Mr Taxpayer here has the same dilemma and as always, Mr Tax2win is here to help him.


This is Mr Taxpayer and he has a query:

His friend Ms Income Tax Department just told him that he can check his TDS and other details like paid refunds, high-value transactions etc. in Form 26AS.

Now, Mr Taxpayer is not sure what Form 26AS is and how it can help him. For this purpose, he went to his ever helpful friend Mr Tax2win and we managed to steal some snippets of their conversation!

form 26AS

Mr Taxpayer: Hi, Mr Tax2win! How are you doing?
Mr Tax2win: Hey, Mr Taxpayer, I am doing fine, thanks! The Tax season has been keeping me a bit busy!

Mr Taxpayer: Ha! Yes, I know. Tax is a funny business! The other day, my friend, Ms Income Tax Department was telling me that I can check all the tax that has been deducted from my account in some kind of… 26 form.
Mr Tax2win: Haha. Yes, of course! She was absolutely correct. There is a form known as Form 26AS.

TP: What is Form 26AS?
T2W: Form 26AS is a consolidated annual statement containing information about the tax credit of an individual and is issued to PAN holders, like yourself.

TP: Um, What?
T2W: Was I talking to you in my CA language again? Form 26AS is a statement, which shows all the details about the tax deducted and paid on your behalf to the Income Tax Department. such TDS is deducted by the employer or other persons who are required to deduct tax from your income.

TP: So, you mean, all that income that I have been paying as TDS, is shown in Form 26AS?
T2W: Oh yes, exactly that!

TP: So, what all does Form 26AS contain?
T2W: Form 26AS reflects the details about the:

  • Tax Deducted at Source by deductors like employers; [TDS]
  • Tax Collected at Source by collectors; [TCS]
  • Any advance tax/self-assessment tax paid by the assessee;
  • Details of any tax refund made by the department during the last financial year; and
  • Annual Information Returns (AIR) details, mostly of high-value transactions.
TP: Who will give me my Form 26AS?
T2W: Form 26AS is generated by the Income tax department from the information in their database about the tax credit of each taxpayer. You can view it with the help of your net banking account or by simply logging-in to https://incometaxindiaefiling.gov.in/ using your income tax website account

TP: And, what does Form 26AS look like?
T2W: Form 26AS consists of 5 parts:
  • Tax Deducted at Source by deductors like employers; [TDS]
  • Tax Collected at Source by collectors; [TCS]
  • Any advance tax/self-assessment tax paid by the assessee;
  • Details of any tax refund made by the department during the last financial year; and
  • Annual Information Returns (AIR) details, mostly of high-value transactions.

TP: Who will give me my Form 26AS?
T2W: Form 26AS is generated by the Income tax department from the information in their database about the tax credit of each taxpayer. You can view it with the help of your net banking account or by simply logging-in to https://incometaxindiaefiling.gov.in/ using your income tax website account

TP: And, what does Form 26AS look like?
T2W: Form 26AS consists of 5 parts:

  • Part A: It contains details of Tax Deducted at Source (TDS), Interest Income, Pension Income etc. and also mentions the TAN of the deductor, an amount of TDS that has been deducted and deposited with the Government, on a quarterly basis.
    form 26AS part-A
  • Part A1: contains details of TDS for Form 15G/15H. In case, Form 15G/15H has not been submitted, this section will display “no transactions present”.
    form 26AS part A1
  • Part A2: It contains details for TDS on sale of immovable property like land, u/s 194-IA.
    form 26AS Part A2
  • Part B: contains details on Tax Collected at Source (TCS) by a seller of goods.
    form 26AS Part B
  • Part C: It contains details about tax paid other than TDS/TCS such as Advance Tax/Self-Assessment Tax, etc.
    form 26AS Part C
  • Part D: contains details about any refunds which you may have received along with the mode of payment, the amount paid, interest paid and date of payment.
    form 26AS Part D
  • Part E: It contains details of high-value transactions like investment in property or mutual funds, which are reported to the income tax department by our banks and other authorities.
    form 26AS Part E


TP:
Mr Tax2win, now I have an idea of what Form 26AS is, but why is it so important?
T2W: Form 26AS is important mainly because it:

  • tallies and check the TDS that has been deducted from your salary, interest on FDs etc., that has been paid to the government account by the deductor;
  • helps you claim tax credits at the time of filing your return;
  • lets you check if the collector has accurately filed the TCS return giving details about the tax deducted on your behalf.

If however, your PAN is not correctly mentioned to the deductor/collector of tax, the amount of tax deducted will not be reflected in Form 26AS.

TP: Okay, but what if I am unable to view my TDS in Form 26AS?
T2W: After the deductor files the TDS return, Form 26AS is usually updated in 10-15 days. So you can check it up till 15th June. Hence, always take care that your details are correctly noted with the deductor and in case of any discrepancies, make sure you get in touch with them and the department to resolve the issue in time.

TP: Thanks once again, Mr Tax2win for saving the day! Now I know all about Form 26AS.
T2W: You are welcome my friend!

Frequently Asked Questions

Q- How do I apply for the ITR with a form 26AS and how do I choose the ITR category if I am not a fixed salary person?

When you have salary upto 50 lakhs then ITR 1 is required,when the salary is more than 50 lakhs ITR 2 is required.If the client has presumptive income it will be covered in ITR-4 and business income then ITR-3


Q- When is Form 26AS fully updated for the applicable financial year?

Form 26AS fully updated within 7 days of the TDS return filing.


Q- Can the income tax returns be filed using the 26AS tax credit statement without the Form 16 and payslips?

No, as deductions and allowances data is not covered in 26AS.


Q- With whom should I register a complaint if my form-26AS shows faulty additional income?

You are required to discuss it with concerned party. if any faulty income is shown under Form 26AS


Q- What can I do if the TDS credit is not reflecting in Form 26AS?

Please contact the organisation who has deducted your TDS, make sure to obtain TDS certificate i.e. Form 16 for TDS on salary payment.when you receive TDS certificate Make sure appropriate amount is denoted and Form 26AS will be updated.


Q- Can we file IT returns with discrepancy in form 26AS?

Yes, you need to file IT return but make sure to verify the discrepancies of Form 26AS.


Q- Some unknown entry is there in my Form 26 AS. I have never received money for a firm mentioned in the form 26 AS. How can I get it ratified?

You are required to ask your employer and make sure the confirmation from IT department.


CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.