Form 26AS

One of the most necessary tax forms for each taxpayer is Form 26AS or the Tax Credit Statement. It accurately shows the amount of tax you have paid to the Income Tax Department, whether you did it on your own or with the help of other taxpayers.

With effect from June 1, 2022, in addition to the current data provided in the form, the New Form 26AS will also contain information on exceptional financial transactions, ongoing and concluded assessment processes, tax demands, and refunds.

Form 26AS is an annual consolidated credit statement that lists the direct taxes that an individual has previously paid to the government. Using their Permanent Account Number, or PAN, taxpayers may view their Form 26AS on the official website of the Income Tax Department.

Every transaction in which tax has been withheld from an individual's income, whether by their employer or a bank, is listed on Form 26AS. It also contains information about any refunds received throughout the year.

To put it another way, Income Tax Form 26AS is a ledger of all taxes paid and refunds collected throughout a particular Assessment Year. It is essential when submitting income tax returns as a result. This document guarantees that the government has received proper tax deductions from an individual's income.

Information on Form 26 AS:

• Information on Tax Deducted at Source (TDS) by deductors such as employers
• Information on Tax Collectible at Source (TCS) by Collectors
• Self-assessment tax or advance tax paid by the assessee;
• Information on any tax refunds the department may have made during the most recent fiscal year; and
• Details from Annual Information Returns (AIR), primarily for high-value stock, mutual fund, and other transactions.
• In the case of Form 15G/H, interest is received from the bank and others without deducting TDS.

What are additions to Form 26AS new?

• Information on remittances sent abroad that was recorded on Form 15CC
• Information on TDS on pay from Form 24Q's Annexure-II for the most recent quarter
• Information from the ITRs of other taxpayers.
• Interest on an income tax refund.
• Details from Form 61/61A might be entered into the PAN.
• Off-market transactions are reported by the transfer agent and depository/registrar.
• Regarding mutual fund dividends, the Registrar and Transfer Agent provide information.
• Information on mutual fund purchases is reported by the Registrar and Transfer Agent (RTA).

The annual consolidated statement, or Form 26AS, also goes by this name and includes the taxpayer's tax-related data. Using their PAN, one may get form 26AS from the income tax website (Permanent Account Number). The information below is included in Form 26AS:

• Details of the transactions in the annual information report
• Information on the taxes that the tax collectors collected for the taxpayer
• Tax that the deductor has taken out for the taxpayer
• Deposited by PAN holders/taxpayers are advance tax, self-assessment tax, and regular assessment tax.
• Information on taxes that deductors have taken out of your income
• Information about the return you got during the fiscal year
• Information on High-Value Transactions involving Shares, Mutual Funds, etc.

The following components are included in Form 26AS:
• Part A: Details of Source Tax Deducted
• Part A1: Tax Deducted at Source Specifications for Form 15G/Form 15H
• Part A2: Information on Tax Deducted at Source on the Sale of Real Property Under Section 194(IA) (For the seller of Property)
• Part B: Source Tax Collection Details
• Part C: Tax Paid Information (Other than TDS or TCS)
• Part D: Refund Payment Information
• Part E: Details of the AIR Transaction
• Part F: Tax Deducted on Sale of Immovable Property Per Section 194IA Details (For property purchasers)
• Part G: TDS Defaults (processing of defaults)

Part A: Details of Source Tax Deducted
The information on TDS taken from your wage, interest earned, pension income, and prize wins, among other things, is included in section A of form 26AS. The amount of TDS deducted and paid is also given, along with the deductor's Tax Deduction and Collection Account Number (TAN). However, this data is released once every three months.

Part A1: Tax Deducted at Source Specifications for Form 15G/Form 15H
Since the taxpayer completed Form 15G or Form 15H, Part A1 contains information on the income from which no TDS has been deducted. You may check the TDS deduction status if you have filed Form 15G or Form 15H.

