Form 26AS - Everything You Needed To Know

  •  5m
  • 0
  • 06 Feb 2023

Form 26AS is a form that includes taxes deducted at source, taxes collected at source, details about deductions on high-value transactions, advance taxes and tax deducted for sale of property among other deductions.

Form 26AS is your single source for information on all the tax deductions made on your income.

It is important to have Form 26AS handy while filing your tax returns and not just because it makes claiming tax credit easier. Form 26AS is also proof of the TDS deducted by your buyer, bank or employer since it also contains details of the deductors.

You must make sure, the claims in Form 26AS match with all the taxes you have paid. There must be no difference in the TDS amount being claimed in your tax return and the TDS amount updated in Form 26AS. Any mismatches between details filed in Form26AS and your income tax returns could call for an inquiry.

In the guide below, we outline everything you possibly need to know about Form 26AS, including its parts, where you can find it and how you can download it.

  • Details of tax deducted at source and of the deductors
  • Details of advance tax,
  • Details of self-assessment tax
  • Tax refunds
  • Details of Annual Information Report (AIR) and high-value transactions
  • Details of tax deducted on the sale of property or any other high-value transactions, among others.
  • Details of tax collected at source

Part A: Tax Deducted at Source (TDS)

This part contains details of tax deductions, including tax deducted on your salary by your employer, on interest income by your bank, on your pension, or rent. If you are in receipt of rent higher than Rs.50,000 a month, then the tenant is required to deduct tax at source before paying the rent to you. These details will also show on your Form 26AS. This section also has the details of the deductors like their TAN and the amount deducted and deposited.

Part A1: TDS for Form 15G/Form 15H

When a taxpayer submits Form15G or 15H to prevent TDS from getting deducted, those details are captured in this section of Form26AS. If you fail to submit Form 15G or 15H or if it does not apply to you, you will see ‘No transactions present’ here.

Part A2: TDS on sale of Immovable Property u/s194 (IA) (for the seller)

When you sell a flat or office or plot, the buyer must deduct TDS from the amount being paid. The TDS on your sale of the property is recorded in this section.

Part B: Tax Collected at Source (TCS)

This section contains details of TCS or tax collected at source. This is collected by the seller of specified goods at the time of sale. The segment will also have the seller’s TAN details.

Part C: Tax Paid, other than through TDS or TCS like advance and self-assessment taxes

Apart from TDS or TCS, if you have made tax payments in the form of advance taxes or self-assessment tax, those details will show up in this section. You will also find the challan information for the tax deposited here.

Part D: Refunds received

If you have received tax refunds, all the details will be displayed under this section like the assessment year for which the refund has been paid, date of receipt, mode of payment and amount received.

Part E: Details of Annual Information Return Transactions

This section is dedicated to the details of all the high-value transactions made through banks and financial institutions. This information is based on Annual Information Return reported by banks and financers and includes transactions like mutual fund investments, buying or selling of immovable property, and purchase of large value corporate bonds and debentures.

Part F: Tax deducted on the sale of immovable property u/s194IA (For Buyer of property)

As a buyer of property, you must deduct TDS before paying the seller. Details of such transactions appear in this section. The TDS deducted and deposited by you is reflected here.

Part G: TDS Defaults (processing of defaults)

Nothing gets left out in a Form 26AS. Not even the information about the defaults relating to the processing of tax statements, which is mentioned in this section. This section though does not include demands raised by income tax assessment officers.

  • 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

Go to Income Tax India e-filing and register yourself.

  • Click on ‘Register Yourself’

    • Select the user type from the list of available options (click on Individual)
    • Enter your PAN, name, residential status and date of birth
    • Next fill in all your contact details. Make sure these are correct, since the IT Department will use these details to get in touch with you for important communication related to taxes.
    • Enter the OTP sent to your phone or email to complete verification
  • If you have already registered yourself, go to Income Tax India e-filing and click on the ‘Login Here’ to proceed to the next step.

  • Click on ‘Registered User’ then click on the ‘login’. On the next page, enter your User ID (which is your PAN), password set by you, date of birth and the CAPTCHA.

  • After entering the user id and password, you will reach a new window. ON this page, click on ‘My Account’. In the drop-down menu, select View Your Form 26AS.

  • Click on Confirm to be redirected to the TRACES website.

  • Once you are at this TRACES (TDS-CPC) website, you can view your Form 26AS. When the dialogue box appears, all you need to do is click on the empty box on the left of the dialogue box to have a checkmark appear and then click on Proceed.

  • Again on the new page appears on your screen, click on View Tax Credit (Form 26AS).

  • In the new page that opens up following the click, select the assessment year for which you need the form. 26AS forms are available since 2009.

  • After selecting the assessment year, select the format in which you want to download Form 26AS -- HTML, PDF or Excel. If you are just viewing it online, then HTML is recommended. To access the document, you will need to enter the password which is your date of birth in DDMMYYY format.

You are now in possession of Form 26AS, and you can use it to file your taxes.

Read Full Article >
Enjoy Zero brokerage on ALL Intraday Trades
+91 -

Enjoy Zero brokerage on ALL Intraday Trades
+91 -