Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS to file IT returns manually. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, etc.
Form 26AS gives a consolidated record of every tax-related information associated with your PAN (Permanent Account Number). It can be viewed and downloaded easily from the TRACES website. It is useful to verify the contents of the TDS certificate and ensure that the TDS deducted from your income is actually deposited with the income tax department.
What is Form 26AS
Form 26AS means a Tax Credit Statement and is an important document for taxpayers. 26AS full form is Annual Information Statement (AIS). Form 26AS provides a detailed overview of your financial activities for a specific year, going beyond just TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) transactions. It serves as proof of income and tax payments, linked to your PAN number.
Based on the details mentioned in Form 26AS, the taxpayers file annual returns. When filing your tax return, verify that the taxes you claim match the tax values stated in Form 26AS.
Information Available on Form 26AS
- Details of tax deducted at source
- Details of tax collected source
- *Advance tax paid by the taxpayer
- *Self-assessment tax payments
- *Regular assessment tax deposited by the taxpayers (PAN holders)
- *Details of income tax refund received by you during the financial year
- *Details of the high-value transactions regarding shares, mutual funds, etc.
- Details of tax deducted on sale of immovable property
- Details of TDS defaults (after processing TDS return) made during the year
- Turnover details reported in GSTR-3B
Structure and Parts of Form 26AS (From FY 2022-23 and onwards)
PART-I Details of Tax Deducted at Source
TDS on salary, business, profession, interest income etc., shall be reported here
PART-II Details of Tax Deducted at Source for 15G/15H
TDS on which no TDS is made because of Form 15G/15H due to income being less than the basic exemption limit. Mainly applicable for senior citizen taxpayers
PART-III Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194S
TDS made on payment made in kind (car in a lottery, foreign trips for meeting sales targets etc.)
PART-IV Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Contractors or Professionals/ Seller of Virtual Digital Asset)
TDS made on sale of house property/rent payment in excess of Rs. 50,000 per month, payment to a contractor/professional services in excess of Rs.50 lakhs/sale of virtual digital asset (cryptocurrency)
PART-V Details of Transactions under Proviso to sub-section(1) of section 194S as per Form-26QE (For Seller of Virtual Digital Asset)
PART-VI Details of Tax Collected at Source
TCS made under various sections of 206C
PART-VII Details of Paid Refund (For which source is CPC TDS. For other details refer AIS at E-filing portal)
PART-VIII Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Person making payment to contractors or Professionals / Buyer of Virtual Digital Asset)
These details consist of the TDS made by you in relation to the purchase of house property/rent payment in excess of Rs. 50,000 per month, payment to a contractor/professional services in excess of Rs.50 lakhs/purchase of virtual digital asset (cryptocurrency). This is just for information purposes.
PART-IX Details of Transactions/Demand Payments under Proviso to sub-section(1) of section 194S as per Form 26QE (For Buyer of Virtual Digital Asset)
PART-X TDS/TCS Defaults* (Processing of Statements)
TDS defaults value (after processing of TDS returns) but do not include demands raised by the assessing officer.
For any clarification regarding Form 26AS, contact the authorities as mentioned below:
Part of Form 26AS | Contact in case of any clarification |
I | Deductor |
II | Deductor |
III | Deductor |
IV | Deductor |
V | Buyer |
VI | Collector |
VII | Assessing Officer / Bank |
VIII | NSDL / E-Filing/ Concerned Bank Branch |
IX | E-Filing/ Concerned Bank Branch/Seller |
X | Deductor |
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
FAQs
How do I download the Tax Credit Statement or Form 26AS?
To view or download Form 26AS, log in with your income tax portal account credentials.
- Go to the ‘e-File’ tab on the home page, click ‘Income Tax Returns’ from the drop-down, and select ‘View Form 26AS’.
- Read the disclaimer and click on ‘Confirm’, and you will be redirected to the TRACES portal.
- Agree to the acceptance and usage of Form 16/16A generated from TRACES, and click on the ‘Proceed’ button.
- Now, click ‘view tax credit (Form 26AS)’ to view Form 26AS.
- Select the ‘Assessment Year’ and ‘View type’ (HTML, Text or PDF).
- Click on the ‘View/Download’ button.
- Form 26AS will open up on the screen. If you want to download it as PDF, click on the ‘Export PDF’ button. A PDF file of the Form 26AS will be downloaded.
How to check Form 26AS online without login?
To view or download Form 26AS from the income tax e-filing portal, you must register yourself. However, if you wish to download without login, you can do the same through your net banking facility of the authorised bank where your account is maintained.
Login to your net banking account using your internet banking login credentials and click on the ‘Tax Credit Statement’ to view details.