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This Tax Credit Statement form is an important document for taxpayers. It reflects the total tax paid to the Income Tax (IT) Department by you and much more. From November 2020, this statement includes details about special financial transactions, tax demands, completed and pending assessment proceedings, and refunds.
What is Form 26AS?
The Tax Credit Statement, also known as Form 26AS, is an annual statement that consolidates information about tax deducted at source (TDS), advance tax paid by the assessees with self-assessment tax, and tax collected at source (TCS). All this information is related to your Permanent Account Number (PAN).
Moreover, the form shows details on any sale or purchase of immovable property, cash withdrawals or deposits from savings accounts, and mutual funds.
You may claim the tax deducted as shown in this form at the time of filing your Income Tax Returns (ITRs) for the relevant financial year.
What is the purpose of Form 26AS?
This form is issued under section 203AA of the Income Tax Act, 1961 and Rule 31AB. It is an important document that can be used for the following purposes.
- Acts as proof that tax has been deducted and collected on your behalf
- Confirms that the bank has accurately provided the details of tax deposited
- Works as a record of tax paid in your ITR
- Confirms that accurate tax is deducted by different entities and has been deposited in the government account
How to view Form 26AS?
You may view Form 26AS by PAN no. on the TDS Reconciliation Analysis and Correction Enabling System (TRACES) portal.
Alternatively, the form can be viewed via Internet banking from Financial Year 2008–2009. The following banks allow you to view the form via net banking.
Step-by-step process to download Form 26AS
The Form 26AS download can be done via the TRACES website. Alternatively, you can use your login credentials on the income tax e-filing portal to download this form.
Here is the step-by-step procedure.
- Visit https://www.incometax.gov.in/iec/foportal and click ‘Login’
- Enter your credentials and click ‘Continue’
- Under ‘e-file’, select ‘Income Tax Returns’
- Click ‘View Form 26AS’ and then select ‘Confirm’
- Click ‘Proceed’ on the next page followed by selecting ‘View Tax Credit’
- Input ‘View Type’ and ‘Assessment Year’ and choose the format
- Click ‘View/Download’ to finish the process
Different components of Form 26AS
When you view Form 26AS before filing your ITR, ensure the information in the form is accurate. The following are the components of the form.
- TDS and TCS
- Details of advance tax and self-assessment tax paid
- Income tax refund information
- Details related to the sale of immovable property
- Information about Annual Information Return (AIR) transactions
Part A: Details of Tax Deducted at Source (TDS)
It shows the TDS related to your PAN. The deductors file quarterly TDS returns, which can be seen in this form.
The information in this section includes the name and Tax Deduction and Collection Account Number (TAN) of deductors, the total amount paid, total tax deducted, and total deposited tax against your PAN.
Part A1: Details of TDS for Form 15G or Form 15H
It comprises information about the income when no TDS is applicable; this is when you submit Form 15G or 15H.
If you have not submitted either of these forms, it shows ‘no transactions present’.
Part A2: Details of TDS on sale of immovable property under section 194 IA (for sellers)
When you sell an immovable property during the previous year and deduct taxes on it, the amount is shown under Part A2.
Part B: Details of Tax Collected at Source (TCS)
This section shows the details of TCS by sellers of specified products when these are purchased by the assessees.
Additionally, vendor details like name and TAN of collector, the total amount paid, the total tax collected, and the total TCS deposited are shown here.
Part C: Details of tax paid, other than through TDS or TCS
It comprises details of any tax paid, which includes self-assessment and advance taxes. Additionally, information related to the payment challans is seen in this part.
Part D: Details of refunds received
Information related to tax refunds, such as assessment year, payment date and mode, refund issued, nature and amount of refund, interest paid, and remarks are shown in Part D.
Part E: Details of Annual Information Return (AIR) transactions
This section shows details of high-value transactions that 'specified persons' like mutual funds and banks must report. This part that reflects specified financial transactions (SFTs) was previously known as AIR.
Part F: Details of tax deducted on the sale of immovable property under section 194 IA (for buyers)
This part is for buyers of immovable property and shows the details on the TDS amount deducted while buying the property.
Part G: Details of TDS defaults (processing of defaults)
Any defaults related to the processing of statements are shown in this section. However, it does not reflect any demands raised by the assessing officers (AOs).
Frequently Asked Questions (FAQs) related to Form 26AS
What is Form 26AS?
Income Tax Form 26AS is a consolidated statement showing details related to TDS and TCS from different sources. The deductors deposit the tax deducted with the government.
Moreover, the form shows details about self-assessment or advance tax paid and high-value transactions executed by you.
How to view Form 26AS via internet banking?
This form can be viewed only if your PAN is mapped to your online banking account. To view the form, you can log in to your net banking account.
However, this facility is available only with certain authorized banks.
When is Form 26AS updated?
The Income Tax 26AS Form is updated when the central pay commission processes the TDS returns. The last date for filing fourth quarter TDS returns is 31st May and an additional seven days are needed for its processing.
On completing the processing, you can see the updated form with the latest TDS deposited related to your PAN.
Why is Form 26AS required?
It acts as proof of tax deducted and collected at source on your behalf. Additionally, it confirms that the deductors have deducted the accurate tax amount and deposited it with the government on your behalf.
How can you rectify any errors on Form 26AS?
The only way to rectify any errors on this form is to ask the deductor to file rectified TDS returns. You are not allowed to make any corrections to this form.
How can you see Form 26AS?
The TRACES 26AS form can be viewed from the official website. Alternatively, if your PAN is linked to your bank (which is authorized) you may see the tax credit statement via internet banking.
Who provides Form 26AS?
The Income Tax Department maintains the records for every taxpayer. It keeps records of tax paid and refunded against your income during the relevant financial year.
You can view the form as provided by the Income Tax Department under section 203AA via the income tax e-filing portal or internet banking.
Why do you need Form 26AS?
This tax credit statement acts as proof that tax has been accurately deducted and collected on your behalf.
Additionally, it confirms that banks and employers have deducted accurate tax amounts on your behalf and deposited them in the government account.
What is the new form 26AS?
The scope of the new form is wider and covers details received under the Double Taxation Avoidance Agreement (DTAA), penalty proceedings, and much more. It comprises the following two parts:
- Part A: It shows the basic details like your name, address, Aadhaar number, and PAN card
- Part B: This section comprises information related to SFTs, TDS, pending proceedings, payment of taxes, and refund and demands
What can you do if the advance tax amount paid in the bank is wrongly shown in Part C of Form 26AS?
This could happen if the bank makes an error while making the data entry. You need to inform the bank about the error and have it rectified to reflect the accurate amount.
Can you modify the name and address details in Form 26AS?
Yes, if the details are incorrect, you can update or modify the errors. You must select 'Request for new PAN card and/or changes or correction in PAN data' on the official website.
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