Form 26AS – How to View & Download Form 26AS Online?
Form 26AS – How to View & Download Form 26AS Online?
Form 26AS, also known as the Tax Credit Statement, is a crucial document issued by the Income Tax Department of India. It is a consolidated record of your tax transactions for a particular financial year. This statement incorporates details like Tax Deducted at Source (TDS) on your income, advance tax, foreign remittances, mutual funds purchases, dividends, etc. In short, Form 26AS provides a comprehensive picture of your tax credits. You can conveniently download Form 26AS through the Income Tax Department’s e-filing portal or your net banking account. This article gives detailed information regarding the Form 26as and ways to download it.
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Get Started!What is Form 26AS?
Form 26AS, also known as the Tax Credit Statement, is a crucial document issued by the Income Tax Department in India. It acts like a consolidated report card for your taxes. This form provides a comprehensive overview of your tax-related information for a specific financial year. It details all the tax deducted at source (TDS) from your salary, interest income, and other sources. Additionally, it reflects any tax collected at source (TCS), advance tax payments, and tax refunds you may have received. In essence, Form 26AS serves as a one-stop shop to verify the taxes deducted on your behalf and helps ensure accurate tax filing.
Information contained in the Form 26AS
The following information will be contained in your Form 26as,
- Tax Deducted at Source (TDS) details, including deductions made by employers/contractors.
- Tax Collected at Source (TCS) details, including collections made by collectors.
- Advance tax/self-assessment tax payments made by the assessee.
- Details of tax refunds issued by the department during the last financial year.
- Details of Specified Financial Transactions (SFT), primarily high-value transactions related to shares, mutual funds, etc.
- Interest income received from banks and other sources without TDS deduction, applicable when Form 15G/H is submitted.
- Tax deducted on the sale of immovable property.
- Turnover details as per GSTR3b.
- Information on foreign remittances reported in Form 15CC.
- Information from Annexure-II of the last quarter’s Form 24Q about TDS on salary.
- Information obtained from other taxpayers’ Income Tax Returns (ITRs).
- Interest earned on income tax refunds.
- Information from Form 61/61A can be used to populate the PAN.
- Reports on off-market transactions from Depositories/Registrars and Transfer Agents.
- Reports on mutual fund dividends from Registrars and Transfer Agents.
- Information on mutual fund purchases from Registrars and Transfer Agents (RTA).
Structure and Parts of Form 26AS
Here is the breakdown of the Form 26AS.
Part A: Details of Tax Deducted at Source (TDS)
This part is further divided into two sub-sections:
- Part A1: Details of Tax Deducted at Source for 15G/15H: This section reflects instances where tax was not deducted on your income due to the submission of Form 15G (for senior citizens) or Form 15H (for those below a certain income threshold). It essentially verifies if the forms were processed correctly.
- Part A2: Regular TDS Details: This section details all the instances where tax was deducted at source on your income before you received it. This could include:
- Salary income
- Interest income from various sources (bank deposits, fixed deposits, etc.)
- Pension income
- Rent receipts
- Prize winnings
- Any other income source where TDS applies
Each entry will typically include details like:
- Date of TDS deduction
- Deductor’s TAN (Tax Deduction and Collection Account Number)
- Amount of TDS deducted
- Nature of income (salary, interest, etc.)
Part B: Details of Tax Collected at Source (TCS)
Similar to TDS, Part B showcases any tax collected at source on specific transactions you undertook. This might include:
- Sale of securities (shares, debentures, etc.)
- Purchase of luxury cars
Part C: Details of Tax Paid (Other than TDS or TCS)
This section captures any taxes you directly deposited with the government, excluding TDS and TCS. This could include:
- Advance tax payments made throughout the year
- Self-assessment tax payments
Part D: Details of Paid Refund
This part reflects any tax refunds you received during the relevant financial year.
Part E: Details of SFT Transaction (Specified Financial Transactions)
This section dives into various high-value financial transactions you undertook, reported by institutions through Annual Information Reports (AIR). Examples include:
- Sale or purchase of property
- Investments in mutual funds
- Cash deposits exceeding a certain limit
- Foreign remittances
Part F: Details of Tax Deducted at Source on Sale of Immovable Property u/s 194(IA)/TDS on Rent of Property u/s 194IB/TDS on payment to resident contractors and professionals u/s 194M
This part specifically focuses on TDS deducted on:
- Sale of immovable property (land, building, etc.)
- Rent payments received
Part G: TDS Defaults (Processing of Statements)
While not always populated, Part G might indicate any discrepancies or defaults related to TDS payment.
