Form 26AS: Avoid Tax Discrepancies

Form 26AS is divided into various parts. Listed below is the detailed explanation of all the parts which constitute Form 26AS

• Part A (Tax Deducted at Source): Part A of the Form 26AS contains the details about TDS deducted on salary of the employee. It also contains information regarding pension income, interest income, and prize winnings etc. TAN of the deductor and amount of TDS deducted and deposited to the government is also mentioned under this section.
• Part B (Tax Collected at Source): It comprises the details of taxes collected at source by the person who is selling the goods or product to the customer. It contains all the details about the seller and the collected taxes.
• Part C: It contains the details about the taxes which have been paid by the taxpayer personally. It also contains details about advance tax, self-assessment tax and also the details of challans through which the tax has been deposited.
• Part D: If any refund has been claimed by the taxpayer, then information about the refund is present under this section. Along with this information, it gives information about the mode of payment; interest paid and date of payment.
• Part E: If any high-value transactions are done by the individual then the information about the transaction is reported here by banks and other financial institutions. High-value transactions can cover the purchase of property, purchase of mutual funds etc.
• Part F: This section contains the details about the taxes deducted on the sale of immovable property. TDS has to be deducted before making payment to the seller for the purchase of the property.
• Part G: Defaults related processing of statements are included under this section.

Process of viewing and downloading Form 26AS

You can view your Form 26AS by two ways. Following are the two ways by which you can view and download Form 26AS

1. Through TRACES: One can view and download Form 26AS from TRACES (TDS Reconciliation Analysis and Correction Enabling System) facility.

Follow the following steps to download and view form 26AS through TRACES

• Go to Income Tax Department website
• Login by furnishing the details in the field (PAN number, password, date of birth, captcha) and click ‘login’. If you are not a registered taxpayer create your login ID with your PAN number, password, date of birth details.
• Go to “My Account” and click “view Form 26AS” from the drop down list. Click ‘Confirm’ and you will be redirected to TRACES website. Select the box and click ‘Proceed’ button.
• Then click on the link at the bottom of the page and click “View Tax Credit Form” to view 26AS.
• Select the assessment year and download it in the PDF form or you can view it online by changing it into HTML format, after entering the verification code and clicking on the download button.
• To view or open the Form 26AS, enter the password. Password of Form 26AS is your Date of Birth (DOB) in DDMMYYYY format.

2. Via Net Banking: An individual can view his/her Form through net banking facility. This facility is available to only those PAN holders who are having a net banking account with any of the authorized banks (given below). You can view 26AS for free but your PAN number must be mapped with the authorized bank.

List of banks registered with National Securities Depository Limited (NSDL) are

If you have an account in the above list but still you can’t view 26AS, then immediately inform about this to your concern bank. This usually happens when your Permanent Account Number (PAN) is not mapped correctly. Moreover, a taxpayer can view Form 26AS online by registering on TRACES website. A new user will have to register himself/herself as a new user by providing few details like address, communication details, and PAN number.

Advantage of Form 26AS

The advantages of Form 26AS are as follows

• Every employee or taxpayer can Confirm the amount of TDS deposited by the deductor in deductee’s name by checking Form 26AS from the official government site.
• The deductee can easily verify his/her payable/ paid taxes
• The deductee can also verify his/her refundable amount

Conclusion

Form 26AS is a tax consolidated statement, which has all tax related information like TDS, TCS, advance tax paid and refund claimed under different parts. Now you can view and download Form 26AS online if your PAN card is mapped correctly with the bank.

Further, some bullets to keep in mind in relation to Form 26AS are as follows

• It is linked to Permanent Account number (PAN).
• You can download it from TRACES website.
• You can view 26AS via. Net banking and TRACES.