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.
What is Form 26AS?
Form 26AS includes all the details pertaining to the tax deducted at source, 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 the course of 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 for Form 26AS
The Income Tax Department (ITD) has announced on 28 May 2020 that the Form 26AS which contains the details of tax collected or deducted at source has been revised. As per the latest revision, the Form 26AS will now also contain the information of transactions in regard to the property and shares.
The form has undergone a revamp wherein it acts as an ‘Annual Information Statement’ now. To help implement this new revision, the Budget 2020-21 had introduced the Section 285BB in the Income Tax Act. As per the statement released by the Central Board of Direct Taxes (CBDT), the revised Form 26AS will be effective from 1 June 2020.
How to Download Form 26AS
You can visit the TRACES website to download Form 26AS. Alternatively, you can visit https://incometaxindiaefiling.gov.in, log in with your user ID and password and download your tax credit system. 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:
- Go to https://incometaxindiaefiling.gov.in and key in your PAN number along with the password before entering the captcha code. Next, click on ‘Login’.
- You will be redirected to a new page where you will have to drag the cursor to ‘My Account’, and from the drop-down menu that appears, select ‘View Form 26AS’.
- Hit ‘Confirm’ on the screen and you will be taken to the TRACES website.
- Once you enter the TRACES website, check the box that appears on your screen before clicking on ‘Proceed’.
- A link called ‘Click View Tax Credit (Form 26AS) to view your Form 26AS’ will appear at the bottom of the page, click on it to proceed.
- You will be redirected to the next page where you will have to select the assessment year for which you wish to view your tax credit statement. You will also have to choose the format in which you wish to view the statement. ‘HTML’ can be selected if you wish to view Form 26AS online, and the form can be downloaded as a PDF. Once you make the aforementioned selections, key in the ‘Verification Code’ before clicking on ‘View/Download’.
- Your Form 26AS will be downloaded. To open it, you will have to enter a password which is basically your date of birth in the DD/MM/YYYY format.
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
- Bank of India
- ICICI Bank
- Bank of Baroda
- Corporation Bank
- Bank of Maharashtra
- City Union Bank Limited
- Indian Overseas Bank
- Kotak Mahindra Bank
- IDBI Bank
- Indian Bank
- Oriental Bank of Commerce
- State Bank of Mysore
- Indian Bank
- State Bank of India
- State Bank of Patiala
- UCO Bank
- State Bank of Travancore
- Union Bank of India
- Saraswat Co-operative Bank
- Federal Bank
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 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 amount of TDS that was subtracted and deposited.
- Part A1: Information regarding TDS for Form 15G/Form 15H
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 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: Information regarding TCS
Part B of Form 26AS contains information pertaining to the tax collected at source by the seller. Entries will be made in Part B only if you are a seller who has collected tax at source.
- Part C: Information regarding tax paid (apart from TDS and TCS)
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: Information regarding paid refund
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.
- Part E: Information regarding AIR Transaction
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: Information regarding tax deduced on the sale of immovable property
Part F of Form 26AS contains information regarding the TDS you have deducted and deposited in case you have purchased a property.
- Part G: Information regarding TDS defaults
Part G of Form 26AS contains information regarding the processing of statements.
Form 26AS FAQs
- 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.