Form 26AS - Tax Credit Statement

Form 26AS - Tax Credit Statement

Jun 22, 2024

15 Mins

Form 26AS, also known as the tax credit statement, is a crucial document for tax filing. You can now easily view and download Form 26AS from the TRACES website.

What is Form 26AS?

Form 26AS is an annual statement that details the tax deducted at source (TDS), tax collected at source (TCS), advance tax payments, self-assessment tax payments, refunds received, and high-value financial transactions related to mutual funds, shares, etc.

Note: The updated format of Form 26AS, effective from June 1, 2020, includes comprehensive details of financial transactions and specified financial transactions (SFT) along with pending tax proceedings.

Information Available in Form 26AS:

  • Amount of tax deducted on your income

  • Details of tax collected

  • Details of advance tax paid

  • Self-assessment tax payments

  • Regular assessment of deposited tax

  • Details of high-value transactions in shares and mutual funds

  • Tax deducted on property sales

  • Yearly turnover details

  • Income tax refunds received

How to View and Download Form 26AS:

You can download Form 26AS from the TRACES website or visit the Income Tax Department's portal at https://www.incometax.gov.in/iec/foportal/. Follow these steps:

  1. Visit the official Income Tax e-filing website.

  2. Click on 'Login' and enter your User ID (PAN or Aadhaar number) and click 'Continue'.

  3. Select 'e-file', then 'Income Tax Returns'.

  4. Click on 'View Form 26AS' and confirm the disclaimer.

  5. Click 'View Tax Credit (Form 26AS)'.

  6. Select the 'Assessment Year' and format to view Form 26AS.

  7. Enter the 'Verification Code' and click 'View/Download'.

Different Parts of Form 26AS:

  • Part A: Information regarding TDS on salary, pension, interest income, prize winnings, etc.

  • Part A1: Information regarding TDS for Form 15G/Form 15H.

  • Part B: Information regarding tax collected at source.

  • Part C: Information regarding tax paid (apart from TDS and TCS).

  • Part D: Information regarding refunds paid.

  • Part E: Information regarding AIR transactions (high-value transactions).

  • Part F: Information regarding TDS on the sale of immovable property.

  • Part G: Information regarding TDS defaults.

  • Part H: Turnover details according to GSTR-3B.

What's New in Form 26AS?

The new Form 26AS, now an Annual Information Statement (AIS), is divided into two parts:

  • Part A: Contains basic information such as name, PAN, Aadhaar, contact details.

  • Part B: Contains details related to:

    • Tax deducted/collected at source

    • Specified financial transactions

    • Payment of taxes

    • Demand and refund

    • Pending and completed proceedings

    • Any other relevant information

How to View Form 26AS via Net Banking:

PAN holders with net banking accounts in authorized banks can access Form 26AS for free. Banks registered with NSDL include Axis Bank, Corporation Bank, IDBI Bank, Citibank, Bank of Maharashtra, Indian Bank, and more.

Importance of Form 26AS:

  • Verify the accuracy of TDS/TCS details.

  • Ensure timely tax credits.

  • Confirm the tax deducted/collected on your behalf.

  • Verify tax credits before filing income tax returns.

Benefits of Form 26AS:

  • Provides detailed information on tax deducted/collected.

  • Assists in income computation and tax credit claims.

  • Helps in verifying refunds for the applicable financial or assessment year.

How to Submit Form 26A/27BA Online:

  1. Visit TRACES.

  2. Click on 'Request for 26A/27BA' under the 'Statement/Payments' section.

  3. Follow the guidelines and proceed with the form submission.

  4. Select Form Type, Financial Year, and Transaction Type.

  5. A request number will be generated. Track your request and upload the required file.

  6. Validate and upload the file with the necessary verification.

  7. TRACES will confirm the successful verification.

Things to Verify in Your TDS Certificate with Form 26AS:

  • Ensure details such as name, PAN, deductor's TAN, refund amount, and TDS amount are correct.

  • Verify that TDS is reflected in Form 26AS.

  • Compare TDS data on Form 26AS with payslips.

  • Ensure TDS in Form 16/16A is correctly reflected in Form 26AS.

Introduction of Annual Information Statement (AIS):

The AIS includes new information such as off-market transactions, foreign remittances, mutual fund purchases, interest on tax refunds, salary breakdowns, and ITR details of other individuals.

For more detailed information or assistance, contact the Income Tax Department's toll-free number: 1800-180-1961 or Protean e-Gov Technologies Limited (formerly NSDL) e-gov: 020-27218080. Alternatively, email tininfo@nsdl.co.in.

