Form 26AS is nothing but the Tax Credit Statement, which is important while filing Income tax Return. Now, the taxpayers are not required to manually download Form 26AS, as they can import the details mentioned on it directly, while filing Income Tax Return.
What are the various parts of Form 26AS?
Generally, Form 26AS is divided into the seven parts that are mentioned below: -
Part-B: This part contains the details of TCS or Tax collected at Source
Part-C: Details of other taxes, apart from TDS and TCS are mentioned in this part
Part-D: This part contains the details of Paid Refund
Part-E: Details of AIR Transactions
Part-F: Particulars of the Tax Deducted on sale of immovable property under section 194IA (For Buyer of property)
Part-G: Details of TDS defaults* (processing of statements)
- Part A1: Details of tax deducted at source, which is supposed to be filed in Form 15G/ Form 15H
- Part A2: Details of TDS on the sale of immovable property under section 194(IA) (For the seller of property)
Detailed information about all the parts of this Form.
Part A: TDS Details
The Part A of this form contains the details of the TDS deducted on Salary, interest income, income from lottery winnings etc. This part contains the Name of the deductor, TAN number of the deductor, total amount paid/ credited and the amount of tax deducted as well as deposited by the deductor to the Government of India. These details are mentioned on quarterly basis.
Part A1: TDS Details for Form 15G and 15H
This part contains the details of Income, where no TDS is deducted and the taxpayer has filed Form 15G or 15H. If you have submitted Form 15G or 15H, then you can verify the status of your TDS. In case, you do not submit Form 15G or 15H, then "No Transactions Present" will be mentioned in this part.
Part A2: Particulars of TDS deducted on the sale of Immovable Property under section 194 (IA), that is for the seller of the property.
This part of the Form is applicable for those taxpayers who sold a property during the relevant Financial Year and TDS was deducted on those receipts.
Part B: TCS Details
The Part B of this form contains the details of Tax Collected at Source or TCS, by the sellers of goods and services.
Part C: Overall Details of the Tax Paid
This part of Form 26AS contains the details of the tax already paid by the taxpayer. Mainly, this part contains the details of Advance Tax and The Self-Assessment Tax. Moreover, this part also contains the details of challan, that was used to deposit the above-mentioned taxes.
Part D: Refund Details
Details of the refund, if any will be mentioned in this part of the form. Furthermore, this part also contains the details of assessment year to which the refund applies, along with the mode of payment, amount paid and interest paid, along with the date of payment.
Part E: AIR Transaction Details
High-value transactions should be reported by the banks or financial institutions to the tax authorities. Purchase of high-value mutual fund, property as well as corporate bonds are reported are mentioned in this part of Form 26AS.
Part F: Details of TDS deducted on the sale of an immovable property under section 194IA, that is the buyer of the property
If you have purchased any property during a particular Financial Year, then you are supposed to deduct TDS before making any payment to the seller of the property. This part comprises the details of TDS deducted and deposited by you.
Part G: TDS defaults
Any errors or defaults related to the processing of statements are mentioned in this part. Moreover, this part does not contain the details of demands raised by assessing officer.
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Viewing Form 26AS
Generally, there are two ways by which a taxpayer can view his/ her Form 26AS and they are as follows: -
- An assessee can view Form 26AS on the official TRACES portal. Form 26AS can be downloaded from this website, refer the step by step guide to download Form 26AS, below. In order to view and download this form a taxpayer will require his/ her PAN, as it is linked with the PAN of the taxpayer. The date of birth (in DD/MM/YYYY format) mentioned on taxpayer’s PAN is the password to open this document.
- From Financial Year 2008-09 onwards a taxpayer can view his/ her Form 26AS via net-banking. This facility is applicable to those taxpayers who have a PAN and whose net banking account is registered with the authorized bank. A taxpayer is only eligible to view his/ her Form 26AS, if his PAN is linked to the bank account used for net-banking. For better understanding take a look at the list of banks mentioned below, as these are the banks registered with NSDL.
- Axis Bank Limited
- Bank of India
- Bank of Maharashtra
- Bank of Baroda
- Citibank N.A.
- Corporation Bank
- City Union Bank Limited
- ICICI Bank Limited
- IDBI Bank Limited
- Indian Overseas Bank
- Indian Bank
- Kotak Mahindra Bank Limited
- Karnataka Bank
- Oriental Bank of Commerce
- State Bank of India
- State Bank of Mysore
- State Bank of Travancore
- State Bank of Patiala
- The Federal Bank Limited
- The Saraswat Co-operative Bank Limited
- UCO Bank
- Union Bank of India
Downloading Form 26AS
Form 26AS can be easily downloaded, either by visiting Income Tax Department’s official e-filing website or via net-banking. For net-banking you must make sure that, your account is linked you’re your PAN. If you do not have an account, you are required to register first.
Visit the Income Tax Department’s E-filing website.
Enter your User ID and password. After this you are required to enter Captcha Code and click on the login button.
The screen shown below will appear. Go to ‘My Account’. Click on ‘View Form 26AS (Tax Credit)’ in the drop down.
Once you click on the ‘View Form 26AS’ option you will redirected to the TRACES website.
When you are on the screen shown below, you are supposed to check the box and then click on proceed.
Click on the link at the bottom of the screen shown below "Click View Tax Credit (Form 26AS) to view your Form 26AS".
Then you are supposed to select the relevant Assessment Year and then you will have to choose view as HTML and after that click on Export as PDF in order to download PDF of your Form 26AS.
You can open the document by entering your date of birth in "DD/MM/YYYY format", as it is the password to open your Form 26AS.
Frequently Asked Questions
Q. I have discrepancies in the actual TDS and the TDS credit details mention on my Form 26AS, what could be the reason behind it?
There are times when your actual TDS and the TDS credit details that are mentioned on Form 26AS may not match. Here are some of the reasons behind these discrepancies: -
- Non-furnishing of the TDS details
- Deducting tax with incorrect PAN number.
In the above-mentioned case, taxpayer should approach the tax deductor and request him to take necessary steps to rectify the differences.
Q. Am I eligible to claim credit of taxes that are mentioned on my Form 26AS?
Yes, Income Tax Department allows a taxpayer to claim credit of taxes that are mentioned on your Form 26AS.
Q. Can I view my Form 26AS via Net-Banking?
Yes, you can view your Form 26AS via Net-Banking. You will eligible to view your Form 26AS via Net-Banking only when your net-banking account is linked with your PAN.
Q. From where can I download or view my Form 26AS?
You can download or view your Form 26AS by visiting the Income Tax Department’s official e-filing website.
Q. Why is Form 26AS important?
Form 26AS is also known as Annual Tax Credit Statement, as it contains all the tax related information associated with the taxpayer’s PAN number and that’s the reason why it is of utmost importance.