Form 26AS or your tax credit statement is one of the most important documents when it comes to filing your taxes. You can now view and download Form 26AS from the TRACES website in a convenient and hassle-free manner.
Table of Contents
What is Form 26AS?
Form 26AS is an annual statement that includes all the details about the tax deducted at source (TDS), information regarding the tax collected by your collectors, the advance tax you have paid, self-assessment tax payments, information regarding the refund you have received over a financial year, regular assessment tax that you have deposited, and information regarding high-value transactions so far as mutual funds, shares, etc. are concerned.
Latest Update: A New Form 26AS format was introduced and came into effect on 1st June 2020. The new format will contain the details of all the financial transactions and will also provide information about the specified financial transaction (SFT), and pending tax proceedings.
How to Download Form 26AS?
You can visit the TRACES website to download Form 26AS. Alternatively, you can visit https://www.incometax.gov.in/iec/foportal/, log in with your user ID and password. You can also download Form 26AS using the net banking facility of the banks mentioned above.
Here is a step-by-step procedure to download Form 26AS using your income tax department account:
The procedure to download Form 26AS from the new income tax portal is mentioned below:
- Visit https://www.incometax.gov.in/iec/foportal/.
- Click on ‘Login’.
- Enter the User ID. You must enter the Aadhaar number of PAN to complete the login process. Before you can log in, you must complete the registration process.
- Once you have entered the User ID, click on ‘Continue’.
- Select ‘e-file’.
- Next, click on ‘Income Tax Returns’.
- Next, click on ‘View Form 26AS’.
- Select ‘Confirm’ next.
- On the next page, click on ‘Proceed’.
- Next, click on ‘View Tax Credit (Form 26AS)’.
- Choose the ‘View Type’ and ‘Assessment Year’ next.
- Choose the format next.
- Select ‘View/ Download’ to complete the process.
How to View Form 26AS?
Form 26AS can be checked on the TRACES portal. It is linked with your PAN, and you can check Form 26AS from FY 2019-20 till the previous financial year, through your net banking account. The banks that have registered with NSDL to enable users to view Form 26AS include the following:
|Axis Bank||Corporation Bank||IDBI Bank||State Bank of India||Saraswat Co-operative Bank|
|Citibank||Bank of Maharashtra||Indian Bank||State Bank of Patiala||Federal Bank|
|Bank of India||City Union Bank Limited||Oriental Bank of Commerce||UCO Bank|
|ICICI Bank||Indian Overseas Bank||State Bank of Mysore||State Bank of Travancore|
|Bank of Baroda||Kotak Mahindra Bank||Indian Bank||Union Bank of India|
Different Parts of Form 26AS
Form 26as has 7 parts, viz. Part A, Part B, Part C, Part D, Part E, Part F, and Part G. Here are the different parts of Form 26AS:
- Part A: Information regarding TDS
- Part A1: Information regarding TDS for Form 15G/Form 15H
- Part B: Information regarding TCS
- Part C: Information regarding tax paid (apart from TDS and TCS)
- Part D: Information regarding paid refund
- Part E: Information regarding AIR Transaction
- Part F: Information regarding tax deduced on the sale of immovable property
- Part G: Information regarding TDS defaults
Part A of your tax credit statement contains information regarding TDS on your salary, pension income, interest income, prize winnings, etc. It also contains the deductor’s Tax Deduction and Collection Account Number (TAN) as well as the number of TDS that was subtracted and deposited.
Part A1 of Form 26AS contains information regarding your income where TDS has not been subtracted when you have submitted Form 15G/Form 15H. The status of the TDS deduction can be verified if you have submitted the aforementioned form. ‘No transactions present’ will be displayed on this section in case you have not furnished Form 15G/Form 15H.
Part B of Form 26AS contains information on the tax collected at the source by the seller. Entries will be made in Part B only if you are a seller who has collected tax at the source.
In case you have made any tax deposits yourself, details regarding the same will appear in Part C of Form 26AS. Information regarding self-assessment tax and advance tax will also be present in this part of Form 26AS. It will also include details regarding the challan used to deposit tax.
Part D of Form 26AS will contain details regarding refunds if any. It will also contain information regarding the assessment year that is pertinent to the refund, the mode of payment, the amount as well as the interest paid along with the date on which the payment was made.
High-value transactions are expected to be reported by banks and financial institutions to the tax authorities. Part E of Form 26AS will contain information regarding purchases of high-value mutual funds, purchase of high-value corporate bonds, property purchases, etc.
Part F of Form 26AS contains information regarding the TDS you have deducted and deposited in case you have purchased a property.
Part G of Form 26AS contains information regarding the processing of statements.
What is new in the Form 26AS?
