Basically, Form 26AS is a tax form or consolidated statement which contains the details about TDS, TCS, payment of Advance Taxes and refund claimed. There are different sections of 26AS in which you can check the related information. You can download Form 26AS online and you can also view it online through TRACES or Net Banking.
Structure of Form 26AS in India and its significance for Taxpayers Get Details
Form 26AS, also known as an annual statement, is a consolidated tax statement which has all taxes related information in association with the taxpayer PAN card. It tells the details of taxes deducted from a salary of an employee by deductors revealing the information about taxes. It comprises of the taxes collected by the collectors, the amount of Advance taxes that had been paid by the employee and the amount of refund claimed by the taxpayer.
In short, it shows how much taxes have been collected by the government. It includes the details of
Tax Deducted at Source (TDS) deducted by the employer can be verified by the employee by viewing and verifying the tax amount deducted or refundable amount via Form 26AS. This tax form is used for the verification purpose as it contains the details about the taxes deducted and taxes deposited with the government. Further, it can be download online.
Form 26AS is divided into various parts. Listed below is the detailed explanation of all the parts which constitute 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
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.
Income Tax Return Verification and its Procedure Get Details
The advantages of Form 26AS are as follows
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
Sometimes, the actual amount of TDS and TDS credit in form 26AS may differ or less than the actual TDS deducted.
This may happen due to the following reasons:
In such case, the taxpayer should approach the deductor and request him to take necessary steps to rectify the differences.
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