Paying taxes is important, but the procedure to calculate and file them can seem tricky. To make the process simpler, the Income Tax Department of India provides a lot of helpful online tools for you to use. From viewing your tax-related information to calculating how much tax is due, these options available on official website of the Income Tax Department are very convenient. One such tool is Form 26AS.
What is Form 26AS in 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.
Did You Know?
On June 1st, 2020, a new Form 26AS download format was introduced and went into effect. The new format includes all financial transaction information and details on specified financial transactions (SFT) and ongoing tax investigations.
How to view 26AS Online?
On the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website, you can find Form 26AS, wherein the division regarding the details of your income tax dues is done clearly. This detailed statement is very helpful in understanding all the tax that has been credited to your account.
Information from Form 26AS that can be interpreted
The amount of tax withheld from your income
1. Information about the tax revenue
2.Information about any prepaid taxes
3. Tax payment through self-assessment
4.Periodic evaluation of the deposited tax
5.Specifics regarding stocks, mutual funds, high-value transactions, etc.
6.Tax deduction on the sale of real estate
7.Information about annual revenue
8. Details about the income tax refund received
What are the Different Parts of Form 26AS?
Form 26AS has several components, as listed below:
Part A – TDS
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.
Part A1 - Form 15G/15H
Form 15G or 15H is submitted to avoid TDS deductions, and these details are captured in part A1 of Form 26AS.
Part A2 - Immovable Property under Section 194
This part records those details wherein TDS is deducted for sales of a house or plot of land.
Part B – TCS
Tax collected at source is detailed in this section and is collected at the point of sale by the vendor of the products. It includes the seller’s TAN as well.
Part C - Tax paid other than TDS
If you have completed tax payments in the form of advance taxes in addition to TDS or TCS, those details will show up here.
Part D – Refunds
All the tax refunds that you receive will be shown under this section of Form 26AS.
Part E - Annual Information Returns
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.
Part F - Tax deducted on immovable property sale for buyers
TDS must be deducted before paying your seller, and this section records such details.
Part G – Defaults
This part contains details regarding the default tax statement processing.
What is the new Form 26AS?
Here are some details about the new Form 26AS:
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).
PART A
Basic details, including the individual’s name, PAN card and Aadhar details, phone number, email address, communication address, etc., are included in Part A of form 26AS.
PART B
Information regarding the following types of transactions will be included in Part B:
1. Information on tax deductions or source-based collections.
2. Details pertaining to particular financial transactions.
3. Information pertaining to tax payment.
4. Details about the demand and refund.
5.Information on ongoing legal matters.
6. Information about finished processes.
7.Any more details pertaining to 114-I’s subrule (2)
Why is Form 26AS Important?
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.
Verify Your TDS Certificate with Form 26AS
Here are a few points to help verify your TDS certificate with Form 26AS:
1. TRACES 26AS Logo
2.Digital Signature
3.TDS certificate details like PAN, TAN, etc. Transaction details: Shares, bonds, mutual funds, etc.
4.Default TDS processing statements
5.Tax deducted on sale of immovable property /li>Refunds received
6.Matching these points and figures is of utmost importance as it will help avoid delays and unnecessary bottlenecks in the process.
What is the Difference Between Form 16/16A and Form 26AS?
The difference between the Form 16 vs Form 16A vs Form 26AS is fairly straightforward.
1. Form 16 is issued once a year for TDS on pay
2.Form 16A is issued every quarter (3 months) for TDS on other kinds of income
3.Form 26AS is a Government document of the tax deducted from an individual organization and submitted to the Income Tax Department
How to View Form 26AS Online?
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 without registration, you must know that, unfortunately, it is impossible. You must first register on the Income Tax Department’s website and then 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:
1. Kotak Mahindra Bank Limited
2.Axis Bank Limited
3.Bank of India
4.Bank of Maharashtra
5.Bank of Baroda
6.Citibank N.A. Corporation Bank
7.City Union Bank Limited
8.ICICI Bank Limited
9.IDBI Bank Limited
10. Indian Overseas Bank
11. Indian Bank
12. Karnataka Bank
13.Oriental Bank of Commerce
14.State Bank of India
15. State Bank of Mysore
16.State Bank of Travancore
17. State Bank of Patiala
18. The Federal Bank Limited
19.The Saraswat Co-operative Bank Limited
20.UCO Bank
21.Union Bank of India
How to Download Form 26AS?
Form 26AS can be viewed and downloaded from the TRACES website in PDF format. Follow the steps given below to download Form 26AS:
1.Visit the website: https://www.incometaxindiaefiling.gov.in
2. Log in to your account by entering your PAN number, password and the given Captcha code. You can also log in by using your net banking account.
3.If you do not have an account, you can click on ‘Register’ and enter your details to create one. If you are wondering: how do I view 26AS without login - then, unfortunately, that cannot be done.
4. Click on ‘My Account’ and go to ‘View Form 26AS.’
5.A disclaimer will be shown as you will be redirected to the TRACES 26AS website, which is a government portal. Click on ‘Confirm.’
6. After you have been redirected to TRACES, you will see a pop box. Tick the small box to agree to the terms & conditions, and then click on ‘Proceed.’
7. Click on the ‘View Tax Credit (Form 26AS)’ link present at the bottom of the page.
8. Now, select the assessment year and the format to view Form 26AS - for example, format - ‘HTML’ ‘PDF.’
9. Enter the ‘Verification code’ and click on ‘View/Download.’
10. To open the downloaded file, you will have to enter a password which is your date of birth. Enter your DOB in the DD/MM/YYYY format to open the PDF successfully.
11. Now that you have viewed and downloaded Form 26AS, assess the details of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS).
Conclusion
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.
However, before filing Form 26AS, you must double-check the information provided here and point out any anomalies, such as instances of over- or under-reporting of your income or taxes. By doing this, you’ll be able to request that your employer and any other deductors make the appropriate corrections. In addition, checking your Form 26AS before electronically filing your income tax helps prevent any later inquiries from the Income-tax department resulting from any tax mismatches.
Therefore, it is your responsibility as a taxpayer to confirm that the taxes you claim when filing your returns correspond to the taxes shown on your Form 26AS.
FAQs
1.What is Form 26AS in Income Tax?
Form 26AS is a consolidated credit statement that shows all the information regarding your taxes.
2. Is advance tax reflected in Form 26AS?
Yes, Advance Tax is reflected in Form 26AS. Once you pay the advance tax, it shows up on Form 26AS within three to four business working days.
3.What is the purpose of Form 26AS?
Form 26AS is a consolidated yearly tax statement that includes information on taxes deducted at source, taxes collected at source, taxes paid in advance by the assessee, and self-assessment tax.
4. Why is Form 26AS required?
The tax authorities keep track of how much income tax you pay, how much tax is withheld from your income, and how much interest you earn on your investments using your PAN. The form allows you to verify that the taxes deducted by various entities are correct.
5. What if Form 26AS has the wrong details?
Problem correction in Form 26AS is dependent on the source of the mistake. For example, if your deductor (employer or bank) made an error while paying your taxes, you must contact him/her to correct the error.