However, if Form 15G or Form 15H has not been filed, "No transactions present" will be shown in this column. Information on Tax Deducted at Source on the Sale of Real Property Under Section 194(IA) (For the seller of Property)

This is relevant if you sold the property within the year when TDS was subtracted from your receipt. Details of Tax Deducted at Source on Sale of Immovable Property u/s 194(IA) contains all the necessary information (For the seller of Property).

Part B: Source Tax Collection Details
Details of the (TCS) tax that the goods seller withheld at source are included in this section. You will discover the entries here if you are a vendor and collect tax.

Part C: Tax Paid Information (Other than TDS or TCS)
Any tax you have deposited is in Part C. Both advance tax information and self-assessment tax information are provided here. It also includes information on the challan used to deposit the tax.

Part D: Refund Payment Information
The details of your return are included in Part D. Along with the means of payment, the amount paid, the interest paid, and the date of payment, it provides information on the assessment year to which the refund relates.

Part E: Details of the AIR Transaction
The Annual Information Return (AIR) transactions have a high value. As a result, these high-value transactions must be reported to the tax authorities by banks and other financial organisations. Also, high-value acquisitions of mutual funds, real estate, and corporate bonds are disclosed here.

Part F: Immovable Property Tax Deduction Details under Section 194IA (For Property Buyers)
If you've purchased a home, it's crucial that you pay the seller after deducting TDS. And Form 26AS's Part F section provides information on the TDS you withheld and submitted.

Part G TDS Defaults (Processing of Defaults)
These defaults are included here in case any pertains to how statements are processed. They exclude the requests made by the evaluating officer.

There are two ways to interpret Form 26AS. Both approaches use the online tool to provide the consumer access to Form 26 AS. The options to see your Form 26 AS online are listed below.

• TRACES portal: From TRACES, you may get from AS26. The step-by-step instructions for downloading form 26AS are provided below.
1) Go to the Income Tax website's page www.incometaxindiaefiling.gov.in and look for form 26AS.
2) You may log into the account using PAN. If you don't already have an account, you must first register.
3) The date of your birth serves as the password for Form 26AS (in DDMMYYYY format)
4) After that, you may access Form 26AS starting with the FY 2008-09 period.

• Through NET Banking: A PAN cardholder with a net banking account with any recognised bank is eligible to use this option.

Please note that only if your PAN number is associated with that specific account can you read Form 26AS.

• Axis Bank Limited
• Bank of India
• Bank of Maharashtra
• Bank of Baroda
• Citibank N.A.
• Corporation Bank
• City Union Bank Limited
• ICICI Bank Limited
• IDBI Bank Limited
• Indian Overseas Bank
• Indian Bank
• Kotak Mahindra Bank Limited
• Karnataka Bank
• Oriental Bank of Commerce
• State Bank of India
• State Bank of Mysore
• State Bank of Travancore
• State Bank of Patiala
• The Federal Bank Limited
• The Saraswat Co-operative Bank Limited
• UCO Bank
• Union Bank of India

You may obtain the same on the TRACES website if you browse 26AS from an authorised source. However, unless you so want, registration is not necessary.

Takeaways:
• On the TRACES website, you may download Form 26AS.
• Form 26AS and the Permanent Account Number are related.
• You may access and examine your Form 26AS for 2008–2009.
• Since Form 26AS serves as the passbook for the income tax credit and debit, it is crucial.

By simply following the instructions listed below, you may get Form 26AS:

Step 1:
Use your income tax department login and password to access incometaxindiaefiling.gov.in in step 1. If you don't already have an account, you must first sign up.

Step 2:
• Enter your PAN number, password, birthdate, or incorporation date in the format DD/MM/YYYY. Fill in the captcha code. Now choose LOGIN.
• The PAN e-filing website is here.

Step 3:
• The web page will open, and you must click "My Account". From the drop-down option that opens, choose "View Form 26AS."
• Look at Form 26AS.

Step 4:
• You will be routed to the TRACES website after clicking "Confirm." (Don't worry, this step is essential and fully secure since it's a government website.)
• Website for TRACES will launch.

Step 5:
• You are now on the web page for TRACES (TDS-CPC). Click "Proceed" after selecting the box on the screen.
• The website for TRACES TDS-CPC will emerge.

