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What is Form 26AS?

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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.

 

What are the components of Form 26AS?

 

Before you file your income tax return, the assessee must make sure that data related to tax deducted at source as reflected as per Income Tax Department is correct and accurate.

  • Tax collected at source(TCS)

  • Details of advance tax, self-assessment tax paid

  • Information about income tax refund

  • Details of tax deducted on the sale of immovable property

  • Details of AIR transactions

Let’s break down the components of Form 26AS:

 

Part A – Details of Tax deducted at source:

 

This part shows the tax deducted by tax deductor for your PAN. The tax deductor files their TDS return on a quarterly basis post which it will reflect in form 26AS. This part contains the following details:

  • Name of the deductor

  • TAN of deductor

  • The sum of amount paid/credited

  • Total tax deducted

  • The Total tax deposited against the assessee’s PAN

 

Part A1- Details of Tax Deducted at Source for Form 15G/ Form 15H:

 

This part contains details of income on which no TDS has been deducted as the taxpayer has submitted Form 15G or 15H. If you have not submitted Form 15G or Form 15H, this section will display ‘No transactions present’.

 

Part A2 – Details of tax deducted on sale of an immovable property:

This part contains details of tax deducted on immovable property, if any, sold by the assessee during the financial year. If there is a sale of an immovable property during the previous year and the buyer has deducted tax on the proceeds of sale, the tax deducted will be reflected in this section.

 

Part B – Details of tax collected at source:

This part contains details of tax collected at source (TCS) by a seller of specified goods at the time these goods have been purchased by the assessee. It also reflects the details of the seller as below:

  • Name of the collector

  • TAN of the collector

  • Total amount paid

  • The Total tax collected

  • Total TCS deposited

 

Part C – Details of tax deducted (other than TDS & TCS)

This part shows the details of tax paid by the assessee such as advance tax, self-assessment tax and the challan details through which the payment has been made.

 

Part D – Details of refund paid:

This part reflects the details of tax refunded by the department to the assessee. It shows the below details:

  • Assessment year

  • Mode of payment

  • Refund issued

  • Nature of refund

  • Amount of refund

  • Interest paid

  • Date of payment

  • Remarks

 

Part E – details of SFT transaction:

This part shows the details of any high value transactions which ‘specified persons’ like a banking company, mutual funds etc. are required to report. The SFT was earlier known as Annual Information Return (AIR).

 

Part F – Details of Tax Deducted on Sale of Immovable Property u/s 194IA (For Buyer):

This part will show details of any TDS deducted by you while buying a property. Also, it displays TDS deposited by you to the bank.

 

Part G: TDS Defaults (Processing of Defaults):

Defaults relating to the processing of statements are mentioned here. They do not include demands raised by assessing officers.

 

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:

  1. Visit https://www.incometax.gov.in/iec/foportal/.

  2. Click on ‘Login’.

  3. 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.

  4. Once you have entered the User ID, click on ‘Continue’.

  5. Select ‘e-file’.

  6. Next, click on ‘Income Tax Returns’.

  7. Next, click on ‘View Form 26AS’.

  8. Select ‘Confirm’ next.

  9. On the next page, click on ‘Proceed’.

  10. Next, click on ‘View Tax Credit (Form 26AS)’.

  11. Choose the ‘View Type’ and ‘Assessment Year’ next.

  12. Choose the format next.

  13. Select ‘View/ Download’ to complete the process.

 

Purpose of form 26AS

 

Form 26AS is a consolidated statement issued under Section 203AA of Income Tax Act and rule of 31AB of Income Tax rules to the PAN number holders. The form is one of the most important Income tax documents for a tax payer

  • Provides a proof that tax has been deducted and collected on your behalf

  • Provides a record of the tax paid by you in your annual Income tax return.

  • Confirms that accurate tax has been deducted by different entities and deposited by the deducted into the account of government

  • Confirms that the bank has properly furnished the details of the tax deposited by you.

With this form, a tax payer is not required to attach photocopy of  TDS certificate along with his Income tax return. It is important to check Form 26AS thoroughly before filing the Income Tax Return to avoid demand notices and penalty from Income Tax Department and also allow for a speedy processing of your return.

Point to remember

  • Form 26AS can only be downloaded by registered PAN holders. The form can be downloaded from the TRACES portal

  • Form 26AS is generated annually for a financial year

  • Form 26AS is generated only when a tax transaction takes place.

  • Form 26AS is linked with your PAN number

 

 

 

DISCLAIMER- These materials are public information and have been prepared solely for educational purposes. These materials reflect only the personal views of the author and are not individual legal advice.

It is understood that each case is fact specific and that the appropriate solution in any case will vary. Finally, the owner will not be accountable for any loses injuries or damages from the exposures or usage of this information.

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