What is Form 26AS?
A salaried individual generally pays tax in the form of Tax Deducted at Source or TDS. This is deducted by his employer from his monthly salary.
The Income Tax Department maintains the database of the total tax paid by the taxpayer. Form 26AS (Tax Credit Statement) is the annual statement in which the details of tax credit are maintained for each taxpayer as per the database of Income-tax Department. Form 26AS will reflect the tax credit against the PAN of the tax payer.
Structure of Form 26AS Statement
1. Part A – Details of Tax Deducted at Source
Here, you will find all the details of Tax Deducted at Source. For example, taxes deducted from your salary or pension can be found here.
2. Part A1 – Details of tax Deducted at Source for 15G/15H
This portion also covers details of tax deducted but only from your interest income. If your bank has deducted any tax from the interest earned by you, then you will find the details of such tax here.
Part A2 – Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA (For Seller of Property)
3. Part B – Details of Tax Collected at Source
If you are a seller or a merchant, you can find the details of all the tax you collected from your customers.
4. Part C – Details of Tax Paid (other than TDS or TCS)
If you are a freelancer or professional or a businessman who has paid Advance Tax or Self-assessment tax then you can find its details in this section of Form 26AS.
5. Details of Paid Refund
Any refund that you receive from the Income Tax department along with interest paid by the department on the same can be found here.
6. Part E – Details of AIR Transaction
When you make any high value transactions like deposit large sum of money into your savings bank account, purchase high value bonds or debentures, purchase of property, etc. then banks and other financial institutions report it to the tax department. You can find the details of all such transactions here.
7. Part F – Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA (For Buyer of Property)
If you bought a property where consideration value exceeded Rs. 50 lakh, you need to deduct and deposit TDS on behalf of the seller. Details of such tax can be found in this section of the form.
8. Part G – TDS Defaults* (Processing of Statements)
Details of any default in payment of TDS, penalty paid for default in payment or filing of TDS return, etc. can be seen in Part G of the form.
Structure of Form 26AS Statement
1. It facilitates view of all financial transactions involving TDS/ TCS during the relevant Financial Year at one place.
2. Your Form 26AS gives you details of no/ low deductions claimed by you.
3. It helps you locate any TDS defaults relating to all TANs associated with your PAN.
4. You can find any tax demand created by Income Tax Department and thus do proper follow up.
5. It helps in seamless processing of Income Tax Return and speedy issue of refunds.
6. It helps in verification of CIN (Corporate Identity Number) in non-TDS payments..
7. It helps in verification of refunds encashed during the year.
8. It helps in claim of other taxes paid by you and computation of income at the time of filing of return.
How to View Form 26AS?
You can see your Form 26AS in two ways:
A) You can view and download Form 26AS from TRACES website.
B) You can also view it through netbanking if your PAN is linked to your bank account.
A) View Form 26AS from TRACES website
You can view your Form 26AS without registering on TRACES website. Here is a step by step procedure which will help you to download and view Tax Credit Statement:
Step 1: Please click on the link https://incometaxindiaefiling.gov.in/ and follow the below mentioned procedure.
Step 2: Kindly locate and click on
“View Form 26 AS” button.
Step 3: Enter your
“User ID” and
“Password” then click on
“Login” button. If you don't have an account, you will have to register.
Click here to view a step-by-step guide on the registration process. After registration you can follow the steps mentioned below.
Step 4: Please click on
“My Account” to bring a drop down menu. In the menu select
“View Form 26AS (Tax Credit)”.
Step 5: Now click on the
Step 6: Select the small box to agree to the terms of usage of Form 16/ 16A and click on
“Proceed” button. Access the email sent to you by Income Tax Department and click on the enclosed activation link. It will take you to the activation page.
Step 7: Now click on
“View Tax Credit (Form 26AS)” tab to view all the returns that are pending for verification.
Step 8: Under the
“Assessment Year” drop down menu, select the year for which you want to view your Form 26AS. Select the type of file in the
“View As” drop down menu and click on
“View/ Download” button.
If you want to view your Form 26AS online, you should choose the type of file as “HTML”.
If you want to download and see your form, then you need to choose “PDF” or “text” as the type of file. You will require to enter a password to open the downloaded Tax Credit Statement. The password to view your Form 26AS is your date of birth. It should be entered in the format “ddmmyyyy”.
Step 9: Enter your date of birth as your password in the format
“ddmmyy” then click on
“SUBMIT” button. Now your Form 26AS will be generated.
Congratulations! You have successfully generated your Form 26AS. This is how a Form 26AS looks like:
Now you can easily find out how much Income Tax you have paid to the government.
B) View Form 26AS Through netbanking:
You can view your Tax Credit Statement through netbanking also if your account belongs to any of the authorised banks.
Check out this list to find whether your bank is authorised or not to show you the form:
- Axis Bank
- Bank of India
- Bank of Maharashtra
- Bank of Baroda
- Citibank N.A.
- Corporation Bank
- City Union Bank
- ICICI Bank
- IDBI Bank
- 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