Form 26AS is a consolidated annual statement which is maintained by the Income Tax Department. It contains 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 Income Tax Department have these details in their Form 26AS database.
For NRIs, if they any income in India such as Interest on NRO account or any salary income and TDS has been deducted on it, then to claim tax credit and view Form 26AS, one has to register himself under Income Tax Department and should have PAN.Details contained in Form 26 AS:
To make Form 26AS more approachable, we have attached below a screenshot of an actual traces 26AS form. Have a look at it.
Form 26AS is divided into seven parts which are explained as below:
It provides you the 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.
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 contain details for TDS on sale of immovable property like land, u/s 194-IA
It contain details on Tax Collected at Source (TCS) by a seller of goods
It contain details about tax paid other than TDS/TCS such as Advance Tax/Self-Assessment Tax, etc.
It contain details about refunds (if any) which you may have received along with the mode of payment, the amount paid, interest paid and date of payment
It contain details of high-value transactions like investment in property, shares or mutual funds etc. For e.g. you may have deposited a large amount of cash in your bank & this might have been reported by the bank to department or other legal authorities.
If you have purchased a property & the consideration exceeds ? 50 Lakhs. Then as per Sec 194IA, you have to deduct TDS before making payment to the seller. Part F provide details regarding such transaction.
If there is any default in processing of statement then such defaults will be mentioned in this part. But it will not show any demand raised by assessing officer.
Before filing your income tax return it is advisable to always view 26 AS to check the amount of tax deposited in your account with the income tax department. One can also view my 26AS it by using internet banking facility.
It can be viewed in two ways:-
1). By login in to your income tax filing account on the Income Tax department's e-filing website https://incometaxindiaefiling.gov.in
2). Through your net banking account if your PAN is linked to your bank account.
You can download & view your income tax Form 26AS through income tax website. Simply follow the steps given below. In case you haven’t registered on income tax website, visit our page & register yourself within minutes.
a) Go to e-filing website “www.incometaxindiaefilling.gov.in”
b) On top-right side, you will find “Login Here” option. Click on it.
a) Enter the required details like your PAN Number, Password, Date of Birth/Date of Incorporation, Captcha Code.
b) Click on Login
a) Once you login to your account. Take cursor to “My Account” tab.
b) Click on “My Account”, you will get a drop down list.
c) From the menu select “View Form 26AS (Tax Credit)”.
d) Click on “Confirm”. This will take you to the Traces website.
Now you are at Traces Website. Select the check-box & click on “Proceed” button.
Click on “View Tax Credit (Form 26AS)” to view your Form 26AS.
Select “Assessment Year” and “View As” from drop down list.
If you want to see your 26AS Form online, you can view it by clicking on “View/Download” button.
If you want to download PDF file, first click on “View/ Download” and then click on “Export as PDF”.
Your Form 26AS is successfully generated and you can check 26AS by opening your PDF file without any password protection. And you can verify tax details that have been paid by you or on your behalf.
Form 26AS can also be viewed by using internet banking facility. This facility can be availed only if you have account in banks which are approved by the Income Tax Department. We have provided a list below of approved banks for your convenience.
Which banks provide the facility of viewing Form 26AS?
Here are the steps to be followed for accessing your 26AS through internet banking -
Step 1 : Visit http://contents.tdscpc.gov.in/en/netbanking.html
Or Login 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.
This facility can be used only if you have net banking account in any of the bank's authorised by the Income Tax Department.
There may arise certain situations in which, TDS claimed by you in Income Tax Return differs from Form 26AS. The reasons for such difference can be like failure of depositing TDS on time by the deductor or not filing TDS return, quoting of wrong PAN by the deductor etc.
In this case, the A.O. will not allow you to claim credit of taxes already paid (in simple words, only TDS as mentioned in your Form 26AS will be allowed by A.O) And this will lead to payment of double taxes, penalty interest can also be levied upon you for delay in tax payment etc.
So what to do in such cases? You simply need to inform the deductor about such mistake and get it rectified immediately.
Yes, return can be filed , if details does not match with 26AS however,,be prepared with proper explanation of the difference as notice under section 143(1) is in your way.
Status if Booking means that amount deducted by deductor and deposited in the bank is the same or not,if paid and deposited are 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 7th of June , if no revised return is filed.
Form 26AS is a consolidated statement of all tax paid by the assessee directly or indirectly. When an intimation arrives stating arithmetical errors incorrect claims and inconsistencies, one should revise return depending on the nature of difference.
No, normally Form 26AS gets updated within a week or two.
The details shown in Form 16 should be reported while filing TDS return as it is the TDS certificate from the employer and there is always a chance of Form 26AS may not have been updated
Yes, it can be used because Form 26AS can be generated earlier than Form 16 as TDS return is filed and Form 26AS gets updated within a week or so.
No, professional tax does not reflect in Form 26AS. Professional tax is state tax and FOrm 26AS does not show credit of state taxes.
If the advance tax has been paid in a period on one or two days, then there is nothing to worry as it takes 3-4 days to get processed and to reflect in Form 26AS. But 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 income Tax Department.
Ans. 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 amount of tax deducted as per Form 16 and Form 26As is same.
Ans. You can always check that through your Form 26AS. All you have to do is login to your income tax portal > my account> View Tax credit> select F.Y>Download.
Ans. No, professional Tax is reflected in Form 16 and not in Form 26AS as professional tax is levied by state and not by central.
Ans. It can be accessed from anywhere by login into Traces.
Ans. Yes, It can be, but might not be accurate.
Ans. It takes a minimum of 3 days to reflect in 26AS.
Ans.No, Form 16 can’t be recovered by employee from tax website as s/he can view Form 26AS.
Ans. The employee is not responsible for amount relection in Form 26AS. However, if Form 16A is correct , then there might be chances of some technical with the government side or may be employer has not paid the mount in full.
Ans. TDS Deducted by employer for 3rd Qtr. is Rs. 10256 from your salary and Total TDS deducted till 3rd Qtr. is Rs. 24088.
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