How to View and Download Form 26AS Online?

In the digital era of tax management, Form 26AS has emerged as an indispensable tool for taxpayers in India. This form acts as a consolidated tax statement, playing a pivotal role in ensuring transparency and ease in filing income tax returns. Form 26AS contains crucial information regarding tax deducted at source (TDS), tax collected at source (TCS), and other taxes paid by or on behalf of the taxpayer.

Understanding how to download Form 26AS online is crucial for every taxpayer. It simplifies the process of tax filing by providing a comprehensive view of taxes paid and any TDS or TCS against your PAN. Whether you are an individual taxpayer or running a business, learning how to access and can do form 26AS download PDF format can significantly streamline your tax planning and filing process.

What is Form 26AS?

26AS form of income tax is a tax credit statement that provides a consolidated record of all the taxes deducted on behalf of an individual taxpayer by various entities. It reflects the tax credits available against the PAN of a taxpayer for a particular financial year. This form is instrumental in ensuring that the correct amount of tax has been deducted and deposited in the taxpayer’s name with the government.

This comprehensive document not only details the TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) but also includes information about other taxes paid, refunds received, and high-value transactions. It serves as a vital reference for taxpayers to verify and reconcile their tax payments before filing their income tax returns. Being aware of and understanding the contents of Form 26AS is crucial for accurate tax filing and avoiding discrepancies.

What Information is included in Form 26AS?

Form 26 AS contains detailed information about various financial transactions for a taxpayer. Understanding these details is key to accurate tax filing.

1. Details of Tax Deducted at Source (TDS): Form 26AS includes information about the tax deducted at source on your income from salaries, interest on securities, dividends, or other sources.

2. Details of Tax Collected at Source (TCS): It shows the tax collected by the seller at the time of sale of certain goods.

3. Advance Tax/Self-Assessment Tax Details: Payments of advance tax or self-assessment tax made by the taxpayer are also recorded in Form 26AS.

4. Details of Refunds: If there have been any tax refunds during the financial year, they are reflected in this form.

5. Details of High-Value Transactions: High-value transactions, such as property purchases, are reported in Form 26AS under the Annual Information Return (AIR).

6. Information about Foreign Remittances: Details of taxes deducted on foreign remittances are included in Form 26AS.

How to View and Download Form 26AS?

26AS form download can be easily done through the Income Tax Department’s e-filing portal, following these detailed steps:

Access the e-Filing Portal: Navigate to the Income Tax Department’s official e-filing website.

Login with Credentials: Enter your User ID (PAN), Password, and the captcha code to log in. If you’re a new user, you’ll need to register first using your PAN.

Locate Form 26AS: Once logged in, go to the ‘My Account’ tab and select ‘View Form 26AS (Tax Credit)’ from the drop-down menu.

Agree to the Disclaimer: You will be redirected to the TDS-CPC website, where you must agree to the usage and confidentiality terms.

Select Assessment Year: Choose the appropriate assessment year for which you want to view the Form 26AS.

Download the Form: After selecting the year, you can download Form 26AS online. You can 26AS download PDF format, which can be saved for your records.

Different Parts of Form 26AS

Form 26AS is divided into several sections, each detailing various aspects of a taxpayer’s financial transactions.

Section

Description

Part A – TDS

Details tax deducted at source on your salary, interest income, pension, etc. It includes the name of the deductor, TAN, the amount of tax deducted, and deposited.

Part B – TCS

Lists tax collected at source by sellers on high-value transactions. It shows the seller’s details and the amount of tax collected.

Part C – Other Tax Paid

Contains details of taxes paid other than TDS and TCS, such as advance tax or self-assessment tax, along with details of the bank through which the payment was made.

Part D – Refund

Indicates details of tax refunds received during the financial year, if any, including the mode of payment, amount, and interest paid on refunds.

Part E – AIR Transaction

Lists specified high-value transactions such as mutual fund purchases, property transactions, or high-value corporate bonds.

Part F – TDS on Sale of Property

Details TDS deducted on the sale of immovable property (Section 194IA).

Part G – TDS Defaults

Details of defaults in TDS or TCS processing, if any.

What is New in the Form 26AS?

Recent enhancements in Form 26AS aim to provide a more detailed view of a taxpayer’s financial transactions:

Inclusion of Specified Financial Transactions: Form 26AS now includes information on specified financial transactions like cash deposits or withdrawals, property transactions, and more, which was not covered earlier.

Comprehensive Reporting: It now encompasses a broader spectrum of financial information, ensuring a complete overview of all major transactions relevant for income tax filing.

Why is Form 26AS Important?

Form 26AS holds significant importance in the income tax filing process:

Critical for Accurate Tax Filing: It is crucial for cross-verifying the tax deducted on your income and ensuring all tax credits are accurately reported while filing your income tax return.

Identifying Discrepancies: Helps in detecting any mismatches or discrepancies in tax payments, enabling timely correction before filing returns.

Essential for Financial Documentation: Banks and financial institutions often require Form 26AS for loan approvals, while foreign consulates may ask for it during visa processing to assess your financial history.

Regular monitoring of Form 26AS is thus vital for ensuring accurate tax filing and effective financial management.

 Also ReadWhy Opting For an NBFC Personal Loan is a Better Option?

