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.
Form 26AS is a statement that shows the below information:
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.
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.
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’.
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 the seller's details who have 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
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.
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.
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.
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 the taxpayer's turnover as reported in the GSTR-3B return.
You can view Form 26AS through the following two modes:
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 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.
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:
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.
With effect from 1 June 2020, the taxpayers' data will be available in a new Form 26AS, which is as follows:
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, 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.
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.
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:
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.
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 31 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: