Last Updated on May 24, 2022 by
Form 26AS is one of the most important documents for any taxpayer. If you wish to see exactly how much tax you have paid to the government, this is where you will find all answers.
Let us read more about Form 26AS and its uses and application.
Table of Contents
What is Form 26AS?
Form 26AS is an annual statement that shows complete details of your tax payments. It includes information regarding advance tax, tax deducted at source, and self-assessment tax. You can also find particulars of taxation of high-value transactions such as shares and mutual funds, as well as of any sale or purchase of immovable property. Moreover, it tells you how much tax refund you may receive in a financial year.
It is crucial to have Form 26AS while filing your tax return. Not only does it make the process easier, but it also allows you to get a tax credit. It serves as proof of all the tax deductions made on your income and is linked to your Permanent Account Number (PAN).
Form 26 AS has various components. Let us understand each of them in detail.
Components of Form 26AS
Part A: Details of tax deducted at source (TDS)
Tax deducted at source is the amount deducted before you receive the income. It complies with the given provisions of the Income Tax Act, 1961. The amount is deducted from your salary, interest income, rental income, and more. The TDS return is filed every quarter and is, thereafter, reflected here. This section of Form 26AS contains details regarding the following:
- Tax Deduction and Collection Account Number (TAN) of your deductor
- Name of the deductor
- The amount deducted
- The amount received by you
- Details of tax deducted at source for Form 15G/Form 15H
Submission of Form 15G or Form 15H by the taxpayer prevents tax deduction at the source. If you fill out either of the forms, TDS is not deducted and the relevant details are mentioned in this section. However, it displays ‘no transactions’ if you fail to fill the forms or if they do not apply to you.
- Details of tax deducted on sale of immovable property (for the seller)
If you sell any immovable property – land or building – during the previous year, tax is deducted at the source. This means the buyer reduces the amount of tax before making the payment to you. The details of such a deduction are mentioned in this section.
Part B: Details of tax collected at source
Tax is collected at the source by the seller of certain goods. If you are a seller, then any tax you collect from the buyer at the time of sale will reflect here. The details mentioned here include:
- Name and TAN of the seller
- The amount of tax collected and deposited
- The total amount paid
Part C: Details of tax paid (other than TDS and TCS)
Apart from TDS and TCS, you may also pay other kinds of taxes. These include your self-assessment tax and advance tax. It also has a record of any challan payments made by you.
Part D: Details of refund payment
An assessee may receive a tax refund for a particular assessment year. The details for the same are reflected in this section. You can find the following information:
- Date and mode of payment
- Issuance of the refund
- Amount of the refund received
- Any interest received
Part E: Details of AIR transaction
Annual Information Return (AIR) pertains to high-value transactions. These are now known as SFT Transactions. Due to the high value of such transactions, banks and financial institutions are required to report them to tax authorities. It can include the purchase of high-value bonds and mutual funds, property, etc. you can find all details here for the same.
Part F: Details of tax deducted on sale of immovable property (for the buyer)
When you buy any immovable property, you must deduct TDS before making the payment to the seller. The details of the deduction are mentioned in this section.
Part G: Details of TDS defaults
Defaults may arise during the processing of the statement. These are mentioned in this section. However, any demands raised by an assessing officer are left out.
The new structure of Form 26AS
With a new upgrade, Form 26AS is now known as the Annual Information Statement (AIS). Under this, the details are divided into two sections – A and B.
This part of the statement mentions all basic information of the assessee. It includes the following:
- Name of the individual
- PAN details
- Aadhar details
- Mobile number
- Email address
- Communication address
The second part states comprehensive information about the following transactions:
- Tax deducted and collected at source
- Specified financial transactions
- Tax payments
- Refund and demands
- Proceedings that remain pending
- Completed proceedings
- Any other information regarding sub-rule (2) of section 114-I
How to view and download Form 26AS?
There are three ways to view and download Form 26AS. The first is to view it on the TRACES website. All you need are your PAN details. You can view your Form 26AS from FY 2008-2009 onwards.
The second way is to approach it via net banking. Many major banks have registered with NSDL so that users can view the form through their portal. Some of the banks include Kotak Mahindra Bank, Axis Bank, IDBI Bank, and ICICI Bank.
Lastly, you can access the form through the e-filing portal. Follow the steps mentioned below to download it:
Step 1: Log into your account on income tax India website using your user ID and password. Register yourself if you have not done so previously.
Step 2: Enter your password, PAN, and DOB along with the Captcha.
Step 3: Go to ‘My Account’. Choose the option to ‘view Form 26AS’ from the drop-down menu.
Step 4: Click on Confirm. You will now be redirected to the TRACES website.
Step 5: Scroll to the bottom of the page. Find the link that says ‘View Tax Credit (Form 26AS)’ and click on it.
Step 6: Select the assessment year for which you wish to view the details for. Select the required format and proceed. If you wish to view it online, select the HTML option. If you want to download the form, you can select the PDF format.
Step 7: Enter the verification code, and a password-protected copy of the document will start downloading.
Form 26AS is a beneficial and important statement for a tax assessee, required while filing taxes. It provides crucial financial information that you must keep yourself updated with. As a responsible citizen, it is your duty to ensure that your taxes are filed correctly and in a timely manner. Consult your tax advisor, or CA before tax filing for professional guidance.