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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 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.
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.
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.
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.
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.
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
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
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.
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.
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.
TDS Defaults*(Processing of Defaults)
Defaults relating to the processing of statements are mentioned here. They do not include demands raised by assessing officer.
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 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 1Visit E-filing website
Step 9 (Final) After the download, you can view the form 26AS by opening it.
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.
With effect from 1 June 2020, all taxpayer’s 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.
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.
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.
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.
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.
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.
The password to open form 26AS is taxpayers date of birth 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 amount booked in 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. 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.
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.
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 26AS. This date will be a 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 7 days for CPC to process the TDS return filed.