An in-depth look at what Form 26AS is, what information it contains, how to download it, and how it can help you file taxes correctly.
Form 26AS, also known as the Tax Credit Statement, is a vital document every Indian taxpayer needs to be familiar with. It contains extensive information about the taxes deducted and collected on your behalf, along with details of the income tax refunds you have received.
With comprehensive facts about your tax payments and liabilities, Form 26AS serves as an important tool to file income tax returns accurately.
This comprehensive guide will provide you with everything you need to know about Form 26AS – right from what it is, what details it consists of, how to download it from TRACES portal or net banking, to how you can leverage it for quick and error-free tax filing.
Table of Contents
What is Form 26AS?
Form 26AS, known as the Tax Credit Statement, is an annual consolidated tax statement issued under Rule 31AB of the Income Tax Rules, 1962.
It is generated every quarter and displays all the tax credits under your Permanent Account Number (PAN).
The credits include:
- Tax Deducted at Source (TDS)
- Tax Collected at Source (TCS)
- Advance tax, self-assessment tax payments
- Regular assessment tax deposits
Additionally, Form 26AS provides information about:
- Income tax refunds
- High-value financial transactions
- TDS defaults
- Pending demands
- Completed assessment proceedings
Essentially, Form 26AS gives you a consolidated view of all the taxes paid, collected and deducted on your income during the financial year.
The government has recently expanded the scope of Form 26AS to promote voluntary compliance and transparency.
The new 26AS now includes details of:
- Foreign remittances
- Purchase of mutual funds
- Purchase of bonds, debentures
- Off-market transfer of shares
- Buyer’s PAN in sale of immovable property
- Breakup of salary income
- TDS proceedings
Armed with detailed information on specified financial transactions, taxpayers can ensure accurate tax compliance and reporting.
Information Available on Form 26AS
Form 26AS contains different sections providing extensive information related to your taxes. Here is a quick look at key details available:
| Section | Information Available |
|---|---|
| Part A: TDS on payments | TDS deducted on income such as salary, interest, commission, rent, professional fees. Along with deductor’s TAN and amount. |
| Part A1: TDS on 15G/15H | Details of income where no TDS deducted due to Form 15G/15H submission. |
| Part A2: TDS on property/contract | TDS deducted u/s 194IA on immovable property sale. TDS on rent u/s 194IB. TDS to resident contractors/professionals u/s 194M. |
| Part B: TCS | Details of Tax Collected at Source by seller of specified goods. |
| Part C: Advance/Self-Assessment Tax | Details of advance tax, self-assessment tax paid. Challan details. |
| Part D: Refund | Income tax refunds issued. Assessment year, date, amount and interest on refund. |
| Part E: Specified Transactions | Details of high-value financial transactions. Purchase of mutual funds, bonds, shares etc. |
| Part F: TDS on property purchase | TDS deducted u/s 194IA, 194IB, 194M by buyer/tenant/payer. |
| Part G: TDS Defaults | Details of TDS defaults during the financial year. |
| Part H: GST Turnover | GST turnover details as per GSTR-3B. |
This comprehensive view allows you to ensure all taxes deducted on your income are duly credited to the Income Tax Department.
Structure and Parts of Form 26AS
Now let’s understand the various sections of Form 26AS in detail:
Part A: TDS on Payments
This section provides extensive information about tax deduction on different types of incomes such as:
- Salary
- Interest income
- Rent
- Commission
- Professional service fees
- others
It displays the TAN of the deductor along with date and amount of TDS deduction.
For instance, your employer’s TAN will be shown against TDS on your salary. Similarly, banks’ TAN will reflect against TDS on your interest income.
Part A1: TDS on 15G/15H
If you have submitted Form 15G/15H for non-deduction of TDS on certain incomes, this section will provide details of such income.
For example, no TDS is required on interest income below ₹40,000 in a year for senior citizens if Form 15H is submitted. Part A1 will show interest income on which you have furnished Form 15H to the bank for non-deduction of TDS.
Part A2: TDS on Property/Contract
This section has details of:
- TDS under section 194IA: Deducted on sale of immovable property valued above ₹50 lakhs. Applicable if you are the seller.
