#FinancialBytes: What is Form 26AS and how to view/download it?

#FinancialBytes: What is Form 26AS and how to view/download it?
13 Nov 2018

The Form 26AS, also known as Tax Credit Statement, is one of the important documents required for filing Income Tax Returns.

It is an annual consolidated statement that contains all tax-related details, including the taxes deducted on the taxpayer's income and tax refunds, for a PAN in a particular financial year.

Here's all about Form 26AS and how to view and download it.

What exactly is Form 26AS?
About

Simply put, Form 26AS is a consolidated tax statement or a tax passbook containing details of TDS (tax deducted at source), TCS (tax collected at source), self-assessment tax, and advance-tax associated with a PAN.

Details of taxpayers' income on which taxes are deducted, taxes paid by deductors (income-sources like employers, banks, etc.) on taxpayers' behalf, deductor details, refunds can be found in Form 26AS.

How can taxpayers view the Form 26AS?
Access

Form 26AS can be accessed by all the taxpayers using their PAN through the income-tax department's portal.

It can be viewed on the income-tax website by selecting "View Form 26AS" option on the homepage.

Also, some banks allow access to Form 26AS for their customers through net banking. The facility is offered for free but the account-holder's PAN must be linked to the account.

How to download the tax credit statement?
Downloading

Form 26AS can be downloaded by taxpayers either via the income-tax department's website or net banking.

For downloading via the income-tax portal, taxpayers need to log into their account and select "My Account" and choose "Form 26AS".

They will be then redirected to TDS Reconciliation Analysis and Correction Enabling System (TRACES) website after which they can select the desired assessment year and format.

Different parts of the Form 26AS
Sections

Form 26AS has six parts. Part A has details of TDS, including Part-A1 (TDS for Form 15G/Form 15H) and Part-A2 (TDS on sale of immovable property; for seller).

Parts B, C, and D deal with TCS, other taxes paid, and refunds, respectively.

Parts E, F, and G have details of AIR transactions, TDS on sale of immovable property (for buyer), and TDS defaults, respectively.

Why is Form 26AS important for tax filing?
Importance

Taxpayers must verify Form 26AS details before filing the ITR as it is one of the most important documents.

They should make sure that the ITR data matches with the information in Form 26AS.

If there are any discrepancies, the Income Tax Department might issue notices to the taxpayer seeking an explanation for the mismatch in income or TDS in ITR and Form 26AS.

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