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Form 26AS, or the Annual Statement or Tax Credit Statement, is a consolidated statement issued by the Income Tax Department of India. It contains all taxes paid and deducted at source (TDS) in an individual's name. This form 26AS traces all financial transactions reported to the income tax department and shows cash flow in an individual's accounts. It helps track your 26as income tax payments to ensure you have fulfilled your compliance obligations. This article will cover everything you need to know about the 26AS form.
What is Form 26AS?
Form 26AS is a document that comprises the tax-related information of an assessee. It is generated in the new income tax portal. This form contains various details about your taxes, like TDS/TCS credit, advance tax payments, Self Assessment Tax (SAT) payments, and other relevant information related to taxes. Form 26AS also helps you file your Income Tax Return (ITR) as it contains all the details of taxes paid by you, ensuring that no discrepancies are made while filing ITR. It is an important form and should be carefully reviewed to avoid mistakes and ensure accuracy.
Form 26AS is a statement that outlines the following details:
Form 26 AS contains the following information:
● Tax Deducted at Source (TDS) from salary and other sources by an employer or bank.
● Details of taxes paid on buying/ selling property, mutual funds, shares, etc.
● Advance tax payments made in a financial year.
● Self-Assessment Tax payments made in a financial year.
● Regular Assessment Tax payments made in a financial year.
● High-Value Transactions (HVT) such as the purchase/ sale of immovable property, shares, bonds, etc., above ₹5 lakhs during the financial year.
● Refunds received from the Income Tax Department during a financial year.
● Details of any challan, for example, TDS/TCS payments made during the financial year.
● Other information related to 26AS income tax payments.
● Details of any income from abroad, if applicable.
● Details of TDS default or non-deduction.
Structure and Parts of Form 26AS?
Form 26 AS consists of the following parts:
● Part A - contains information related to the Tax Deducted at Source (TDS), and TCS Tax Collected at Source. It shows details about the TDS/TCS deducted on income from salary, interest, etc., received by an individual.
● Part B - This part contains information related to Advance Tax, Self Assessment Tax, and Regular Assessment Tax payments made by the assessee. It shows all 26AS income tax payments made during a financial year.
● Part C - contains details of High-Value Transactions (HVT) such as the purchase/ sale of immovable property, shares, bonds, etc., above ₹5 lakhs during the financial year.
● Part D - This part contains information about refunds from the Income Tax Department and details of TDS default or non-deduction.
● Part E - This part contains details of SFT (Statement of Financial Transaction) information, and any income from abroad, if applicable.
● Part F- Domestic companies and mutual funds must deduct tax at source from distributed profits - get the information here.
● Part G- Details regarding TDS/TCS applicable to e-commerce transactions.
● Part H- All details of turnover according to details furnished in form GSTR9C.
How to view Form 26AS?
Form 26 AS can be viewed from the new income tax portal by following the steps below:
1. You can view Form 26 AS by logging into the TRACES portal.
2. Once you have successfully logged in, you can access Form 26AS by clicking on the 'View Tax Credit Statement(Form 26AS)' option available under the 'My Account' section.
3. You can also view Form 26 AS from the new income tax portal by logging into the income tax portal.
4. Once logged in, go to the 'My Profile page and click the 'Form 26 AS link under the Tax Credit Statement section.
5. To view Form 26 AS from your bank account, you need to log into your net banking or mobile banking account and look for the Form 26 AS (Tax Credit Statement) option in the menu.
6. You can also download Form 26 AS from the TRACES portal in PDF format.
7. The form will be available for download after you have entered your PAN and selected the Assessment Year for which you wish to view it.
8. It is advisable to download and keep a copy of Form 26 AS for future reference.
The banks that have registered with NSDL for e-filing purposes can offer their customers an online facility to view, download and print their Form 26 AS. The customer can directly receive Form 26AS on their email id registered with the bank.
Currently, around 50 banks are offering this facility to their customers.
These banks are:
● Axis Bank Limited
● Bank of Baroda
● Indian Overseas Bank
● Kotak Mahindra Bank Limited
● Indian Bank
● Karnataka Bank
● Bank of India
● Bank of Maharashtra
● Bank of Baroda
● Indian Overseas Bank
● Kotak Mahindra Bank Limited
● Indian Bank
● Karnataka Bank
● Citibank N.A.
● Corporation Bank
● City Union Bank Limited
● ICICI Bank Limited
● IDBI Bank Limited
● Oriental Bank of Commerce
● The Saraswat Co-operative Bank Limited
● UCO Bank
● Union Bank of India
● State Bank of India
● State Bank of Mysore
● State Bank of Travancore
● State Bank of Patiala
● The Federal Bank Limited
The procedure to view or download Form 26AS from the bank's website may differ depending on the bank. Check with your respective bank for more details on accessing your form 26AS online.