- TDS under section 194IB: Deducted by tenant on rent paid above ₹50,000 per month. Applicable if you are the landlord.
- TDS under section 194M: Deducted by payer on fees above ₹50 lakhs to a resident professional or contractor. Applicable if you are the recipient of such fees.
Part B: TCS
It shows details of Tax Collected at Source by the seller of specified goods when sale consideration exceeds ₹50 lakhs in a financial year.
For example, TCS is applicable if you have sold:
- Motor vehicle above ₹10 lakhs
- Jewellery above ₹5 lakhs
- Any goods/services above ₹50 lakhs
Part B will have details if the seller has collected TCS on purchase of such goods from you.
Part C: Advance/Self-Assessment Tax
This part displays details of all advance tax and/or self-assessment tax paid by you for the financial year.
It also shows challan information like BSR code, date of deposit and challan identification number (CIN) to validate tax payment.
Part D: Refund
If tax refund has been issued to you for the assessment year, details will appear here.
It shows:
- Assessment year
- Refund amount
- Date of refund payment
- Interest on refund
- Mode of payment (cheque/bank transfer etc.)
Part E: Specified Financial Transactions
Banks and other institutions have to report high-value financial transactions to tax authorities. These transactions are reflected here such as:
- Purchase of mutual funds above ₹10 lakhs (or ₹50,000 per transaction)
- Purchase of bonds, debentures above ₹10 lakhs
- Purchase of shares in a company exceeding ₹10 lakhs or 1% of share capital
- Buyer’s PAN in sale of immovable property above ₹10 lakhs
- Off-market transfer of shares, mutual funds, bonds etc.
Part F: TDS on Property Purchase
This section shows TDS deducted by the buyer/tenant if you have:
- Sold immovable property above ₹50 lakhs
- Rented out property above ₹50,000 per month
- Received professional fees above ₹50 lakhs
It helps reconcile whether the tax has been properly deducted on such incomes.
Part G: TDS Defaults
If any TDS defaults are detected after processing the TDS returns, details will be available here.
However, demands raised by the assessing officer do not form part of this section.
Part H: GST Turnover
This part reflects turnover details as per monthly GST returns (GSTR-3B). It helps correlate GST and income tax information.
This comprehensive view of taxes deducted, collected, and paid gives complete clarity on your tax liabilities and credits for the financial year.
How to View and Download Form 26AS
You can check your Form 26AS in two ways:
- TRACES Website
The Tax Information Network (TIN) website operated by NSDL allows you to freely view, download and print Form 26AS.
- Net Banking
Many banks provide facility to view Form 26AS through net banking if your PAN is linked to the account.
Let’s look at the step-by-step process for both:
Download from TRACES Website
Here is the process to download Form 26AS from the TRACES portal:
Step 1) Visit the TRACES website
Step 2) Enter your PAN as user ID
Step 3) Enter password and Captcha code
Step 4) Go to ‘View Form 26AS’ option
Step 5) Select Assessment Year and format – HTML, PDF etc.
Step 6) Enter verification code
Step 7) Click ‘View/Download’. Form 26AS will open up.
Step 8) You can print or download the PDF copy.
That’s it! Within few minutes you can download Form 26AS from the TRACES website.
View through Net Banking
Here are the steps to check Form 26AS through net banking:
Step 1) Login to net banking account of authorized bank
Step 2) Look for ‘Tax Credit Statement’ or ‘Form 26AS’ link
Step 3) Click on link and enter PAN details
Step 4) Form 26AS will open up with all details
Step 5) You can print or download the PDF copy
Currently, over 20 banks provide Form 26AS downloading facility through net banking. Some of the authorized banks are:
- Axis Bank
- Bank of Baroda
- Bank of India
- Canara Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Kotak Mahindra Bank
- Punjab National Bank
- State Bank of India
- Yes Bank
So in addition to TRACES, you can also easily check Form 26AS via net banking!
