Form 26AS - Definition of Form 26AS

What is Form 26AS?

Form 26AS is a statement of all the tax-related information associated with the assessee's PAN (Permanent Account Number). It shows the details of tax deducted at source, tax collected at source, advance tax paid by the assessee, self-assessment tax paid, and any refunds issued to the taxpayer. It also shows the details of high-value transactions such as foreign remittances, mutual fund purchases, dividends, etc.

Taxpayers can easily view and download Form 26AS from the TRACES website. It helps to check the accuracy of the TDS certificate and confirm that the tax deducted from your income is actually credited to the income tax department. Form 26AS contains - 

  1. Details of tax deducted from your income by deductors (TDS).

  2. Details of tax collected by collectors (TCS).

  3. Advance tax paid by the taxpayer.

  4. Self-assessment tax payments.

  5. Regular assessment tax deposited by the taxpayers (PAN holders).

  6. Details of the refund received by you during the financial year.

  7. Details of the High-value Transactions in respect of shares, mutual funds, etc.

  8. Interest received from banks & others without deducting any TDS as the declaration is provided, such as Form 15G / H in respect of low/no deduction.

 

Eligibility of Form 26AS

Eligibility of Form 26AS:

  • All taxpayers in India are eligible to access their Form 26AS. To access Form 26AS, taxpayers must have a Permanent Account Number (PAN).

  • There is no income or tax liability requirement for accessing Form 26AS.

 

How to Access and Download Form 26AS

  • Go to the official Income Tax e-Filing website: https://incometaxindiaefiling.gov.in/

  • Enter your PAN (Permanent Account Number) and password, and click on the "Login" button.  

  • On the dashboard, look for the "Quick Links" or "My Account" section and click on the "View Form 26AS" option.

  • Click on "Confirm" to proceed. You will be redirected to the TRACES (TDS-CPC) website.  

  • Choose the assessment year for which you want to view Form 26AS (e.g., 2023-24).

  • Select the desired view type (HTML, Text, or PDF).  

  • Click on the "View/Download" button.  

  • If you want to download a PDF, click on the "Export PDF" button.

Importance of Form 26AS

Form 26AS is important for the following reasons:

  • Taxpayers can view Form 26AS to verify the TDS and TCS deducted from their income, as taxpayers need to ensure that the correct amount of tax has been deducted from their income and that the deductor has deposited the tax with the government.

  • It helps taxpayers to file their income tax returns accurately. Form 26AS provides a complete view of all the taxes deducted from a taxpayer's income. Taxpayers can use this information to file their income tax returns accurately and to avoid any errors or omissions.

  • If a taxpayer has paid excess TDS or TCS than their actual tax liability, they can claim a refund from the Income Tax Department. Form 26AS can be used to back such refund claims.

  • Taxpayers can view Form 26AS to track their tax status and to ensure that they have paid all the taxes due.

  • Taxpayers can use Form 26AS to detect any discrepancies in their tax records. If a taxpayer finds any discrepancies in their Form 26AS, they can take corrective action to avoid any trouble in the future. 

  • Want to maximize your tax refund or have any other tax-related query? Get in touch with our tax experts and master the tax solutions.