The New Form 26AS has now become an Annual Information Statement (AIS) is divided into two parts. Part A and Part B.
- PART A:
- PART B:
Part A of form 26as will contain basic information such as name of the individual, the details of PAN Card, Aadhar, mobile number, email address, communication address, etc.
Part B will contain information with respect to the following type of transactions:
- Information related to tax deducted or collected at source.
- Information related to specified financial transaction.
- Information related to payment of taxes.
- Information related to demand and refund.
- Information related to pending proceedings.
- Information related to completed proceedings.
- Any other information in relation to sub-rule (2) of 114-I
Why is Form 26AS Important?
Some of the reasons why Form 26AS is important are given below:
- You can check whether the deductor has correctly filled the TDS statement or if the collector has accurately filled the details of Tax Collected at Source (TCS). The form contains all the details of the tax deducted and collected on behalf of
- You can also check whether the tax deducted and collected on behalf of you has been deposited in the government account on time.
- You can verify the tax credits and calculation of income tax before filing your income tax return.
Online Process for Submitting Form 26A/27BA
The process to submit your Form 26A/27BA online is given below:
- Visit the ‘TRACES’ website by clicking on the link https://www.tdscpc.gov.in/app/login.xhtml.
- Once you visit the website click on ‘Request for 26A/27BA’ which you can find under ‘Statement/Payments’ section.
- You will be able to view the guidelines you will have to follow to submit your Form 26A/27BA online. Click on ‘Proceed’.
- Select the Form Type, Financial Year, and Transaction Type from the drop-down menu and click on ‘Proceed’.
- As you request for Form 26A/27BA, a request number will be generated. Click on ‘Go to Track Request for 26A/27BA’.
- You will then be able to view your requests for Form 26A/27BA on your screen. If you had raised a request for Non-Deduction/Collection you will get an option to upload the file.
- Under the ‘Download’ option click on ‘Requested Download’.
- Proceed to download the utility form.
- Enter the verification code and then click on the ‘Submit’ button.
- Along with the utility you can download the TRACES Sample for Non-Deduction or Non-Collection.
- The files downloaded will be in zip format. Extract the files and add the relevant records.
- After extracting the files from utility and get it validated by running it through the JAVA application.
- Under the ‘Status’ for Non-Deduction/Non-Collection you will find ‘Upload Files’ option. Click on it.
- Enter the verification code.
- As you click on the ‘upload’ option, you will have to fulfil a verification process by entering a digital signature and I-PIN if redirected from the bank’s website.
- You will get a confirmation from TRACES once the verification is successful.
- You can then click on ‘Go to Track Request for 26A/27BA’ where you will be able to view the status as ‘Submitted’.
- Once the request gets validated successfully, it will be sent for ‘E-filing’ after which the status will also show ‘E-filing’.
Things to Verify in Your TDS Certificate with Form 26AS
Some of the things you must verify in your TDS certificate with Form 26AS are given below:
- Do not forget to check whether certain details mentioned in your form are correct or not. Make sure your name, PAN, Deductor’s TAN, refund amount paid to you, and TDS amount on Form 26AS are correctly mentioned. These details are extremely important and in case any of the details are found to be incorrect, you will find difficulties in filing your income tax returns.
- You will have to verify that your TDS as shown in the certificate has been received by the Central Government of India. You can do this by comparing the TDS data on the Form AS data with your payslips data.
- Check whether the TDS shown in Form 16/16A is also reflecting on your Form 26AS correctly. If the TDS is not reflecting in your Form, then it means that the deductor has deducted the TDS but is yet to submit it to the IT department. In such a case, get in touch with your deductor immediately and get the issue resolved at the earliest.
FAQs on Form 26AS
- What comes under Form 26AS?
- What are the TDS related forms that I need to submit?
- What is the importance of Form 26AS?
- What do I do if the amount of advance tax paid in the bank is wrongly reflected in Part C of my Form 26AS?
- Can I make changes to the address and name of the PAN holder which is there in Form 26AS?
This form contains all information on the tax deducted on your income. It includes the details of the tax collected by collectors, self-assessment tax payments, advance tax paid by you, assessment tax deposited by you, and the details of the refund received.
In Part A1 of this form, you will have information about your income where TDS has not been deducted when you have submitted Form 15G/Form 15H.
This form is an annual credit statement (consolidated) that is issued with regards to your PAN. It is crucial that you compare Form 16 which is received from your employer with Form 26AS.
The reason for this may be that the bank has made an error in its data entry. You will have to take up this issue with your bank and rectify the amount.
Yes, if the details of the PAN holder are incorrect, you can always update this. You should submit an application through the ‘Request for new PAN card or/and changes or correction in PAN data’ option on the official website.