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How to View & Download Form 26AS From TRACES Website
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.
Your Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS for filing 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 is a statement that shows the below information:
New AIS effective 1st 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.
Details of Tax Deducted at Source
Part A of Form 26AS contains TDS details deducted on your salary, interest income, pension income, prize winnings, etc. It also includes the TAN of the deductor, the amount of TDS deducted and deposited to the government. This information is provided every quarter.
Details of Tax Deducted at Source for 15G/15H
Details of income where no TDS has been deducted is given here since the taxpayer has 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 the following entries are mentioned here:
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.
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 seller details who has collected tax from you.
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.
Details of Paid Refund
If any, information regarding your refund will be present in this section. 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.
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, corporate bonds are all reported here.
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
If 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 TDS deducted & deposited by you.
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.
Details of Turnover as per GSTR-3B
This part shows turnover of the taxpayer as reported in the GSTR-3B return.
List of banks registered with NSDL, that provides a view of Tax Credit Statement (Form 26AS), are as below:
Form 26AS can be downloaded on the TRACES website or via the net banking facility of authorised banks. Go to www.incometax.gov.in and login using your income tax department login ID and password. If you don’t have an account, you’ll need to register your PAN first (see the button on top right).
Step 1: Visit the e-filing website
Step 9 (Final) After the download, you can view Form 26AS by opening it.
The first step is to either log in or register on the website. The website will tell you if you’re already registered after entering your PAN number under the ‘Taxpayer’ tab.
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.
Login through 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.
With effect from 1 June 2020, the taxpayers’ data will be available in a new Form 26AS:
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.
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, break-up details of salary and ITR information 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) 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 seller of property reports details of buyers in their ITR.
To view or download Form 26AS, log in with your income tax portal account credentials.
Taxpayers can view/download Form 26AS through net banking of any of the authorised banks. Form 26AS can be viewed only if the PAN is mapped to that particular account. Click here to check if your bank is authorised to provide the facility of downloading Form 26AS.
To view or download Form 26AS from the income tax e-filing portal, you must register yourself. However, if you wish to download without login, you can do the same through your net banking facility of authorised bank where your account is maintained.
Login to your net banking account using your internet banking login credentials and click on the ‘Tax Credit Statement’ to view details.
Click here to check if your bank is authorised to provide Form 26AS
Form 26AS gets updated when the income tax department processes the TDS returns filed by the TDS deductors. Thus, the last date for filing TDS returns for the fourth quarter is 31st May. Further, seven days are taken to process the TDS return filed. Once the processing is completed, Form 26AS is updated with the latest amount of TDS reported against your PAN.
The password to open the pdf format of Form 26AS is the taxpayer’s date of birth/incorporation in DDMMYYYY format.
Transaction date means the date of credit or payment of income, whichever is earlier.
Date of booking means the date on which TDS return is processed and the amount booked in Form 26AS. This date will be the date after the TDS return is filed.
Form 26AS gives you all the details of tax credit for taxes paid during the financial year. 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 advance tax/self-assessment tax details and high-value transactions entered into by the taxpayer. Form 26AS has been updated to include details of specified financial transactions, pending and completed assessment proceedings, tax demands and refunds.
Form 26AS is required because it provides proof of tax deducted and collected at source on our behalf. Further, it confirms that the entities (employers, banks, etc.) have deducted accurate taxes on our behalf and deposited them into the government’s account so that credit for the same can be claimed.
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.
Date of booking means the date on which TDS return is processed and amount booked in Form 26AS. This date will be the date after the TDS return is filed.
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 seven days for CPC to process the TDS return filed.
Follow the below steps to download Form 26AS in excel format: