How to download Form 26AS:Form 26AS, also known as an annual statement, contains a record of all tax-related information such as TDS, TCS, and tax refunds. Form 26AS is used by the tax department / tax payers and is governed by Section 203AA of Income Tax Act, 1961, Rule 31AB.
How to download Form 26AS from TRACES (Traces)?
You can download Form 26AS from the Trace website or use the NetBanking facility of banks:
- To download Form 26AS, go to the Income Tax e-filing website.
- Login as user ID by filling in your PAN number, password and captcha code.
- After logging in to your account, go to ‘MY ACCOUNT’ and click on ‘VIEW FORM 26 AS’ in the drop down menu.
- Click on ‘CONFIRM’ after which you will be sent to the TRACES website.
- Fires increased by clicking ‘Proceed’ to consent to the use and acceptance of Form 16 / Form 16A from the trace.
- Click ‘View’ to view your Form 26AS.
- Select the year of assessment and the format (HTML / TEXT) in which you want to view Form 26AS. You can also download your Form 26AS in PDF format. Then click on ‘VIEW / DOWNLOAD’.
- You must enter a password to open the form. The password for your Form 26AS will be your DOB in DD / MM / YYYY format. For example: If your date of birth is 15 April 1985 then your password will be 15041985.
Example of Form 26AS
Below is an example of the form that shows how the farm 26AS is.
Typically, the form 26AS is 3–4 pages long, but depending on TDS / TCS information, this number may be higher.
Various parts of Form 26AS
Form 26AS is divided into several parts for each financial year. Form 26AS contains information on TDS / TCS given by the tax credit (to tax authorities) in Part A, A1 and the deductor (TDS deductor) in Part B.
Farm 26AS Part A:
Information on TDS is given in Part A of Form 26AS. Which is deducted by banks from your investment (FD / RD) interest. This section only contains information related to TDS.
Form 26AS Part A1: This part of Form 26AS is specifically meant for information on TDS given in Form 15G / 15H. This section shows the transactions done in banks etc. where the person has submitted Form 15G / 15H so in those cases TDS will be NIL as the person has already submitted Form 15G / 15H to the concerned bank / institution and they No tax will be deducted based on the information given in this form. This section also helps in keeping your interest information which has not been taxed.
Form 26AS Part A2: This part of the form contains information on TDS applicable to the sale of house property. Part A2 of Form 26AS shows the TDS from the seller of the property and can also be adjusted against the tax owed by the seller. The TDS rate applicable to the sale of a property is 1% for the financial year 2019-20.
Farm 26AS Part B: This part of Farm 26AS contains TDS information. This tax is charged to the buyer at the time of sale of a particular category (eg liquor, parking, toll plazas, etc.). This amount is deposited to the government every three months.
Form 26AS Part C: In Form 26AS Part C, there is information about tax paid in addition to TDS / TCS. If you have paid advance tax or self assessment tax, then the information related to it is also here. Whenever you pay the advance tax or self assessment tax directly to the bank, its information gets uploaded in about 3 days after the check is cleared.
Form 26AS Part D: This part of Form 26AS contains information about payment of tax refund. This section contains all the information related to the refund you have filed and its payment. This helps in getting information related to the payment of refund.
Form 26AS Part E: Part E of Form 26AS contains information related to the Annual Information Refund (AIR). If you undertake some major transactions, such as purchase of property, investment in mutual funds, etc., the information of these transactions is passed on to the Income Tax Department through Annual Information Refund (AIR) by banks and companies.
Why is Form 26AS important?
Many main information related to TDS / TCS are given in Form 26AS such as your monthly salary, pension, income from investment and all information about your income is also given.
That is why it is considered an important financial document because it contains all tax-related information. The main objectives of Form 26AS are:
- It checks whether the TDS deductor has submitted the TDS information correctly.
- This can also check whether the tax deducted by the tax collector has been deposited in the government account on time.
- It helps in verifying tax credit and income calculation before filing income tax refund.
Apart from this, it also shows Farm Annual Information Refund (AIR), it is filed by various companies / banks, if you do some major transactions, such as purchase of property, investment in mutual funds etc., then the information of these transactions is given by banks and Income is handed over to companies by the companies through Annual Information Refund (AIR).
Form 26AS is for the convenience of both citizens and government. If the tax payer has Form 26AS, then he does not need to copy the TDS along with the ITR. If there is no tax left on a person, then it is easier to file tax credit.
