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Form 26AS - What is Form 26AS?, How to View and Download Form 26AS from TRACES Online?
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.
What is Form 26AS?
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.
Information contained in Form 26AS
- Information about Tax Deducted at Source by deductors like employers/contractors; [TDS]
- Information about Tax Collected at Source by collectors; [TCS]
- Advance tax/self-assessment tax paid by the assessee;
- Details of tax refund (if any) made by the department during the last financial year; and
- Specified Financial Transactions(SFT) details, mostly high-value transactions regarding shares, mutual funds, etc.
- Interest received from bank & others without deducting TDS in case of Form 15G/H.
- Tax deducted on selling immovable property
- Details of turnover as per GSTR3b
What are the new Form 26AS additions?
- Foreign remittance information reported in Form 15CC
- Information from Annexure-II of the last quarter's Form 24Q related to TDS on salary
- Information from other taxpayers' ITRs.
- Interest on a refund of income tax.
- Information on Form 61/61A that could be used to populate the PAN.
- Depository/Registrar and Transfer Agent report off-market transactions.
- The Registrar and Transfer Agent report information on mutual fund dividends.
- The Registrar and Transfer Agent report mutual fund purchases (RTA) information.
How to Use Form 26AS for Tax Planning and Compliance
- Regular Review: Check your Form 26AS regularly to ensure it aligns with your income sources and deductions.
- Resolve Discrepancies: If you find any mismatches, promptly contact the deductor or Income Tax Department for rectification. This helps prevent potential tax notices or penalties.
- Accurate Reporting: Accurately declare all income reflected in your Form 26AS while filing your income tax returns to claim correct tax credits and avoid additional tax liabilities.
- Reconcile Deductions: Verify that eligible deductions (e.g., donations, investments under Section 80C to 80U) are correctly reflected in your Form 26AS. If not, contact the relevant entities for updates.
- Track Refunds/Demands: Use your Form 26AS to monitor the status of tax refunds or demands, including assessment year, amount, and payment mode.
Form 26AS Sample
Structure and Parts of Form 26AS
Form 26AS is divided into seven parts, which are explained below
- Part I: Details of Tax Deducted at Source
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.
- Part II: Details of Tax Deducted at Source for 15G/H
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”.
- PART-III - Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194S
- Part IV: Details of Tax Deducted at Source on sale of immovable Property u/s 194IADetails of Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ TDS on Rent of Property u/s 194IB / TDS on payment to resident contractors and professionals u/s 194M (For Seller/Landlord of Property/Payee of resident contractors and professionals) Seller of Virtual Digital Asset U/S194S.
It contains details for
- TDS on the sale of immovable property like land, u/s 194-IA
- TDS on payment to resident contractors and professionals u/s 194M (for a payee of resident contractors and professionals)
- TDS on rent of property u/s 194IB (for the landlord of property)
- Part V - Details of Transactions under Proviso to sub-section
- Part - VI: PART-VI-Details of Tax Collected at Source
- Part VII: Details of Tax Collected at Source
It contains details on Tax Collected at Source (TCS) by a seller of goods.
- Part VIII: Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Person making payment to contractors or Professionals / Buyer of Virtual Digital Asset)
- Part IX: Details of Transactions/Demand Payments under Proviso to sub-section (1) of section 194S as per Form 26QE (For Buyer of Virtual Digital Asset)
- Part X: TDS/TCS Defaults* (Processing of Statements
How can I view and download Form 26AS?
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
How to Download Form 26AS from TRACES Online
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.
- Step 1:
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
- Step 3:
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.
- Step 4:
Now you are at Traces' Website. Select the checkbox & click on the “Proceed” button.
- Step 5:
Click on “View Tax Credit (Form 26AS)” to view your Form 26AS.
- Step 6:
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”.
- Step 7:
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.
How to View 26AS Form using internet banking facility
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.
- Allahabad Bank Internet Banking
- ICICI Bank 26AS
- State Bank of Travancore Net Banking
- IDBI Bank Ltd Net Banking
- Axis Bank Net Banking
- Indian Bank Net Banking
- The Federal Bank Net Banking
- Bank of Baroda Net Banking
- Bank of India Net Banking
- Karnataka Bank Limited Net Banking
- The Saraswat Co-operative Bank
- Bank of Maharashtra Online Banking
- Kotak Mahindra Bank Limited Net Banking
- UCO Bank Online Banking
- Oriental Bank Net Banking
- Union Bank Net Banking
- CitiBank India Netbanking
- State bank of India Net Banking
- City Union Bank Net Banking
- Corporation Bank Net Banking
- State Bank Of India Net Banking
- State Bank of Mysore Net Banking
- HDFC Bank Net Banking
- State Bank of Patiala
Step 1 :
Or log in to your bank's internet banking website using your internet banking login credentials.
