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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
E-filing website of the Income Tax Department, TRACES, allows you to file Form 26AS online. It helps you fill and download the form, track your tax receipt, and access various other tax-related services.
The introduction of Form 26AS by the Income-tax department is a positive move that eliminates the requirement to produce several TDS certifications (Form 16 or 16A) when filing your tax return.
Paying taxes is important, but calculating and filing them can seem tricky. To simplify the process, the Income Tax Department of India provides many helpful online tools for you to use. From viewing your tax-related information to calculating how much tax is due, these options available on the official website of the Income Tax Department are very convenient. One such tool is the 26AS form of income tax.
Form 26AS is a consolidated credit statement that shows all the information regarding your taxes. From Tax Collected at Source (TCS), Regular Assessment Tax, and Tax Deducted at Source (TDS) to Assessment Tax and Advance Tax - there are several different income tax deductions charged on your income.
Form 26AS is used to double-check your tax credits and income calculations. It allows you to verify whether or not the tax deducted or collected by the deductor or collector was deposited on time. Aside from that, Form 26AS includes information from the Annual Information Return (AIR), which various companies file based on what a person has earned or spent, typically in high-value transactions.
The amount of tax withheld from your income:
If you are wondering how to view Form 26AS online, you will be happy to know that the process is rather simple. The form is available on the official website of the Income Tax Department of India. If you want to find out how to view Form 26A, you must register on the official website of the Income Tax Department. After registering on the website, you can view the form. You can also log in by using your net banking account.
Below are the banks that are registered with NSDL (National Securities Depository Limited) to view Form 26AS online:
Form 26AS, also known as the Tax Credit Statement, is a crucial document that provides details of all the tax deducted at source (TDS) on your income. It helps you reconcile your TDS payments with your income tax return. Here is a step-by-step guide to download Form 26AS from TRACES:
Open your web browser and go to the official TRACES website: https://contents.tdscpc.gov.in
Click on the “Login” button in the top right corner. Enter your PAN or Aadhaar number and date of birth, and click on “Continue”.
Once logged in, you’ll be redirected to the TRACES homepage. Select the “e-file” tab from the top menu bar. Under the “Income Tax Returns” section, choose “View Form 26AS”.
A disclaimer will appear explaining the purpose and usage of Form 26AS. Click on “Confirm” to proceed.
A new page will display. Choose the assessment year for which you want to download Form 26AS. Select the desired view type: HTML, Text, or PDF.
Once you’ve selected the assessment year and view type, click on the “View/Download” button.
The Form 26AS will be displayed in the selected format. You can either view it online or download it to your computer.
Form 26AS offers several benefits, including:
It helps you reconcile TDS payments with your income tax return, ensuring that all TDS deducted from your income is accounted for.
It allows you to track the TDS credits received from various sources, helping you plan your tax payments accurately.
It helps identify any discrepancies or errors in TDS deductions, enabling you to take corrective actions promptly.
It serves as a valuable tool for tax planning and ensuring tax compliance.
Form 26AS has several components, as listed below:
This section offers information about tax deductions at source, such as those made by your employer on your salary, by your bank on interest income, on your pension, or on the rent you pay. It also includes the deductors’ information, such as their TAN and the amount deducted and deposited.
Form 15G or 15H is submitted to avoid TDS deductions, and these details are captured in part A1 of Form 26AS.
This part records those details wherein TDS is deducted for sales of a house or plot of land.
Tax collected at the source is detailed in this section and is collected at the point of sale by the product vendor. It includes the seller’s TAN as well.
If you have completed tax payments in the form of advance taxes in addition to TDS or TCS, those details will show up here.
All the tax refunds that you receive will be shown under this section of Form 26AS.
This section contains information about all high-value transactions conducted through banks. It includes details about mutual fund investments, the acquisition or sale of real estate, and the purchase of high-yield corporate bonds and debentures.
TDS must be deducted before paying your seller, and this section records such details.
This part contains details regarding the processing of the default tax statement.
When comparing your TDS certificate with Form 26AS, ensure the following details match:
If any discrepancies exist, contact the deductor or the Income Tax Department for clarification and rectification.
The income tax agency has introduced a new annual information statement for taxpayers to the filing portal 2.0, which offers much more information than the 26AS form. The new order U/S 285BB from the IT department expands the scope of certain other details in Form 26AS, such as international transfers, IT return details, etc. All GST-related information will be included in the form.
There are now two parts to the New Form 26AS, which is now an Annual Information Statement (AIS).
Basic details, including the individual’s name, PAN card, Aadhar details, phone number, email address, communication address, etc., are included in Part A of Form 26AS.
Information regarding the following types of transactions will be included in Part B:
The TDS certificate (Form 16/16A) and Form 26AS are both important tax documents. However, they serve different purposes:
Feature |
Form 16/16A |
Form 26AS |
Purpose |
Provides details of TDS deducted on specific income sources |
Provides a consolidated statement of all TDS deducted on income from various sources |
Issued by |
Deductor |
Income Tax Department |
Details provided |
PAN, assessment year, deductor’s details, TDS amount, TDS challan details |
PAN, assessment year, deductor’s details, TDS amount, TDS challan details for all income sources |
Usage |
Reconciliation of TDS for specific income sources |
Reconciliation of TDS for all income sources, tracking TDS credits, identifying discrepancies |
Form 26AS plays a crucial role in the tax filing process by providing a comprehensive overview of all TDS deducted from your income from various sources. It helps you reconcile your TDS payments, track TDS credits, identify discrepancies, and ensure tax compliance. By understanding the purpose, structure, and benefits of Form 26AS, you can effectively utilize this valuable tool to manage your taxes and avoid any potential liabilities. As a taxpayer, it is your responsibility to confirm that the taxes you claim when filing your returns correspond to the taxes shown on your Form 26AS.
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999