What is Form 26AS in Income Tax – How to Download and View Tax Statement

If you file your income tax returns (ITR) in India, you have probably come across Form 26AS. However, what is this form exactly, why is it relevant, and how can I obtain it? The Income Tax Department Issues Form 26AS, a consolidated annual tax statement that lists all of the financial activities pertaining to your PAN, including advance tax payments, refunds, tax collected at source (TCS), and tax deducted at source or (TDS). It is essential for confirming your tax credits, avoiding mistakes, and guaranteeing that all taxes paid on your behalf are appropriately recorded. In this blog, we’ll explain the significance of Form 26AS, what is form 26AS and provide a step-by-step guide on how you can view and download it.

What is Form 26AS?

The Income Tax Department maintains a compiled annual statement called Form 26AS that includes tax credit information of each taxpayer. The days of manually filing IT returns by downloading Form 26AS are long gone. The Form 26AS statement now covers information on purchases of mutual funds, international remittances, dividends, refunds, and other items.

The Income Tax Department maintains this information in their Form 26AS database if you have paid any taxes on your income or if taxes have been withheld from your income. If an NRI receives any income while in India, such as interest from an NRO account or salary from which TDS has been withheld, they must register with the Income Tax Department and obtain a PAN in order to view Form 26AS and claim the tax credit. You can also use an income tax calculator to estimate your tax liability based on your financial situation.

Structure of Form 26AS

Form 26AS consists of different sections, like

• Part A: contains tax deducted at source information
• Part B: contains information related to tax collected at source
• Part C: contains All the tax details paid other than TCS and TDS
• Part D: contains Tax refund details
• Part E: contains Specified Financial Transactions (SFT) details
• Part F: contains Tax details of tax deducted at source u/s 194(IA), 194IB and 194M
• Part G: contains TDS default details
• Part H: contains GSTR 3B turnover details

Importance of Form 26AS and its Benefits

With the use of Form 26AS, which functions as a thorough tax summary, taxpayers can precisely balance their income, exemptions, and deductions. It helps minimise potential tax-related concerns by assisting in preventing disparities between taxes reported by the income tax department and those deducted or collected by various entities.

Easy ITR Filing

Form 26AS provides a consolidated view of all the tax-related information. This makes it easy for taxpayers to file ITR (income tax returns) accurately.

Tracks High-Value Transactions

Form 26AS, which includes data of high-value transactions, enables taxpayers to monitor and ensure that their reported income reflects their real financial activities.

Verification

By enabling cross-verification, taxpayers can ensure transparency and lower the possibility of errors in tax assessments by confirming the information they submitted to the Income Tax Department.

Essential tax document

It is necessary for a number of financial operations, including loan applications, as it serves as evidence of tax payment.

Error Prevention

Form 26AS shows tax deducted by various entities, which can be compared with the figures of the actual tax credits claimed in your income tax return or (ITR). This helps to prevent errors, such as underreporting or over-reporting income, which could result in tax letters or penalties.

Resolve Discrepancies

Whenever you discover inconsistencies or anomalies among the tax credits, get in touch with the deductor or the relevant tax authorities right away to request corrections as needed.

Mandatory for Loans and Investments

Since Form 26AS gives a clear picture of your income and tax filing patterns, many financial institutions ask to see a copy of it when processing applications for credit cards, loans, or major investments.

Form 26AS for Tax Planning and Compliance

• Regular Review: Keep on checking your Form 26AS regularly in order to ensure that it aligns with your income sources and deductions.
• Accurate reporting: When filing your income tax returns, accurately report all income reflected on Form 26AS to claim correct tax credits and avoid excessive tax responsibilities.
• Resolve Discrepancies: If you discover any discrepancies, immediately notify the deductor or the Income Tax Department to get them corrected. This helps you avoid potential tax notices and penalties.
• Reconcile Deductions: Make sure that allowed deductions (such as gifts and investments under Sections 80C to 80U) are properly represented in your Form 26AS. If not, contact the appropriate entities for an update.
• Track Refunds/Demands: Use Form 26AS to keep track of the status of tax refunds or requests, including the assessment year, amount, and payment method.

How to View 26AS?

You can view 26AS easily with the following:

• Through Net Banking
  Log in to your net banking account and choose the 'Tax Credit' option to access Form 26AS.
• Through TRACES Portal
  Visit the TRACES portal, register yourself, and use your PAN card details and password to view and download Form 26AS.
• Through Income Tax Department's E-filing Website
  To access this form, log in to the e-filing system, select 'My Account,' and then 'View Form 26AS'.

How to Download Form 26AS?

You can download Form 26AS by following the below steps:

1. Open the official website of the Income Tax Department.
2. 2Click on the On the ‘Login’ option on top-right side of the screen
3. Enter your PAN card number as the user ID and password, then click 'Continue'.
4. After login in, navigate to 'Income Tax Returns' and select 'View Form 26AS' from the drop-down menu.
5. Press the 'Confirm' button to be sent to the Traces website.
6. Once on the Traces website, tick the checkbox and click 'Proceed'.
7. Choose ‘View Tax Credit (Form 26AS)’ option in order to access your Form 26AS.
8. Choose the ‘Assessment Year’ and ‘View As’ options
9. Get the drop-down list.
10. Click the ‘View/Download’ button to view your form online
11. After clicking ‘view/download’, select ‘Export as PDF’ to download the form in PDF form
12. You can then open the PDF file it does not require any password

Common Issues Faced When Accessing Form 26AS

• Mismatching TDS Information
  At times, there can be some mismatch between the TDS shown in the Form 26AS and the actual amount that has been deducted from your income. This usually happens when the deductor (employer or bank) does not deposit the TDS accurately or makes an error in reporting it to the Income Tax Department. In such circumstances, contact the deductor to correct the error.
• Net Banking Option not available
  Not all the banks present provide you with the facility of viewing Form 26AS through net banking. In such circumstances, you would need to obtain it using the Income Tax e-filing system.
• Technical Issues or Glitches
  If the Income Tax e-filing system or the TRACES website is down for maintenance, you may experience temporary difficulties accessing Form 26AS. It is recommended to try again after some time.

Form 26AS is an important document that allows you to keep track of and verify the taxes you pay on your income. By paying great attention to the details of Form 26AS, you can avoid errors, uncover inconsistencies early on, and guarantee that you are fully compliant with Indian tax rules. Form 26AS simplifies the process of submitting your income tax return while also ensuring that your tax responsibilities are accurately reported. Whether you use the Income Tax e-filing system or net banking, make sure to download and review your Form 26AS on a regular basis to stay on top of your tax obligations. For better tax management, you can also check out the various tax calculators available online.

Related Articles:

Is HRA Taxable? What is the HRA Calculation Formula?

Tax Savings Under Section 44ADA of the Income Tax Act (2024)

Understand the New TDS Rules on Life Insurance Premium Post Union Budget 2024

Top 5 Tax Saving Schemes for Senior Citizens