income by deductors
Details of tax collected by collectors
Advance tax paid by the taxpayer
Self-assessment tax payments
Regular assessment tax deposited by the taxpayers (PAN holders)
Details of refund received by you during the financial year
Details of the High-value Transactions in respect of shares, mutual fund etc.
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Part A1: Details of Tax Deducted at Source for Form 15G/Form 15H
Part A2: Details of Tax Deducted at Source on sale of Immovable Property u/s194(IA) (For seller of Property)
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 AIR Transaction
Part F: Details of Tax Deducted on sale of immovable property u/s194IA (For Buyer of property)
Part G: TDS Defaults* (processing of defaults)
Part A: Details of Tax Deducted at SourcePart A of Form 26AS contains details of TDS deducted on your salary, interest income, pension income and prize winnings etc. TAN of the deductor and the amount of TDS deducted and deposited are also mentioned. This information is provided on a quarterly basis.
Part A1: Details of Tax Deducted at Source for Form 15G/ Form 15H
Details of income where no TDS has been deducted is given since the taxpayer submitted Form 15G or Form 15H. You can verify the status of 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’.
Details of Tax Deducted at Source on sale of Immovable Property u/s194(IA) (For seller of Property)
This is applicable if you have sold the property during the year and TDS was deducted from your receipts. You will find the relevant entries here.
Part B: Details of Tax Collected at Source
Part B has details of the tax collected at source (TCS) by the seller of goods. Entries are present here if you are a seller and tax is collected by 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 details of the challan through which the tax was deposited.
Part D: Details of Paid Refund
Information regarding your refund, if any, will be present in this section. Assessment year to which the refund pertains, along with mode of payment, amount paid and interest paid and also the date of payment is mentioned.
Part E: Details of AIR Transaction
Banks and other financial institutions must report high-value transactions to the tax authorities. Mutual fund purchases of high value, property purchases, high-value corporate bonds are all reported here.
Part F: Details of Tax Deducted on Sale of Immovable Property u/s 194IA (For Buyer of Property)
If you have bought a property, you have to deduct TDS before making payment to the seller. This section has details of TDS deducted & deposited by you.
Part G: TDS Defaults*(Processing of Defaults)
Defaults relating to the processing of statements are mentioned here. They do not include demands raised by assessing officer.
3. How to view Form 26AS?
You can view Form 26AS on TRACES portal and download it (see below for the step-by-step guide on how to download Form 26AS). This income tax Form 26AS is linked with your PAN You can view Form 26AS from FY 2008-09 onwards – Via netbanking of your bank account. The facility is available to a PAN holder having a net banking account with any authorized bank. You can View Tax Credit Statement (Form 26AS), only if your PAN number is linked to that particular account. This facility is available for free. List of banks registered with NSDL for providing a view of Tax Credit Statement (Form 26AS) are as below:List of banks registered with NSDL for providing view of Tax Credit Statement (Form 26AS) are as below:
Axis Bank Limited
Bank of India
Bank of Maharashtra
Bank of Baroda
Citibank N.A.
Corporation Bank
City Union Bank Limited
ICICI Bank Limited
IDBI Bank Limited
Indian Overseas Bank
Indian Bank
Kotak Mahindra Bank Limited
Karnataka Bank
Oriental Bank of Commerce
State Bank of India
State Bank of Mysore
State Bank of Travancore
State Bank of Patiala
The Federal Bank Limited
The Saraswat Co-operative Bank Limited
UCO Bank
Union Bank of India
4. How to Download Form 26AS?
Form 26AS can be downloaded:On the TRACES websiteOr via Net Banking Facility of authorized banksGo to https://incometaxindiaefiling.gov.in and Login using your income tax department login & password. If you don’t have an account, you’ll need to Register first (see the button on top of LOGIN).Step 1 of 8E-filing websiteStep 2 of 8
a. Enter your PAN number, password And enter the captcha code in DD/MM/YYYY format. Now click on LOGIN.
b. Enter PAN e filing website
Step 3 of 8
a. The following screen will appear. Go to ‘My Account’. Click on ‘View Form 26AS’ in the drop down
b. View Form 26AS
Step 4 of 8
a. Click on ‘Confirm’ 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).
b. TRACES Website
Step 5 of 8
a. You are now on the TRACES (TDS-CPC) website. Select the box on the screen and click on ‘Proceed’.
b. TRACES TDS-CPC Website
Step 6 of 8
a. Click on the link at the bottom of the page – ‘Click View Tax Credit (Form 26AS) to view your Form 26AS’.
b. View Tax Credit Traces
Step 7 of 8
a. Choose the Assessment Year and the format in which you want to see the Form 26AS. If you want to see it online, leave the format as HTML. You can also choose to download as a PDF. After you have made your choice, enter the ‘Verification Code’ and click on ‘View/Download’.
b. TRACES Verification code
Step 8 (Final)After the download, you can view the form 26AS by opening it.
