Form 26AS Download: Simplifying the Tax Filing Process

Updated on : Aug. 25, 2022 - noon 17 min read.

Form 26 AS is one of the most important documents for taxpayers in India. It is a statement of the tax deductions made by an employer or any other payer, which is submitted to the Income Tax Department. However, for many people, understanding Form 26 can be quite challenging. That's where this comprehensive guide comes in. Whether you are a salaried employee, a freelancer, or a business owner, this guide will help you understand the basics of Form 26, including what it is, why it is important, and how to fill it out correctly. We will also cover the different types of deductions that can be claimed on Form 26, as well as common mistakes to avoid. By the end of this guide, you'll have a clear understanding of Form 26 and be able to file your taxes with confidence. So, let's dive in and demystify Form 26! Form 26AS is a consolidated annual statement that is maintained by the Income Tax Department. It contains the tax credit information of each Taxpayer against his PAN.

If you have paid any tax on your income or tax has been deducted from it, then Income Tax Department has these details in their Form 26AS database.

STRUCTURE AND PARTS OF FORM-26AS:

Form-26AS has 7 parts, viz. Part A, Part B, Part C, Part D, Part E, Part F, and Part G. Here are the different parts of Form-26AS:

PART A: Information regarding TDS:

It Contains the details regarding Tax Deducted at source including the Name and TAN of the Deductor, Total Amount Paid, Tax Deducted, and Deposited.

It also contains the deductor’s Tax Deduction and Collection Account Number (TAN) as well as the number of TDS that were subtracted and deposited.

Part A1: Information regarding TDS for Form 15G/Form 15H-

Contains the details regarding Tax Deducted at Source in case Form-15G/15H has been submitted by the deductee. ‘No transactions present’ will be displayed in this section in case you have not furnished Form 15G/Form 15H.

Part A2: Information regarding TDS for the sale of immovable property-

Contains the details regarding Tax Deducted at Source on Sale of Immovable Property u/s 194IS p(For the seller of Property).

Part B: Information regarding TCS:

It has the details regarding Tax Collected at Source. Entries will be made in Part B only if you are a seller who has collected tax at the source.

Part C: Information regarding tax paid (apart from TDS and TCS)-

Contains the details of any Taxes paid other than TDS/TCS, i.e., Advance Tax, Self-assessment Tax. It will also include details regarding the challan used to deposit tax.

Part D: Information regarding a paid refund:

It will contain details regarding refunds if any. It will also contain information regarding the assessment year that is pertinent to the refund, the mode of payment, the amount as well as the interest paid along with the date on which the payment was made.

Part E: Information regarding AIR Transaction:

High-value transactions are expected to be reported by banks and financial institutions to the tax authorities. It will contain information regarding purchases of high-value mutual funds, purchases of high-value corporate bonds, property purchases, etc.

Part F: Information regarding tax deduced on the sale of immovable property:

It contains information regarding the TDS you have deducted and deposited in case you have purchased a property.

Part G: Information regarding TDS defaults:

It will contain information regarding the processing of statements.

How to Download Form 26AS-

You can visit the TRACES website to download Form 26AS. You can also download Form 26AS using the net banking facility of the banks mentioned above.

Follow the steps given below to download Form 26AS:

Login to the Income Tax e-Filing portal:

You will land on the dashboard of the new income tax portal.

Navigate to eFile:

Click on eFile and then click on income tax returns from the dropdown.

View Form 26AS:

Now, click on View Form 26AS from the dropdown.

Disclaimer:

Click on confirm to proceed.

Navigate to TRACES:

Once you are redirected to TRACES, you will have to click on proceed to the disclaimer that appears on the screen.

View Form 26AS option:

Click on the option to View Tax Credit (Form 26AS).

Download Form 26AS:

Select the appropriate assessment year and “Text” under the view as an option and click on the option to export the document as a PDF.

How to View Form 26AS:

Form 26AS can be checked on the TRACES portal. It is linked with your PAN, and you can check Form 26AS from FY 2020-2021 till the previous financial year, through your net banking account. The banks that have registered with NSDL to enable users to view Form 26AS include the following:

Latest updates in Form 26AS:

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

Tax deducted at source and tax collected at source.
Details of specified financial transactions.
Income-tax payments such as advance tax and self-assessment tax are paid by the taxpayer.
Tax demands and tax refunds.
Pending and completing income-tax proceedings.

The Income Tax Department has updated the Compliance Portal with the new Annual Financial Statement recently. It is a financial statement that is said to be meant for simplifying your tax filing pattern by making financial transactions available in one place.

Annual Financial Statement -

The Annual Information Statement (AIS) is basically a utility/form that is available on the Income Tax website that reveals all of the taxpayer's financial and tax-related information.

It is an extension of Form 26AS, which contains information on SFT and taxes deducted throughout the year.

The primary goals of AIS are to display the entire information to the taxpayer; encourage voluntary compliance and facilitate smooth return prefiling; and deter non-compliance.

FORM 26

Form 26 is a form used in the electoral process in India. It is used for making an application for including a person's name in the electoral roll. The electoral roll is a list of all the eligible voters in a particular constituency.

Form 26 is also used for making corrections to the existing electoral roll, such as correcting the name, age, address, or any other information of a voter. The form needs to be filled out and submitted to the Electoral Registration Officer (ERO) of the constituency along with the necessary documents.

Form 26 is an important document for those who wish to vote in elections in India. It is important to ensure that all the details mentioned in the form are accurate and up to date to avoid any problems during the voting process.

Frequently Asked Questions:-

What is Form 26AS used for?

It is important to have Form 26AS with you while filing your tax returns.

What are the TDS-related forms that I need to submit?

In Part A1 of this form, you will have information about your income where TDS has not been deducted when you have submitted Form 15G/Form 15H.

Can I make changes to the address and name of the PAN holder which is there in Form 26AS?

Yes, if the details of the PAN holder are incorrect, you can always update this. You should submit an application through the ‘Request for new PAN card or/and changes or correction in PAN data’ option on the official website.

How many days does it take to reflect transactions in Form 26as?

A self-assessed tax is paid and will reflect in your Form 26AS within two to three days of the transaction.

By Kratika Muramkar

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