What are the Benefits of Form 26AS? 

Form 26AS offers several benefits, making it an essential document for taxpayers. It serves as a one-stop reference for all tax-related information, simplifying the process of filing accurate income tax returns.

Easy Access to Tax Information: Form 26AS provides a consolidated view of all taxes deducted or collected on your behalf, making it easier to access and review your tax-related transactions in one place.

Facilitates Tax Planning: With detailed information on taxes paid, Form 26AS aids in effective tax planning and ensures you are aware of all tax credits available to you.

Simplifies Return Filing: Form 26AS simplifies the process of filing your income tax return by providing all necessary tax payment and deduction information, reducing the likelihood of errors.

Helps in Verifying TDS/TCS Entries: It allows taxpayers to verify the TDS/TCS entries made by deductors/collectors, ensuring that the correct amount of tax has been deducted and deposited.

Prevents Tax Fraud: By providing a record of all transactions against your PAN, Form 26AS helps in preventing tax fraud and identifying any unauthorised activities.

Supports Loan and Visa Applications: It can be used as a supporting document for loan applications and visa processing, showcasing your financial discipline and tax compliance.

Also Read: Personal Loan Tax Benefits | Tax Deduction & Tax Exemption

How to Submit Form 26A/27BA Online?

To submit Form 26A/27BA online, follow these comprehensive steps:

Login to TRACES: Visit the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website and log in with your credentials.

Navigate to Relevant Section: Once logged in, find the section for submitting Form 26A/27BA. This option is typically found under the ‘Statements/Payments’ tab.

Fill in the Details: Enter the required details in the form, which may include information about the transaction for which you are submitting the form.

Attach Supporting Documents: If the form requires any supporting documents, attach them in the prescribed format.

Review and Submit: Before submitting, ensure all details entered are accurate and complete. Review the form thoroughly to avoid any errors.

Acknowledgment Receipt: After submission, you will receive an acknowledgment receipt, which you should keep for your records.

Track the Status: You can track the status of your submission on the TRACES website to stay updated on the processing.

Things to Verify in Your TDS Certificate with Form 26AS

To ensure accuracy and compliance in your tax affairs, it’s crucial to verify your TDS (Tax Deducted at Source) Certificate against the details provided in Form 26AS. This cross-checking is essential for identifying any discrepancies and avoiding future tax complications.

TDS Amount: Compare the total TDS amount mentioned in your TDS certificate with the amount reflected in Form 26AS. Any mismatch in figures should be addressed immediately with the deductor.

Deductor’s Details: Ensure that the deductor’s name, TAN (Tax Deduction and Collection Account Number), and PAN are consistent in both your TDS certificate and Form 26AS.

Date of Tax Deduction: Verify that the dates of tax deduction mentioned in the TDS certificate align with the dates recorded in Form 26AS.

Nature of Payment: Cross-check the nature of payment (salary, interest, etc.) in the TDS certificate with the details provided in Form 26AS to ensure they match.

Section Under Which Tax is Deducted: Confirm that the section of the Income Tax Act under which tax has been deducted is the same in both the TDS certificate and Form 26AS.

Also Read: What is the Difference Between TAN, PAN And TIN?

Conclusion

In conclusion, Form 26AS is a vital document for every taxpayer, serving as a transparent record of all tax-related transactions. It not only facilitates accurate and hassle-free income tax filing but also helps in financial planning and detecting any discrepancies in tax records. Regularly reviewing and understanding your Form 26AS ensures that you remain compliant with tax laws and aids in making informed financial decisions. As the Indian tax system continues to evolve digitally, staying proactive and informed about documents like Form 26AS is key to effective tax management.

Frequently Asked Questions

How Can I Access My Form 26AS?

You can access Form 26AS through the Income Tax Department’s e-filing website by logging in using your PAN details. Additionally, it can also be accessed via your internet banking facility if your bank is authorised by the Income Tax Department to provide this service.

Is It Mandatory To Check Form 26AS?

While not mandatory, it is highly advisable to check Form 26AS regularly. It helps ensure all tax deductions and credits are accurately reported and reconciled before filing your income tax return, thus avoiding discrepancies and potential legal issues.

Can I Correct Discrepancies In Form 26AS?

Yes, you can correct discrepancies in Form 26AS. This usually involves contacting the deductor (employer, bank, etc.) to rectify any errors in their TDS/TCS statements, which they will then need to report to the Income Tax Department.

How Often Is Form 26AS Updated?

Form 26AS is typically updated quarterly with TDS/TCS details. However, certain information like advance tax payments may be updated more frequently. You can also check Form 26AS regularly for the most updated information.

Can Form 26AS Be Used As Proof Of Tax Payment?

Yes, Form 26AS can be used as proof of tax payment. It provides a detailed record of the taxes that have been deducted on your behalf and any taxes that you have paid, making it a reliable document for tax verification.

Is There A Mobile App To Access Form 26AS?

There isn’t a dedicated mobile app solely for accessing Form 26AS. However, taxpayers can access it through the mobile-friendly version of the Income Tax Department’s e-filing website or through authorised bank’s mobile banking apps if they provide such a facility.

YOU MAY ALSO LIKE

Download Zype App​

Categories

Archives