It is important to view your Form 26AS traces regularly and cross-check all the details of income tax payments as mentioned in it concerning your transactions. This will ensure that you have not missed any income tax payments or have made any mistakes in calculating your taxes. You can also use Form 26AS to file income tax returns and other taxation purposes.
How to Download Form 26AS?
If you want the form 26AS download from the new income tax portal, it is simple. With your PAN number, you can easily download Form 26AS from the TRACES website or through an authorized bank's internet banking facility. Simply head to www.incometax.gov.in and log in using your Income Tax Department credentials; if you do not have an account as of yet, click the button at the top right corner of the webpage to register for one!
Visit the e-filing website of the Income Tax Department, www.incometax.gov.in, and log in to your account using your PAN number and password
Enter your user I.D. and password and click 'Sign In.' It can be done using your user I.D., such as PAN or Aadhaar number. If the user I.D. has a disability, you need to select the 'Forgot User ID' option and continue with valid login credentials. You can even access the account through net banking.
Select the checkbox below the message to verify secure access. The standard secure access statement is set as 'Login' by default and is proof of authenticity for a good income tax website. Individuals can customize their personal message via the 'Profile' option for further security measures if desired. Unlock access with your password and proceed.
When you open the new income tax portal, a screen will display with a drop-down menu. Scroll to 'e-file' and click 'Income Tax Returns'; then select 'View Form 26AS' from the list of options. Following these steps, quickly unlock your form – easy as that!
For safe and secure access to the TRACES website, simply click 'Confirm' on the disclaimer page. Don't worry — this step is required for your protection!
You will be redirected to the TRACES website once you have clicked 'Confirm.' Enter your PAN number to proceed. Select the box which appears on the screen and select Proceed.
You will be taken to a new page to view and download your form 26AS in PDF format. To save it, click 'Save' at the bottom right-hand side of the page.
You may also forward Form 26AS through email or print it out directly from this page by clicking on the 'Print' option at the webpage's top. To view your Form 26AS, click the link at the bottom of this page and select "View Tax Credit (Form 26AS)".
Select the desired Assessment Year, and then decide if you want to preview Form 26AS in HTML format or download it as a PDF. Once you've selected, input the Verification Code and press 'View/Download' - that's it!
After you've completed all the steps, you can view Form 26AS on your screen. You may now check the details of income tax payments in it to ensure accuracy and ensure no tax dues are pending. Once you have verified all the information, you may save or print your form 26AS at your convenience.
Finally, you have successfully downloaded your form 26AS and can check the details of income tax payments. It is important to keep this document safe as it serves as a statement of all your tax payments that you have made during a financial year.
Following these simple steps, you can easily download and view Form 26AS from the new Income Tax portal.
Things to Verify in Your TDS Certificate with Form 26AS
● Assessment Year
Make sure to check the correct assessment year.
● Tax Deducted at Source (TDS)
This can be verified from Form 26AS. It shows all details of taxes deducted by various entities, like employers, banks, etc., for a particular period. If your TDS certificate does not match Form 26A, you need to contact the respective deductor and get the correct TDS certificate.
● Tax Paid Challan
All tax payments should be mentioned in form 26AS under respective challans with dates and amounts.
● Refunds, if Any
Check the refund section in form 26AS to verify the refunds claimed during the filing of the return in that financial year.
● High-Value Transactions
Under this section, high-value transactions like selling property or buying shares, etc., will be mentioned. Tax should be deducted on these high-value transactions, and the same amount should reflect in form 26AS.
● Deduction u/s 80C
Check this section to verify if correct deductions under Section 80C have been claimed while filing income tax returns.
● Interest Income
Listed in form 26AS are all the banks where you have an active account and the total interest earned for that year from each bank account. Make sure that the details match your TDS certificate.
● Deductions Claimed
This includes deductions claimed under Sections like 80D, 24, etc., which can also be verified from form 26AS.
TDS Certificate (Form 16/16A) vs. Form 26AS
The Income Tax Department issued both Form 16/16A and Form 26AS to individuals. They differ in terms of what information they contain and how they can be accessed.
Form 16/16A contains details like name, PAN number, address of employer, TDS amount deducted during a financial year, etc., whereas form 26AS contains details of all tax payments made including refunds received from the Income Tax department for that particular year. Both forms need to be submitted while filing income tax returns but only form 16/16A is needed for claiming TDS credit.