Checking Form 26AS
It is important for all taxpayers to verify their Form 26AS before filing income tax return. The following can be verified by checking Form 26AS
- Form 26AS permits the viewer to view all financial transactions in connection with TDS/TCS during the particular financial year.
- Check for any TDS defaults.
- Check or identify any notification of tax demand.
- Verify CIN (Corporate Identity Number) in non-TDS payments.
- Helps with encashment of refunds during a particular year.
- Facilitates the computation of income at the time of filing of return.
- Helps with seamless processing of income tax returns and income tax refunds.
How to View & Download Form 26AS?
Form 26AS is available for download in the following websites:
- Income tax e-filing website – TRACES. Know more about income tax e-filing registration.
- Internet banking account of the taxpayer.
How to Download Form 26AS through TRACES website:
The e-filing portal of the official website of Income-tax has come up with a lot of initiatives to make the taxpayer’s life easier than ever before. To access Form 26AS on the income tax e-filing portal, the taxpayer can follow the steps below:
Step 1: Login to the e-filing portal of the official website of income-tax, or register with the portal, if he/she hasn’t.
Step 2: Under my account, click on “My Account/View Form 26AS”.
Step 3: Click on confirm. The taxpayer will be redirected to the Traces website.
Step 4: Agree to the terms of usage of Form 16/Form 16A and click on ‘proceed’ button.
Step 5: Click on “View Tax Credit (Form 26AS)” to view the returns which are yet to be verified.
Step 6: The taxpayer should choose the relevant assessment year.
Step 7: The taxpayer will be prompted for a password, which will be the Date of Birth of the taxpayer.
The form can now be viewed in a HTML format and downloaded in a ‘PDF’ or ‘text’ format.
How to view Form 26AS with Net Banking
The facility of net-banking in the Indian banking sector has paved the way for a digital banking and has simplified the life of the customer. Taxpayers can view Form 26AS through internet banking, provided that the bank account is authorized to perform this function and PAN is mapped with the particular account. Following bank’s internet banking portal allow viewing of Form 26AS document:
- Axis Bank
- Bank of Baroda
- City Union Bank
- Indian Overseas Bank
- Karnataka Bank
- State Bank of Mysore
- The Federal Bank Limited
- Union Bank of India
- Bank of India
- Citibank
- ICICI Bank
- Indian bank
- Oriental Bank of Commerce
- State Bank of Travancore
- The Saraswat Co-operative Bank Limited
- Bank of Maharashtra
- Corporation Bank
- IDBI Bank
- Kotak Mahindra Bank Limited
- State Bank of India
- State Bank of Patiala
- UCO Bank
The procedure to view/download the Form remains the same, except for the process of logging in to net-banking. The viewer will be redirected to the e-filing portal, whereby the user needs to follow the same procedures as described above.
Download Form 26AS
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Form 26AS
How to Use the Form 26AS for Effective Tax Management
Now that you understand the key sections of Form 26AS let’s explore how to leverage it for efficient tax management:
Reconciling Tax Information
- Compare TDS/TCS: Match the TDS/TCS information on Form 26AS with Form 16 (salary income) or Form 16A (other income) issued by your deductors. Identify any discrepancies and contact the deductor for rectification if necessary.
- Verify Income Details: Cross-check the income details on Form 26AS with your income sources. This ensures completeness and avoids any potential tax liabilities.
Streamlining ITR Filing
- Pre-filled ITR: The Income tax department pre-fills your ITR with income details based on Form 26AS. Verify the pre-filled information and make any necessary corrections before final submission.
- Claiming Deductions and Credits: Utilize Form 26AS to identify tax deductions and credits you haven’t claimed while filing your ITR. This could include investments, medical expenses, or home loan interest deductions.
Tracking Tax Refunds
- Refund Status: Form 26AS displays the status of your tax refund, allowing you to track its progress and ensure it aligns with the expected amount.
- Discrepancies: If the refund amount on Form 26AS differs from what you anticipated, investigate the cause and file a rectification request with the ITD if needed.
Conclusion
Understanding Form 26AS is crucial for effective tax management in India. It provides a consolidated view of your tax credits, including TDS, TCS, tax payments, refunds, and high-value transactions. If your bank offers this service, you can conveniently download this form through the Income Tax Department’s e-filing portal or your net banking account. By utilizing Form 26AS, you can reconcile tax information, streamline ITR filing, claim deductions and credits, and track tax refunds, ensuring accurate tax filing and efficient tax management.
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