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Form 26AS – Income Tax

Form 26AS is an Annual Tax Statement under section 203AA issued by the Income Tax Department. Form 26AS indicates details of TDS, TCS, tax paid by an assessee and confirmation from banks that the taxes have been received. In this article, we look at Form 26AS in detail.

What is Form 26AS?

Form 26AS is a combined annual statement of a taxpayer, in which tax credits of a taxpayer are maintained by the Income-tax Department. Form 26AS consists of details such as tax deducted by entities on the taxpayers’ behalf, details of income on which tax have been deducted, details of deductors, etc.

Details Provided in Form 26AS

Form 26AS includes the details:

1. TDS on salary, pension, etc.
2. TDS with respect to Form 15G/15H.
3. If the taxpayer has purchased an immovable property over a value of Rs.50 lakhs during a particular year, he/she needs to deduct tax at source from the consideration paid to the seller. The details of deduction would be mentioned by the seller in Form 26AS.
4. Payment of advance tax or self-assessment tax.
5. Refunds received from the Income Tax department.
6. High value transactions pursued through banking and financial institutions, as per the Annual Information Report (AIR) filed by the institutions.
7. Default in payment of TDS, penalty paid for the default, etc.

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.

Download Form 26AS

Form 26AS is available for download in the following websites:

• Income tax e-filing website. Know more about income tax e-filing registration.
• Internet banking account of the taxpayer.

E-Filing 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.

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:

1. Axis Bank
2. Bank of Baroda
3. City Union Bank
4. Indian Overseas Bank
5. Karnataka Bank
6. State Bank of Mysore
7. The Federal Bank Limited
8. Union Bank of India
9. Bank of India
10. Citibank
11. ICICI Bank
12. Indian bank
13. Oriental Bank of Commerce
14. State Bank of Travancore
15. The Saraswat Co-operative Bank Limited
16. Bank of Maharashtra
17. Corporation Bank
18. IDBI Bank
19. Kotak Mahindra Bank Limited
20. State Bank of India
21. State Bank of Patiala
22. 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

[maxbutton id=”17″ url=”https://img.indiafilings.com/learn/wp-content/uploads/2018/04/12010148/Form-26AS.pdf” text=”Download Form 26AS in PDF Format” ] Form 26AS