Form 26AS – New Changes, Download Form 26AS Online, Structure & Format of Form 26AS

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. The income tax department has been making changes in Form 26AS to include more and more details. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchase and dividends, refund details, etc.

Latest Update:
CBDT has issued a circular on 9th Sep 21 extending the timelines for certain direct tax compliances for AY 2021-22.
1. ITR Filing due date extension:
i) ITR filing by taxpayers not covered under audit is extended from 30th Sep 21 to 31st Dec 21
ii)  ITR filing for Tax audit cases is extended to 15th Feb 22 
iii) ITR filing for transfer Pricing is extended to 28th feb 22
iv) ITR filing of Belated or Revised Return for FY 20-21 is extended from 31st Dec 21 to 31st March 22

2. Furnishing Audit Report:
i) Due date to furnish the audit report is extended to 15th Jan 22
ii) Due date to furnish the audit report for transfer pricing cases is extended to 31st Jan 22

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.

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.
• Additional details like mutual fund purchase and dividend, interest on income tax refunds, off-market transactions, foreign remittances, salary break up details, etc.

New Form 26AS

Prior to this update, the scope of Form 26AS was expanded in Budget 2020. Accordingly, Form 26AS was updated to include specified financial transactions, pending and completed assessment proceedings, tax demands and refunds.
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, break-up details of salary and information ITR of another person.
The income tax department use to already avail these records from the authorised entities. For instance, an authorised dealer (e.g banks) is required to file Form 15CC for every payment made to non-residents, transfer agents and depositories already reporting off-market transactions ( gift transfers, legacy transfers, transfers between two Demat accounts, etc.). Salary break-up details are available in Form 16 from details uploaded by employers on the TRACES portal. Information related to certain transactions of taxpayers is available with the tax department through other persons ITR. For example, the seller of property reports details of buyers in their ITR.

Benefits of new Form 26AS

• The new AIS will be used to pull out data and provide pre-filled returns to the taxpayers. The pre-filling of data is planned in a phased manner by 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 reflecting are inaccurate. In case of inaccuracy or errors, the taxpayer can provide feedback requesting a modification. Feedback can be submitted for bulk information. Further, an AIS offline utility has also been provided to upload feedback in an offline manner.The taxpayers can download the AIS in different formats like PDF, CSV as well as JSON. 
• The AIS report will have two parts: (i) Taxpayers Information Summary (TIS), and (ii) Annual Information Statement (AIS). TIS will be more simplified statement showing aggregate value whereas AIS will be 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 submission of feedback, the derived information in TIS will get automatically updated on a real-time basis. 
• The new AIS statement will simplify the ITR filing for taxpayers as more details will be available in just one statement. Taxpayers will be able to identify incorrect information reported in AIS and provide feedback for taking corrective action. 
• Also, tax authorities would easily compare the information reported by the taxpayer with the source and identify any mismatch. This will reduce issue of notice by income tax department and tax leakages. 

Structure and Parts of Form 26AS?

• Part A: Details of Tax Deducted at Source
  • 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 Source

Part 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’.  

Part A2:
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.  

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:

How to Download Form 26AS?

Form 26AS can be downloaded: On the TRACES website Or via Net Banking Facility of authorized banks. Go to www.incometax.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 right).

Step 1 E-filing website

Step 2

• Enter your user ID- It can be either PAN or Aadhaar number or Other User ID. If the user ID is invalid, error message will be displayed. Continue with valid user ID details.
• Other ways to access your account is through net banking.

Step 3

• Confirm secure access message by selecting the tick box below the message. The default secure access message is set as “Login”. The default secure message is a proof genuineness of the income tax website accessed. The taxpayer can make own personalised secure access message from “Profile”.
• Enter 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’.
• TRACES TDS-CPC Website

Step 7

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

Step 8

• 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’.
• TRACES Verification code

Step 9 (Final) After the download, you can view the form 26AS by opening it.

How to use the Income Tax Department’s e-Filing website?

The first step is to either login or register on the website After entering your PAN number under ‘Taxpayer’ tab, the website will tell you if you’re already registered. If you’ve e-filed before, 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. If 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 password.

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.

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 e-File, From drop down menu click on Income Tax Returns and select View Form 26AS, Confirm 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 the 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 www.incometax.gov.in,

Go to ‘e-File’ menu, click ‘Income Tax Returns’ from the drop down and select ‘View Form 26AS’, 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 26AS 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 e-filing > Go to ‘e-File’ menu, click ‘Income Tax Returns’ from the drop down and select ‘View Form 26AS.
• 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.