Form 26AS
Form 26AS

Summary of Form 26AS Form 26AS is an essential statement that provides various details related to tax deductions, collections, payments, refunds, and high-value transactions. This form comprises several parts, including details of tax deducted at source, tax collected at source, tax paid, paid refunds, SFT transactions, TDS defaults, and turnover as per GSTR-3B.

One can access Form 26AS through the TRACES portal or the net banking facility of their bank. It is beneficial for taxpayers as it enables them to review their financial transactions involving TDS/TCS, compute income, claim tax credits, and verify refunds.

Notably, a new version of Form 26AS was introduced on 1 June 2020, expanding its scope to include additional data such as specified financial transactions, tax demands, tax refunds, and pending/completed income tax proceedings. This update aims to enhance tax compliance and accuracy in tax payments.

Form 26AS is a statement that shows the below information:

The new AIS, effective 1 June 2020, will also include information on specified financial transactions, pending and completed assessment proceedings, tax demands, refunds and the existing data presented in the form.

Structure and Parts of Form 26AS?

  • Part A: Details of Tax Deducted at Source
    • Part A1: Details of Tax Deducted at Source for 15G/15H
    • Part A2: Details of Tax Deducted at Source on the Sale of Immovable Property u/s194(IA)/TDS on Rent of Property u/s 194IB/TDS on Payment to Resident contractors and professionals u/s 194M (For Seller/Landlord of Property/ Payee of resident contractors and professionals)
  • Part B: Details of Tax Collected at Source
  • Part C: Details of Tax Paid (other than TDS or TCS)
  • Part D: Details of Paid Refund
  • Part E: Details of SFT Transaction
  • Part F: Details of Tax Deducted at Source on the sale of Immovable Property u/s194(IA)/TDS on Rent of Property u/s 194IB/TDS on payment to resident contractors and professionals u/s 194M (For Buyer/Tenant of Property/Payer of resident contractors and professionals)
  • Part G: TDS Defaults* (processing of Statements)
  • Part H: Details of Turnover as per GSTR-3B

Part A:   
Details of Tax Deducted at Source

Part A of Form 26AS contains TDS details deducted from your salary, interest income, pension income, prize winnings, etc. It also includes the TAN of the deductor and the amount of TDS deducted and deposited to the government. This information is provided every quarter.

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

Details of income where no TDS has been deducted are given here since the taxpayer has submitted Form 15G or Form 15H. You can verify the status of the TDS deduction if you have submitted Form 15G or Form 15H. If you have not submitted Form 15G or Form 15H, this section will display ‘No transactions present’.

Part A2:   
Details of the following entries are mentioned here:

  • TDS on sale of immovable property u/s194(IA) (for the seller of property)
  • TDS on rent of property u/s 194IB (for the landlord of property)
  • TDS on payment to resident contractors and professionals u/s 194M (for a payee of resident contractors and professionals)

That is, it will show entries if you have sold the property/rented the property, received payments for contractual or professional service during the year, and TDS was deducted on the same.

Part B:   
Details of Tax Collected at Source

Part B shows the Tax Collected at Source (TCS) by the seller of goods. Entries in Form 26AS will show the seller’s details who have collected tax from you.

Part C:   
Details of Tax Paid (Other than TDS or TCS)

If you have deposited any tax yourself, that information will appear here. Details of advance tax. as well as self-assessment tax, are present here. It also contains challan details (BSR code, date of deposit, CIN) through which the tax was deposited.

Part D:   
Details of Paid Refund

Information regarding your refund will be presented in this section if any. The assessment year to which the refund pertains, along with the mode of payment, the amount paid and interest paid, and the date of payment, are mentioned.

Part E:   
Details of SFT Transaction

Banks and other financial institutions must report high-value transactions to the tax authorities. High-value purchases of mutual funds, property purchases, and corporate bonds are all reported here.

Part F:   
Details of Tax Deducted at Source on the sale of Immovable Property u/s194(IA)/TDS on Rent of Property u/s 194IB/TDS on payment to resident contractors and professionals u/s 194M

When you have bought a property/paid rent to the tenant/paid for contractual work or professional fees, and deducted TDS on such payments, this section will show details of the TDS deducted & deposited by you.

Part G:   
TDS Defaults*(Processing of Statements)

This part shows TDS defaults (after processing of TDS returns). However, they do not include demands raised by the assessing officer.

Part H:   
Details of Turnover as per GSTR-3B  
This part shows the taxpayer’s turnover as reported in the GSTR-3B return.

How to view Form 26AS?

You can view Form 26AS through the following two modes:

  • The TRACES portal
  • The net banking facility of your bank account

Form 26AS can be downloaded on the TRACES website. Below are the steps to view and download Form 26AS from the TRACES website.

Step 1: Visit the e-filing website

Step 2: Enter your user ID- It can be either PAN or Aadhaar number. If the user ID is invalid, error message will be displayed. Continue with valid user ID details.

Step 3

  • Enter the password and continue.

Step 4

  • The following screen will appear. Go to ‘e-file’. Click on ‘Income Tax Returns’ and select ‘View Form 26AS’ in the drop-down.
  • View Form 26AS

Step 5

  • Click on ‘Confirm’ to the disclaimer so that you are redirected to the TRACES website (don’t worry, this is a necessary step and is completely safe since it is a government website).
  • TRACES Website

Step 6: You are now on the TRACES (TDS-CPC) website. Select the box on the screen and click on ‘Proceed’.

Step 7: Click on the link at the bottom of the page – Click ‘View Tax Credit (Form 26AS)’ to view your Form 26AS.

Step 8: Choose the Assessment Year and the format you want to see Form 26AS. If you want to see it online, leave the format as HTML. You can also choose to download it as a PDF. After you have made your choice, enter the ‘Verification Code’ and click on the ‘View/Download’ button.

Step 9: After the download, you can view Form 26AS by opening it.

How to view Form 26AS from net banking facility?

The facility to view Form 26AS is available to a PAN holder having a net banking account with any authorised bank. You can view your Form 26AS only if your PAN number is linked to that particular account. This facility is available for free. The list of banks registered with NSDL through which you can view your Tax Credit Statement (Form 26AS) are as below:

How to use the income tax department’s e-filing website?

The first step is to either login or register on the e-filing website. After entering your PAN number under the ‘Taxpayer’ tab, the website will tell you if you’re already registered. 

If you’ve e-filed before, the chances are that you might already be registered. Please search your email inbox for ‘incometax.gov.in’ to look for information that might be useful.

Log in through your user ID and password, and you can use the portal for income tax-related compliances.

Note: Your user ID is your PAN number. If you don’t remember your password, you need to reset your password.

Benefits of Form 26AS

  • Form 26AS provides important information about tax deducted/collected and deposited with the government tax authorities by the authorised deductors/collectors.
  • A taxpayer can view all financial transactions involving TDS/TCS for the relevant financial year in Form 26AS.
  • Form 26AS helps in the computation of income and to claim the tax credits when filing an Income Tax Return (ITR) on income. 
  • Form 26AS helps in computation of income and to claim the tax credits at the time of filing Income Tax Return (ITR) on income. 
  • A taxpayer can confirm the verification of refunds during the applicable financial or assessment year using Form 26AS.

New Form 26AS effective from 1 June 2020

With effect from 1 June 2020, the taxpayers’ data will be available in a new Form 26AS, which is as follows:

The government is yet to notify or clarify the specified financial transactions reportable in the new Form 26AS. The new form is in line with the Budget 2020 announcement to facilitate compliance and correct payment of taxes.