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Viewing your Tax Credit Statement
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 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 purchases, dividends, refund details, etc.
CBDT has issued a circular on 11th January 2022 extending the timelines for certain direct tax compliances for AY 2021-22.
1. ITR filing due date extension:
i) ITR filing for taxpayers covered under tax audit is extended to 15th March 2022
ii) ITR filing for transfer pricing cases is extended to 15th March 2022
2. Furnishing audit report:
i) Due date to furnish the audit report as per the Income Tax Act is extended to 15th February 2022
ii) Due date to furnish the audit report for transfer pricing cases is extended to 15th February 2022
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.
Form 26AS is a statement that shows the below information:
New Form 26AS 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 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 details of the challan 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 defaults related to the processing of statements. 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, for providing 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, login with your credentials to your income tax portal account.
Go to ‘e-File’ tab in the home page and 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 TRACES portal. Agree the acceptance of usage and click on the ‘proceed’ button. Now, click ‘ view tax credit (Form 26AS). Select assessment year and ‘view type’ as HTML. Click on the ‘view/download’ button. Form 26AS will open up on the screen. If you want to download as PDF, then click on the ‘Export PDF’ button. A PDF file of the Form 26AS will be downloaded.
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 for providing the facility of downloading Form 26AS.
To view or download Form 26AS from the income tax e-filing portal, you will need to register yourself. However if you wish to download without login, then the same can be done through your net banking facility of authorised bank.
Click here to check if your bank is authorised for providing Form 26AS portal www.incometax.gov.in.
Go to ‘e-File’ tab in the home page and 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 TRACES Portal. Agree the acceptance of usage and click on the ‘Proceed’ button. Now, click ‘View tax credit (Form 26AS)’. Select assessment year and ‘View type’ as HTML. Click on the ‘View/download’ button. Form 26AS will open up on the screen.
Form 26AS gets updated when the TDS returns are processed by the income tax department. Thus the last date of filing TDS return for 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 taxpayers date of birth/date of incorporation in DDMMYYYY format.
Transaction date means date of credit or payment 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 a date after the TDS return is filed.
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. It also reflects details of advance tax/self-assessment tax, and high-value transactions entered into by the taxpayer. Form 26AS have 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 have (employers, banks, etc.) have deducted accurate taxes on our behalf and deposited into the government’s account.
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 below steps to download Form 26AS in excel format: