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Form 26AS is a tax credit statement that provides a complete view of the taxes paid by a taxpayer. It includes details of income tax deducted at source (TDS), advance tax, self-assessment tax, and other tax payments made by the taxpayer. It also reflects details of tax credits available to the taxpayer, such as tax deducted on interest income, tax collected at source (TCS), and refunds received.
Form 26AS acts as a consolidated record of all tax-related transactions between the taxpayer and the income tax department. It is one of the important documents required while filing the ITR. You can download and view Form 26AS via the Traces website.
Form 26AS is a consolidated annual statement maintained by the Income Tax Department. It contains the tax credit information of each Taxpayer against his PAN.
If you have paid any tax on your income or tax has been deducted from it, then the Income Tax Department has these details in their Form 26AS database.
For NRIs, if they earn any income in India, such as Interest on an NRO account or any salary income and TDS has been deducted from it, then to claim the tax credit and view Form 26AS, one has to register under the Income Tax Department and should have PAN.
Form 26AS is divided into seven parts, which are explained below
It provides you with the details of Tax Deducted at Source (TDS), Interest Income, Pension Income, etc. Also, it mentions the TAN of the deductor, an amount of TDS that has been deducted and deposited with the Government every quarter.
It has details about TDS for Form 15G/15H. In case, Form 15G/15H has not been submitted, this section will display “no transactions present”.
It contains details for
It contains details on Tax Collected at Source (TCS) by a seller of goods.
Before filing your income tax return it is advisable always to view 26 AS to check the amount of tax deposited in your account with the income tax department.
Form 26AS can be viewed and downloaded in three ways:-
1). By login into your income tax filing account on the Income Tax department's e-filing website https://www.incometax.gov.in/iec/foportal/
2). Through your net banking account if your PAN is linked to your bank account.
3) View tax credit from the traces site
You can download & view your income tax Form 26AS through the income tax website. Simply follow the steps given below. If you haven’t registered on the income tax website, visit our page & register yourself within minutes.
a) Go to the e-filing website “https://www.incometax.gov.in/iec/foportal/”
b) On the top-right side, you will find the “Login option. Click on it.
a) Enter the required details like your PAN Number, Password,
b) Click on Continue
a) Once you log in to your account. Take the cursor to e-file tab.
b) Click on “Income Tax Returns”, and you will get a drop-down list.
c) From the menu, select “View Form 26AS
d) Click on “Confirm.” This will take you to the Traces website.
Now you are at Traces' Website. Select the checkbox & click on the “Proceed” button.
Click on “View Tax Credit (Form 26AS)” to view your Form 26AS.
Select “Assessment Year” and “View As” from the drop-down list.
If you want to see your 26AS Form online, you can view it by clicking on the “View/Download” button.
If you want to download a PDF file, click “View/ Download” and then “Export as PDF”.
Your Form 26AS is successfully generated, and you can check 26AS by opening your PDF file without password protection. And you can verify tax details that you paid or on your behalf.
Form 26AS can also be viewed by using the Internet banking facility. This facility can be availed only if you have an account in a bank approved by the Income Tax Department. We have provided a list below of approved banks for your convenience.
Step 1 :
Visit http://contents.tdscpc.gov.in/en/netbanking.html
Or log in to your bank's internet banking website using your internet banking login credentials.
Step 2:
Click on the option "Tax Credit Statement" or “TRACES (26AS) Services” to view your Form 26AS.
Resident Individuals:
Step 1 Register on traces site as a taxpayer
Step 2 Select “View tax credit statement.”
NRIs:
Step 1 Register on traces site as a taxpayer
Step 2 Select “View tax credit statement.”
NRIs can view Form 26AS on www.nriservices.tdscpc.gov.in
This facility can be used only if you have a net banking account in any of the bank's authorized by the Income Tax Department.
Form 26AS is an essential document for taxpayers in India. It is a consolidated statement that provides a summary of all tax-related information available with the Income Tax Department. The form is important and offers several benefits to taxpayers. Here are some of them:
Certain situations may arise in which TDS claimed by you in your Income Tax Return differs from Form 26AS. The reasons for such difference can be a failure to deposit TDS on time by the deductor, not filing the TDS return, quoting of wrong PAN by the deductor, etc.
In this case, the A.O. will not allow you to claim credit for taxes already paid (in simple words, only TDS, as mentioned in your Form 26AS, will be allowed by the A.O. This will lead to the payment of double taxes; penalty interest can also be levied upon you for the delay in tax payment, etc.
So what to do in such cases? You simply need to inform the deductor about such a mistake and get it rectified immediately.
The tax department has introduced an Annual Information Statement (AIS) incorporating new details to enhance the information available for tax assessment and compliance purposes. The AIS now includes several additional components such as foreign remittances, off-market transactions, interest on income tax refunds, mutual fund purchases, dividend details, and the break-up details of salary and information from another person's income tax return (ITR).
Previously, the tax department would obtain these records from authorized entities. For example, authorized dealers such as banks submit Form 15CC for every payment made to non-residents. Transfer agents and depositories report off-market transactions, including gift transfers, legacy transfers, and transfers between two Demat accounts. Additionally, employers upload salary break-up details on the TRACES portal, which can be accessed through Form 16.
Furthermore, the tax department can gather information related to certain transactions from other taxpayers' ITR filings. For instance, property sellers report buyers' details in their ITR, allowing the tax department to cross-reference this information.
Including these new details in the AIS strengthens the tax department's ability to verify and validate taxpayers' income, deductions, and other financial transactions. By consolidating information from various sources, the AIS provides a comprehensive overview of an individual's financial activities, enabling the tax department to ensure greater tax compliance and assessment accuracy. You can read more about AIS here.
Yes, the return can be filed , if the details do not match with 26AS however, be prepared with a proper explanation of the d, difference as notice under section 143(1) is in your way.
Status of Booking means that the amount deducted by the deductor and deposited in the bank is the same or not; if paid and deposited are the same, then Status will be “F,” meaning final.
Since the due date to file TDS return for the last quarter is 31st May of the following year, Form 26AS will be updated till the 7th of June if no revised return is filed.
Form 26AS is a consolidated statement of all taxes the assessee pays directly or indirectly. When an intimation arrives stating arithmetical errors, incorrect claims, and inconsistencies, one should revise the return depending on the nature of the difference.
No, normally Form 26AS gets updated within a week or two.
The details shown in Form 16 should be reported while filing a TDS return as it is the TDS certificate from the employer, and there is always a chance that Form 26AS may not have been updated
Yes, it can be used because Form 26AS can be generated earlier than Form 16 as the TDS return is filed and Form 26AS gets updated within a week or so.
No, the professional tax does not reflect in Form 26AS. Professional tax is a state tax and FOrm 26AS does not show credit of state taxes.
If the advance tax has been paid in a period of one or two days, then there is nothing to worry about as it takes 3-4 days to get processed and to reflect in Form 26AS. But if the payment has been made earlier, then verify the details in the challan regarding A.Y. and PAN, and in case everything matches, you can ask your query to the Income Tax Department.
When there is a difference between Form 16 and Form 26AS, always remember Form 16 is a statement of your income and taxes, while Form 26AS only provides the tax deducted . You should choose file return as per Form 16, but you should verify that the amount of tax deducted as per Form 16 and Form 26AS is the same.
You can always check that through your Form 26AS. All you have to do is login to your income tax portal > e-file>Income Tax Returns>View Form 26 AS>select A.Y>Download.
Yes, It can be, but it might not be accurate. Therefore, it is suggested to always consider forms 16 and 26AS before filing the income tax return.
It takes a minimum of 2-3 days to reflect in 26AS.
No, Form 16 can’t be recovered by the employee from the tax website as s/he can view Form 26AS.
The employee is not responsible for the amount reflection in Form 26AS. However, if Form 16A is correct , then there might be chances of some technical issue with the government siteor maybe the employer has not paid the amount in full.