Click on the option "Tax Credit Statement" or “TRACES (26AS) Services” to view your Form 26AS.
3) How to View & Download Form 26AS from TRACES Online?
Step 1 Register on traces site as a taxpayer
Step 2 Select “View tax credit statement.”
Who can view Form 26AS through net banking facility?
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.
Importance & Benefits of Form 26AS
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:
- Verification of Tax Deductions: Form 26AS helps taxpayers verify whether the tax deducted by their employers or other deductors has been correctly deposited with the tax authorities. It includes details of tax deducted at source (TDS) on salary, interest, rent, etc. This allows taxpayers to ensure that the tax deductions made by the deductors are in line with the actual payments made to them.
- Facilitates Income Tax Return (ITR) Filing: Form 26AS provides taxpayers with a consolidated view of their tax payments, including TDS, advance tax, self-assessment tax, etc. This information is crucial while filing income tax returns as it helps in accurately reporting the tax payments made during the financial year. Taxpayers can cross-verify the details in Form 26AS with their own records before filing their returns, minimizing the chances of errors or discrepancies.
- Avoidance of Double Taxation: In cases where individuals have income from multiple sources or have paid taxes in multiple jurisdictions, Form 26AS plays a vital role in avoiding double taxation. By providing a comprehensive view of the taxes paid, it helps taxpayers claim tax credits or exemptions for taxes already paid in another country or for income that is subject to double taxation avoidance agreements.
- Financial Record-Keeping: Form 26AS serves as an important financial record for taxpayers. It provides a consolidated statement of all tax-related transactions, including tax credits, refunds, and any outstanding demand. This makes it easier for taxpayers to maintain their financial records and track their tax liabilities and refunds over time.
- Resolving Tax Discrepancies: In case of any discrepancies or mismatches between the tax credits claimed by taxpayers and the tax deductions reported by deductors, Form 26AS acts as a reference document. Taxpayers can identify the discrepancies and take appropriate steps to rectify them by communicating with the deductors or contacting the tax authorities if required.
- Transparency and Compliance: Form 26AS promotes transparency in the tax system by providing taxpayers with a consolidated view of their tax-related information. It helps individuals stay updated on their tax obligations, encourages timely filing of tax returns, and promotes compliance with tax laws.
What if there is any mismatch in details with Form 26AS?
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.
Introduction of Annual Information Statement (AIS)
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.
Frequently Asked Questions
Q- Can we file IT returns with discrepancies in form 26AS?
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.
Q- What does 'Status of Booking' mean in Form 26AS?
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.
Q- When is Form 26AS fully updated for the applicable financial year?
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.
Q- What should one do if they get mail intimation from the income tax department stating that there were arithmetical errors, incorrect claims, and inconsistencies with respect to an audit report/Form 26AS?
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.
Q- Does Form 26AS take at least 6 months to get updated?
No, normally Form 26AS gets updated within a week or two.
Q- The income paid/credited on my 26AS statement differs from Form 16. Which one should I show in ITR 1 under 'Income from Chargeable Salaries'?
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
Q- Can Form 26 AS be used for a home loan instead of Form 16?
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.
Q- Is professional tax reflected in form 26AS?
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.
Q- I have paid an Advance tax and it is not showing in form 26AS. What should I do?
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.
Q- The income paid/credited showing on my 26AS statement is Rs. 1,25,367.44 (salary income), and on Form 16, the total income shown is Rs 1,33,209 (after deducting PF). Which one should I show in ITR 1 under 'Income Chargeable under the head Salaries'?
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.
Q- How do I check whether my deducted income tax is paid to my PAN number?
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.
Q- Can the income tax returns be filed using the 26AS tax credit statement without Form 16 and payslips?
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.
Q- How long will it take to reflect a tax payment in 26AS if paid directly?
It takes a minimum of 2-3 days to reflect in 26AS.
Q- I missed taking a copy of my Form 16 from my previous employer. Is it possible to recover the same from a tax website?
No, Form 16 can’t be recovered by the employee from the tax website as s/he can view Form 26AS.
Q- If the Indian income tax form 16A is correct but not matching with the 26AS, who will be responsible for it: the employee or the employer?
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.