Step 6:
• To access your Form 26AS, click the link "Click View Tax Credit (Form 26AS)" at the bottom of the page.
• View the traces of tax credits.

Step 7:
• Select the Assessment Year and the Form 26-AS format you wish to see. Please leave the design set to HTML if you want to see it online. The same is also available as a PDF download. Enter the "Verification Code" once you've decided and click "View/Download."
• A code for TRACES verification will be produced.

Step 8:
You must provide a password to access the document. Your DOB in the format DDMMYYYY is the password for Form 26AS. It will now open your Income Tax Form 26AS.

As a result, it's essential to monitor Form 26AS to comply with the legislation.

Because it contains all tax-related information, Form 26AS is a crucial financial document. The following are the main goals that form 26AS achieves:

• It assists in determining if the person who deducts your taxes or collects them on your behalf appropriately fills out the TDS statement or the TCS.

• It allows one to verify that the tax was timely paid to the government account after being collected or deducted by the collector or deductor.

• Before submitting an income tax return, it aids in calculating income and verifying tax credits. Additionally, it includes data from the Annual Information Returns, which are offered by various businesses depending on the investments and expenditures of specific individuals, often for high-value transactions.

• The bank will submit an Annual Information Return if the total amount deposited in savings accounts exceeds Rs. 10 Lakh; the same is true if more than Rs. 2 lakhs are invested in mutual funds or charged to a credit card.

• Both the government and the general public utilise Form 26AS. The income Taxpayer must no longer provide a copy of the TDS certificate with the Income Tax Return if the individual has Form 26AS.

• If there are no further payments from the taxpayer to the government in the form of income tax (or interest on it), the Income Tax Department will let the taxpayer claim the credit of taxes as shown on their Form 26AS.

The distinction between Form 16, Form 16A, and Form 26AS is pretty simple:

• TDS on salary is reported on Form 16 once a year.
• Every three months, Form 16A is released for TDS on other types of income.
• A form known as Form 26AS is used to report tax deductions from specific organisations to the Income Tax Department.

Here are some points to bear in mind when submitting the Form 26AS Income Tax Statement after downloading it:

• Make sure you first obtain Form 26AS for the current tax year and Form 1040 for the prior year.

• Make sure you accurately ascertain your residence status. Global income for NRIs may be taxed in India. You will be considered an ordinary citizen if you have spent more than 180 days in India while briefly travelling outside.

• For various income classifications, several ITR forms are available. Make sure you download and submit the appropriate IRT form. For instance, the ITR-1 form is for those who get a salary, but the ITR-4 form is for business owners and professionals.

• Make sure you accurately provide the necessary information, such as your name, PAN, address, and contact details. Any differences could need formal follow-ups.

• You require paperwork besides Form 26AS, such as Form 16, a rental agreement or receipts, bank statements, loan and investment information, etc. This may aid in the cross-verification of the tax data.

• Make careful to mention any income that is exempt from taxation.

• Additionally crucial is the pre-verification and linking of your bank account to your PAN.

• Include any overseas assets or income in your tax returns if you have any.

• If your annual income is more than Rs. 50 lakhs, you must disclose all of your assets and liabilities.

• Making sure you e-verify your returns is the last step before submitting your taxes. After raising your taxes, you have 120 days to do this.

There may be instances when the TDS claimed in your income tax return, and Form 26AS differ. The deductor may have failed to deposit TDS on time, not filed a TDS return, or provided the incorrect PAN, among other possible causes for the discrepancy.

In this situation, the A.O. will not let you claim credit for taxes previously paid (in other words, the A.O. will only permit you to claim TDS as specified in your Form 26AS). This may result in you paying double taxes and facing penalty interest for paying taxes late. What should one do under these circumstances? Let the deductor know about the error and get it fixed right away.

The updated Form 26AS offers a more comprehensive look at the financial data of the assessor. A taxpayer should make sure that Form 26AS and his income tax return are submitted simultaneously. Avoid any discrepancy between the actual filing information and Form 26AS.