The first step is to either login or register on the websiteAfter entering your PAN number, the website will tell you if you’re already registeredIf you’ve e-Filed before, chances are that you might already be registered. Please search your email inbox for “incometaxindiaefiling.gov.in” to look for information that might be usefulIf you remember your password, login. Note: Your User ID is your PAN number.If you don’t remember your password, you need to Reset your passwordIf you’re not able to reset the password with any of the three options provided, please send an email to – validate@incometaxindia.gov.in with the following details
PAN:
PAN holder’s Name:
Date of Birth:
Father’s Name:
Registered PAN address:
UPLOAD YOUR FORM 26AS HERE
6. New Form 26AS effective 1 June 2020
With effect from 1 June 2020, all taxpayer's data will be available in a new Form 26AS:
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.
7. FAQs (Frequently Asked Questions)
What is form 26AS in income tax?
Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer. This tax deducted is then deposited with the government by the deductor. It also reflects details of advance tax/self-assessment tax & high-value transactions entered into by the taxpayer.
How do I download Tax Credit or form 26AS ?
To view or download form 26AS, please Login with your credentials to your income tax portal account, please click on tab My Account, From drop down menu select View 26AS, Select Continue and click on View 26AS. Select the assessment year for which you want to view Form 26AS form drop down , Select Format Type, Select View and Download to download. Select Download as PDF. A PDF file of Form 26AS will be downloaded to your computer.
How to view form 26as through net banking?
Taxpayers can view/ download form 26AS through net banking of any of the authorized banks. Form 26AS can be viewed only if the PAN is mapped to that particular account. Click here to check if your bank is authorized for providing form 26AS.
How to see form 26as online without registration?
To view or download form 26AS from the income tax efiling portal, you will need to register yourself. However if you wish to download with login, then the same can be done through your net banking or authorized bank. Click here to check if your bank is authorized for providing form 26AS. portal https://www.incometaxindiaefiling.gov.in/home, Go to ‘My Account’ menu, click ‘view form 26AS’ from the drop down , read the disclaimer and click on ‘confirm’ and the user will be redirected to TDS Portal, agree the acceptance of usage and click on ‘proceed’. Click ‘ view tax credit’ (form 26AS). Select assessment year and ‘view type’ as HTML. Click on view/ download. Form 26AS will open up on the screen.
When is form 26AS updated?
Form 26AS gets updated when the TDS returns are processed by the central pay commission. Thus the last day of filing of TDS return for quarter 4 is 31st May. Further 7 days are taken to process the TDS return filed. Once the processing is completed, for, 26AS will be updated with the latest amount of TDS deposited against your PAN.
What is the password of form 26AS?
The password to open form 26AS is taxpayers date of birth in DDMMYYYY format.
What is the transaction date and date of booking in form 26as?
Transaction date means date of credit or payment whichever is earlier. Date of booking means the date on which TDS return is processed and amount booked in 26AS. This date will be a date after the TDS return is filed.
What is form 26as used for?
Form 26AS gives you all the details of tax credit. Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer. This tax deducted is then deposited with the government by the deductor. It also reflects details of advance tax/self-assessment tax & high-value transactions entered into by the taxpayer.Form 26AS have been updated to capture the details of refund amount , details of self assessment tax and advance tax.
Why is form 26as required?
Form 26 is required because it provides proof of tax deducted and collected at source on our behalf. Further, it confirms that the employers and banks have deducted the accurate taxes on our behalf and deposited into the account of the government.
How to rectify error in form 26as? how to make corrections in form 26as?
The only way to rectify the error in form 26AS is to inform the deductor and ask him to file a rectified TDS return. The deductee cannot himself make any corrections in the form 26AS.
What is the meaning of the date of booking in form 26as?
Date of booking means the date on which TDS return is processed and amount booked in 26AS. This date will be a date after the TDS return is filed.
When TDS is reflected in form 26as?
Tax deducted at sources gets reflected in form 26AS after the deductee files TDS return and the same is processed by the CPC. Usually it takes around 7 days for CPC to process the TDS return filed.
how to download form 26as in excel format?
Login income tax efiling > Go to ‘My Account’ menu, click ‘view form 26AS’ from the drop down , read the disclaimer and click on ‘confirm’ and the user will be redirected to TDS Portal, agree the acceptance of usage and click on ‘proceed’. Click ‘ view tax credit’ (form 26AS). Select assessment year and ‘view type’ as ‘Excel’. Click on view/ download.
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Step 8 (Final)
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.