Benefits of Form 26AS
Here are some major benefits of Form 26AS for taxpayers:
Consolidated tax information
- Form 26AS consolidates all your tax payment, deduction and collection information in one place. Saves time tracking from different sources.
Verify tax credits
- You can validate whether tax deducted on various incomes has been credited to the Income Tax Department. Identify any mismatches.
Accuracy in tax filing
- With comprehensive tax data, you can file error-free returns based on correct TDS, advance tax and TCS credits.
Track high-value transactions
- Details of financial transactions helps you reconcile related incomes and taxes.
Monitor demands and refunds
- Outstanding demands and refunds issued for each year are shown. No surprises.
Auto-population of ITR
- Information from 26AS can be used to pre-fill and file ITR quickly. Reduces effort.
So clearly, Form 26AS makes tax filing transparent, accurate and hassle-free!
New Form 26AS and Annual Information Statement
In June 2020, the income tax department expanded Form 26AS into an ‘Annual Information Statement (AIS)’.
The revamped Form 26AS includes comprehensive information on specified financial transactions, foreign remittances, pending/completed assessments and demands.
Here are some new details covered:
Foreign remittances
Banks have to report details of any foreign remittance over ₹5 lakhs received by an individual via Form 15CC. Such information will now be shown.
Breakup of salary income
Components of salary like basic, HRA, LTA, deductions claimed under section 80C, 80D etc. will be mentioned. Employers provide this data.
Pending/completed assessments
Details of scrutiny assessments, returned income, assessed income, demands raised, refunds issued for each year will be displayed.
Purchase of high-value items
Details of purchase of mutual funds, bonds, debentures, shares exceeding ₹10 lakhs will be provided as reported by institutions.
TDS proceedings
Status of defective TDS returns, defaults in TDS payments, demands raised and rectifications will be shown.
The aim of the enhanced AIS is to provide comprehensive data to taxpayers for easier voluntary compliance.
Taxpayers can also provide online feedback in case any information is incorrect in AIS. This results in updated and accurate data.
Things to Verify in Form 16/16A and Form 26AS
It is important to cross-check your Form 16/16A with Form 26AS.
This helps identify any mismatches between taxes deducted and actual credits in your Form 26AS.
Here are some things you should verify:
- Verify name, PAN, TAN of deductor in both Form 16/16A and Form 26AS
- Match TDS amount as per Form 16/16A with actual tax credited in Form 26AS
- Check if TDS credits are for correct assessment year
- Ensure incomes are reflected properly in Form 26AS as per Form 16/16A
- Confirm tax credits are available before filing ITR based on Form 16/16A
Any discrepancy found must be corrected by contacting the deductor. This will ensure seamless tax filing for you without notice from the Income Tax Department.
Frequently Asked Questions
Here are some common queries about Form 26AS:
Q: How can I download Form 26AS without login?
You can view and download Form 26AS from net banking if your PAN is linked to the account. No separate registration is needed.
Q: What is the password to open Form 26AS PDF?
The password to open Form 26AS PDF is your date of birth in DDMMYYYY format.
Q: I found wrong entry in my Form 26AS. What should I do?
Inform the deductor who has furnished incorrect TDS return. They will have to file a correction statement to rectify errors in Form 26AS.
Q: Where can I see interest on income tax refund credited?
Interest on refund granted is shown in Part D of your Form 26AS.
Q: Is buyer’s PAN shown in Form 26AS for property sale?
Yes, if you have sold immovable property above ₹10 lakhs, buyer’s PAN is shown under Part E of Form 26AS.
Q: How long does it take to update Form 26AS after e-filing TDS return?
It takes 8-10 days to update Form 26AS after the deductor e-files TDS return.
Q: Can I edit or make changes to Form 26AS on my own?
No, a taxpayer cannot make changes to Form 26AS directly. You have to contact the deductor for any corrections.
Q: Where is data of my mutual fund investments shown?
Purchase of mutual funds above ₹10 lakhs will be shown in Part E of Form 26AS.
We hope this detailed guide to Form 26AS helps you access and leverage your Tax Credit Statement for accurate tax filing and planning. Do cross-check it with Form 16/16A before you file ITR!