Form 26AS, also known as the tax credit statement, is a crucial document for tax filing. You can now easily view and download Form 26AS from the TRACES website.

What is Form 26AS?

Form 26AS is an annual statement that details the tax deducted at source (TDS), tax collected at source (TCS), advance tax payments, self-assessment tax payments, refunds received, and high-value financial transactions related to mutual funds, shares, etc.

Note: The updated format of Form 26AS, effective from June 1, 2020, includes comprehensive details of financial transactions and specified financial transactions (SFT) along with pending tax proceedings.

Information Available in Form 26AS:

  • Amount of tax deducted on your income

  • Details of tax collected

  • Details of advance tax paid

  • Self-assessment tax payments

  • Regular assessment of deposited tax

  • Details of high-value transactions in shares and mutual funds

  • Tax deducted on property sales

  • Yearly turnover details

  • Income tax refunds received

How to View and Download Form 26AS:

You can download Form 26AS from the TRACES website or visit the Income Tax Department's portal at https://www.incometax.gov.in/iec/foportal/. Follow these steps:

  1. Visit the official Income Tax e-filing website.

  2. Click on 'Login' and enter your User ID (PAN or Aadhaar number) and click 'Continue'.

  3. Select 'e-file', then 'Income Tax Returns'.

  4. Click on 'View Form 26AS' and confirm the disclaimer.

  5. Click 'View Tax Credit (Form 26AS)'.

  6. Select the 'Assessment Year' and format to view Form 26AS.

  7. Enter the 'Verification Code' and click 'View/Download'.

Different Parts of Form 26AS:

  • Part A: Information regarding TDS on salary, pension, interest income, prize winnings, etc.

  • Part A1: Information regarding TDS for Form 15G/Form 15H.

  • Part B: Information regarding tax collected at source.

  • Part C: Information regarding tax paid (apart from TDS and TCS).

  • Part D: Information regarding refunds paid.

  • Part E: Information regarding AIR transactions (high-value transactions).

  • Part F: Information regarding TDS on the sale of immovable property.

  • Part G: Information regarding TDS defaults.

  • Part H: Turnover details according to GSTR-3B.

What's New in Form 26AS?

The new Form 26AS, now an Annual Information Statement (AIS), is divided into two parts:

  • Part A: Contains basic information such as name, PAN, Aadhaar, contact details.

  • Part B: Contains details related to:

    • Tax deducted/collected at source

    • Specified financial transactions

    • Payment of taxes

    • Demand and refund

    • Pending and completed proceedings

    • Any other relevant information

How to View Form 26AS via Net Banking:

PAN holders with net banking accounts in authorized banks can access Form 26AS for free. Banks registered with NSDL include Axis Bank, Corporation Bank, IDBI Bank, Citibank, Bank of Maharashtra, Indian Bank, and more.

Importance of Form 26AS:

  • Verify the accuracy of TDS/TCS details.

  • Ensure timely tax credits.

  • Confirm the tax deducted/collected on your behalf.

  • Verify tax credits before filing income tax returns.

Benefits of Form 26AS:

  • Provides detailed information on tax deducted/collected.

  • Assists in income computation and tax credit claims.

  • Helps in verifying refunds for the applicable financial or assessment year.

How to Submit Form 26A/27BA Online:

  1. Visit TRACES.

  2. Click on 'Request for 26A/27BA' under the 'Statement/Payments' section.

  3. Follow the guidelines and proceed with the form submission.

  4. Select Form Type, Financial Year, and Transaction Type.

  5. A request number will be generated. Track your request and upload the required file.

  6. Validate and upload the file with the necessary verification.

  7. TRACES will confirm the successful verification.

Things to Verify in Your TDS Certificate with Form 26AS:

  • Ensure details such as name, PAN, deductor's TAN, refund amount, and TDS amount are correct.

  • Verify that TDS is reflected in Form 26AS.

  • Compare TDS data on Form 26AS with payslips.

  • Ensure TDS in Form 16/16A is correctly reflected in Form 26AS.

Introduction of Annual Information Statement (AIS):

The AIS includes new information such as off-market transactions, foreign remittances, mutual fund purchases, interest on tax refunds, salary breakdowns, and ITR details of other individuals.

For more detailed information or assistance, contact the Income Tax Department's toll-free number: 1800-180-1961 or Protean e-Gov Technologies Limited (formerly NSDL) e-gov: 020-27218080. Alternatively, email tininfo@nsdl.co.in.

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