Form 16/16A is provided by an employer after deducting taxes from an employee's salary; it cannot be downloaded directly from the official website of the Income Tax Department. However, form 26AS can be downloaded from the new Income Tax portal by following the simple steps mentioned above.
Latest updates in Form 26AS
The Income Tax Department has recently released form 26AS in new income tax portal, including TDS certificates, refund details, and high-value transactions. The new form will be available for download in the new income tax portal. This ensures that all taxpayers have access to their financial information online and can verify it with ease. In addition, form 26AS will be updated regularly to ensure the accuracy of all tax payments made and that there are no pending dues.
By verifying the information contained in Form 26AS, taxpayers can ensure that they are paying their taxes as per the provisions of the Income Tax Act. Moreover, it also allows them to take corrective action if any discrepancies are detected. All in all, Form 26AS is an important document for accurately filing income tax returns.
Introduction of Annual Information Statement (AIS)
AIS is an important document that must be submitted annually to the Income Tax Department. It provides details of all tax payments made during a financial year and contains other important information like High-Value Transactions, Deduction u/s 80C, Interest Income, etc.
Form 26AS can be accessed from the new income tax portal by entering your PAN number and password and selecting the form 26AS option. The details provided in this form should be verified carefully to ensure the accuracy of all tax payments made during a financial year.
Benefits of Annual Information Statement (AIS)
● AIS helps to verify the accuracy of all tax payments made during a financial year.
● It contains details about High-Value Transactions, which can be used for loan processing or filing returns.
● It is an important document for filing income tax returns as it provides reliable information about all the taxes paid over a given period.
● It helps to detect any discrepancies in taxes paid and correct them immediately.
● Accessing the new income tax portal using your PAN number and password is easy.
● AIS is an important document that must be submitted annually for accurate filing of ITR.
● It helps to keep track of all tax payments made and avoid any legal implications due to non-payment of taxes.
How to download Tax Credit Statement or Form 26AS?
● Form 26AS in income tax can be downloaded from the new income tax portal by entering your PAN number and password.
● Once logged in, select the 'Form 26AS' option to access the form. The form has details of all taxes paid over a given period, which must be verified carefully for accuracy.
● You can also view the details of High-Value Transactions and other deductions like u/s 80C.
● Once the verification is complete, you can download the form in PDF or HTML format.
Filing your income tax return is much easier with Form 26AS, which contains a comprehensive overview of all taxes paid over any specified period. It helps to keep track of all tax payments made and verify their accuracy.
Moreover, form 26AS also includes High-Value Transactions, which can be used for loan processing or filing returns. The new form will be updated regularly to ensure the accuracy of all tax payments made and no pending dues. It is available on the new income tax portal and can be accessed using your PAN number and password. All in all, Form 26AS provides an important way to file income tax returns accurately.
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Frequently Asked Questions
Form 26AS can be viewed from the new income tax portal by entering your PAN number and password. Once logged in, select the 'Form 26AS' option to access the form and verify the details of all taxes paid over a given period.
Form 26AS can be accessed from the new income tax portal without logging in by entering your PAN number. Once logged in, select the 'Form 26AS' option to access the form and verify the details of all taxes paid over a given period.
Form 26AS is updated regularly to ensure the accuracy of all tax payments and that there are no pending dues. The new form will be updated on the new income tax portal from the 1st of April each financial year.
The password of Form 26AS in PDF format is the same as your PAN number. You can download the form by entering your PAN number and password in the new income tax portal. Once logged in, select the 'Form 26AS' option to access the form and download it in PDF format.
Form 26AS is an Annual Information Statement (AIS) that contains details about all the taxes paid over a given period. It helps to verify the accuracy of all tax payments made during a financial year and detect any discrepancies in taxes paid.
Form 26AS is an important document required for filing income tax returns as it contains all the details about taxes paid over a given period. It helps to keep track of all tax payments made and verify their accuracy.
In the event that you spot any inconsistencies on your Form 26AS, reach out to your Assessing Officer (AO) as soon as possible and take steps to correct them. The A.O. will review the form and make necessary changes. Once the corrections are made, you can download the revised form.
The booking date in Form 26AS is when the Tax was paid or deposited. It reflects the period for which the taxes have been paid. This must be verified carefully for accuracy before filing the income tax returns.
TDS is usually reflected in Form 26AS as soon as it is deducted from the taxpayer's account. If you have recently paid, the amount may take a few days to reflect in your Form 26AS.
Form 26AS can be downloaded from the new income tax portal in PDF and excel formats. To download it in excel format, login to the portal using your PAN number and password.
The transaction date in Form 26AS is when the tax payment was made. It reflects the period for which taxes have been paid. The date of booking in Form 26AS is the date when the payment amount was credited to your PAN number.