What is Form 26AS? How To View & Download Form 26AS of Income Tax

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What is Form 26AS And How to Download Form 26AS of Income Tax

The income tax law has put in place certain forms to enhance the transparency and reporting of the transactions undertaken by the assessees. It includes Form 26AS of income tax as well as the recently introduced Annual Information Statement (AIS) and Taxpayer Information Statement (TIS). In this guide, we will take a look at what is Form 26AS and how to download the same.

What is Form 26AS?

Form 26AS a.k.a. Tax Credit statement is a comprehensive annual statement that includes information about the tax credit of an assessee. Primarily, this form encompasses the following information:

  1. Tax Deducted at Source
  2. Taxes collected at source (TCS)
  3. Advance tax paid 
  4. Self-assessment tax

CBDT (Central Board of Direct Tax) is bringing more and more information under the umbrella of Form 26AS, thereby including the following information into it:

  1. international remittances, 
  2. mutual fund purchases, 
  3. dividends,
  4. cash deposits or withdrawals from a savings account, 
  5. sale or purchase of the real estate, and 
  6. refunds etc.

Parts of Form 26AS
The information included in Form 26AS is divided into the following 8 parts:

The information included in Form 26AS is divided into the following 8 parts:

Part A

Details of Tax Deducted at Source:

Part-A includes the information for TDS deducted under the provisions of the income tax act. The information primarily includes the following:

  • Name of the deductor
  • TAN of the deductor
  • The total amount paid / credited
  • Total tax deducted

Part-A1

It includes the information relating to the TDS deducted for 15G / 15H. Form 15G and 15H are self-declaration forms submitted by the individuals to the banking institutions for not deducting TDS on interest income as the total income of such individuals is below the minimum amount not chargeable to tax.

Part-A2

This includes TDS deducted under certain specific sections that include:

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

Part B

It includes the information regarding Tax Collected at Source (TCS). The details include:

  • Name of the collector
  • TAN of collector
  • The total amount paid / debited
  • Total tax collected
  • Total TCS deposited

Part C

It encompasses the details of the tax paid other than the TDS and TCS. This includes:

  • advance tax 
  • self-assessment tax
 

The relevant information includes the following:

  • Major Head
  • Minor Head
  • Tax
  • Surcharge
  • Education Cess
  • Penalty
  • Interest
  • Other amounts
  • Total tax
  • BSR Code
  • Date of deposit
  • Challan serial number
  • Remarks

Part D

It contains the information regarding the income tax refunds (incl. interest received). The relevant information includes:

  • Assessment Year
  • Mode
  • Refund Issued
  • Nature of refund
  • Amount of refund
  • Interest
  • Date of payment
  • Remarks

Part E

It contains SFT (Specified Financial Transactions) information i.e., certain high value transactions (presently includes 14 such transactions) that are reported to the tax authorities by banks and other financial organizations. Example: Purchases of mutual funds, real estate, and corporate bonds etc. The relevant information includes:

  • Type of transaction
  • Name of the SFT filer
  • Transaction date
  • Amount
  • Remarks

Part F

It includes the information in relation to the TDS with respect to the following:

  • TDS on sale of immovable property u/s 194-IA (for buyers)
  • TDS on rent of property u/s 194-IB (for the tenant of property)
  • TDS on payments to contractors and professionals u/s 194M (for the payer of resident contractors and professionals)
 

The relevant information includes the following:

  • Acknowledgement number
  • Name of deductee
  • PAN of deductee
  • Transaction date
  • The total amount of transaction
  • Total TDS deposited
  • Total amount deposited other than the TDS (it includes fees, interest and other amounts)

Part G

It contains information regarding any default in adhering to the provisions relating to TDS. The defaults primarily relate to the processing of statements and do not include the demands raised by the respective assessing officers. The relevant information includes:

  • Financial year
  • Short payment
  • Short deduction
  • Interest on TDS payment default
  • Interest on TDS deduction default
  • Late filing fees u/s 234E
  • Interest u/s 220(2)
  • Total default

Part H

It contains the information relating to the turnover as stated in Form GSTR-3B. Further, the data also includes information relating to the internal stock transfers. The relevant information includes:

  • GST Identification Number (GSTIN)
  • Application Reference Number (ARN)
  • Date of filing
  • Return period
  • Taxable Turnover
  • Total Turnover


How to Download Form 26AS from TRACES?
 
Form 26AS can be downloaded directly from the TRACES platform. The income tax portal can navigate you to TRACES for downloading Form 26AS. Form 26AS download can also be done through third-party software. Please follow the following trail to download Form 26AS from the income tax portal:

  • Visit the Income Tax website, i.e., https://www.incometax.gov.in/iec/foportal
  • Click on the ‘Login’ button (on the top right corner of the webpage)
  • Enter your User ID. Click on ‘Continue’ and then enter the Password. Again, click on ‘Continue’
  • The income tax dashboard will appear. Navigate as follows:
  • e-File -> Income Tax Returns -> View Form 26AS
  • A disclaimer will appear asking you to redirect to the TDS-CPC website [TRACES]. Click on the ‘Confirm’ button.
  • TDS CPC dashboard will appear on the screen. Tick the checkbox and click on the ‘Proceed’ button.
  • Click on the ‘View Tax Credit (Form 26AS)’ link at the bottom of the page
  • Choose the Assessment Year and the format you would like to view. If you want to view it online, then select the format as HTML or else select the Text format.
  • Click the ‘View/Download’ button. You can also download Form 26AS as PDF file. Form 26AS will appear on your screen.

The above information highlights the importance of Form 26AS.It is important to check this form before you income tax return filing to ensure accurate filing of returns. In case of any assistance, you can contact your eAuditor Office now!


Author : Dipen

Date     : 13-Jul-2022


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