Form 26AS, or the tax credit statement, is an essential document for tax filing in India. It is now accessible on the TRACES site.

What is Form 26AS?

Form 26AS serves as an annual tax statement that provides details about tax deducted at source (TDS), tax collected at source (TCS), advance tax payments, self-assessment tax payments, refunds, and high-value transactions like investments in mutual funds and shares.

Note: From June 1, 2020, Form 26AS also includes detailed financial transactions and pending tax proceedings information.

Information Provided in Form 26AS:

• Details of tax deducted on your income
• Details of tax collected
• Advance tax paid
• Self-assessment tax payments
• Regular assessment tax details
• High-value transactions in financial assets
• Details of tax deducted on property sales
• Yearly turnover figures
• Income tax refunds details

How to View and Download Form 26AS:

You can view and download Form 26AS from the TRACES website or the Income Tax Department’s portal at www.incometax.gov.in. Follow these steps:

1. Visit the Income Tax e-filing portal.
2. Login with your User ID (PAN/Aadhaar) and select 'Continue.'
3. Navigate to 'e-file' and select 'Income Tax Returns.'
4. Select 'View Form 26AS' and agree to the disclaimer.
5. Click 'View Tax Credit (Form 26AS)'
6. Select the relevant 'Assessment Year' and format.
7. Enter the 'Verification Code' to view/download.

Parts of Form 26AS:

• Part A: TDS details on salary, pension, and winnings.
• Part A1: TDS information for Form 15G/15H.
• Part B: Information on tax collected at source.
• Part C: Details of other tax payments.
• Part D: Refunds issued details.
• Part E: High-value transaction information.
• Part F: TDS on sale of immovable property.
• Part G: TDS defaults information.
• Part H: Turnover based on GSTR-3B.

Updates in Form 26AS:

The renewed Form 26AS, now referred to as the Annual Information Statement (AIS), is categorized as:

• Part A: Basic details like name, PAN, Aadhaar, and contact.
• Part B: Information on: Tax deducted/collected, Specified financial transactions, Taxes paid, Demand and refund, Ongoing proceedings, and additional details.

Accessing Form 26AS via Net Banking:

PAN holders with net banking in approved banks can view Form 26AS without cost. Participating banks include Axis Bank, Corporation Bank, IDBI Bank, Citibank, and others.

Why Form 26AS is Important:

• Verify precision of TDS/TCS data.
• Ensure prompt tax credits.
• Check tax deductions on your behalf.
• Confirm tax credits prior to filing returns.

Advantages of Form 26AS:

• Comprehensive tax deduction/collection info.
• Aids income calculations and tax credit claims.
• Verify refunds during a financial/assessment year.

Online Submission of Form 26A/27BA:

1. Access TRACES portal.
2. Select 'Request for 26A/27BA' in 'Statement/Payments.'
3. Gather the form submission guidelines.
4. Indicate Form Type, Financial Year, and Transaction Type.
5. Receive a request number. Monitor your submission and upload the necessary file.
6. Validate and upload the file with the required verification.
7. Await TRACES’s verification success message.

Verifying Your TDS Certificate with Form 26AS:

• Check details like name, PAN, TAN of deducer, refund, and TDS amount.
• Ensure TDS shows in Form 26AS.
• Match TDS entries on Form 26AS to payslips.
• Confirm TDS on Form 16/16A matches Form 26AS.

Introduction to Annual Information Statement (AIS):

The Annual Information Statement includes additional details like off-market trades, foreign transactions, mutual fund acquisitions, tax refund interest, salary components, and ITR details of individuals.

For further inquiries or support, contact the Income Tax Department at 1800-180-1961 or Protean e-Gov Technologies Limited at 020-27218080. For emails, kindly refer to the services available.