For example, the annual salary of Mr. Narayan is Rs. 4.8 lakhs (Rs. 40,000 per month) and the income from other places is Rs. 2 lakhs and he wants to pay his tax. However, Form 16 tells him how much tax has been deducted by his company from his salary, but he is not aware of how much tax deductor has deducted from his other income.
For this, all the information of TDS can be seen in their Form 26AS, this form will be found on the website of Income Tax Department. You can also get the information about your TDS along with the tax deducted by your company in the form. It will contain quarterly account of Mr. Narayan’s tax payments, he will know if he has to pay any tax that he is eligible for refund.
How to download Form 26AS:
Following are some easy ways to use and download Form 26AS:
- You can go directly to your income tax filing account and log in on the e-filing website of the tax department https://incometaxindiaefiling.gov.in . After logging in, click on ‘VIEW 26AS FORM’ button from ‘MY ACCOUNT’ or ‘QUICK LINK’. You will now be sent to the TDS-CPC website to download Form 26AS. You have to select the assessment year (AY) for which you want to download the information.
- Another easy way to download Form 26AS is to register in traces ‘TRACES’. The form comes in the right form which is also easy to read.
- You can also get this form from official banks using your net banking facility. However, the tax credit statement (Form 26AS) is only available when the PAN is linked to the bank account that is being used to download the form. This facility is available free of charge. The list of authorized banks providing form is given below:
|Allahabad Bank||ICICI Bank||This bank|
|Andhra Bank||IDBI Bank||SBI|
|Axis Bank||Indian Bank||HDFC Bank|
|Bank of baroda||Indian Overseas Bank||Syndicate Bank|
|Bank of india||Indusand Bank||Federal Bank|
|Bank of Maharashtra||Karnataka Bank||Karur Vysya Bank|
|Canara Bank||Kotak Mahindra Bank||Uco bank|
|Central Bank of India||Oriental Bank Of Commerce||Union Bank of India|
|City Union Bank||Punjab National Bank||South India Bank|
|Corporation Bank||Punjab and Sindh Bank|
Apart from checking the data related to income tax, this form also makes income tax return easy. Form 26AS contains the correct information for your deductors and collectors. Including their names, tax deduction account number, tax collection account number, income amount, and TDS etc. This form makes it much easier for you to fill in the data while filing your refund.
Usefulness and importance of Form 26AS:
Following are the utilities and importance of Farm 26AS
- Form 26AS contains important information about the tax deducted / collected by the authorized deductors and collectors deposited with the government tax authorities.
- Form 26AS gives you information about all transactions related to TDS / TCS at one go during the financial year.
- This form also helps in tax calculation while filing tax credit and income tax refund. It can also help you to easily verify your income tax refund.
- With the help of Form 26AS, tax credits and income tax refunds are credited as soon as possible.
- Refunds can also be verified during Assessment Year / Financial Year using 26AS.
Things to verify in your TDS certificate with Form 26AS:
Form 26AS should check the information on the TDS certificate, also known as Form 16 (Employment) and Form 16A (Business / Self-Employment), to determine the deductions from the payer’s income. The TDSs were actually deposited with the Income Tax Department.
Following are the details of the points to be verified in the TDS certificate along with Form 26AS:
- Do not forget to check your name, PAN, deductor’s TAN, refund amount paid to you, and TDS amount on Form 26AS, to determine whether they are deposited correctly. These important information related to taxation And before accepting such certificate, verify the data so that there is no mistake.
- Verify that the tax shown in the TDS certificate is actually received by the government. This is possible only by comparing TDS payments on your pay-slip with Farm 26AS data. If the deductor is unable to collect the TDS file or tax on your behalf, it can be a problem for both of you. Contact the deductor and ask him to file the TDS refund as soon as possible.
- If the TDS shown in your TDS form is not reflected in your Form 26AS, it would mean that the deductor has deducted tax on your behalf but has not submitted the TDS to the Income-Tax Department. If you face this problem are doing. So contact the concerned deductor and rectify it as soon as possible.
In case of different information in TDS certificate and Form 26AS, inform your deductor and fix it as soon as possible. In many cases, if TDS is filed under the wrong PAN, it can cause a lot of problems to both the deductor and the tax payer.
TDS Certificate (Form 16 / 16A) vs 26AS
- Form 26AS already contains tax related information but still you need TDS certificate or Form 16 / 16A as both these form are different and both have different objectives.
- You can submit all the necessary information related to TDS in Form 26AS which is sufficient to file any income tax refund. The rationale behind introducing Form 26AS is to make it easier for the tax payer to check and verify the information with the information given in Form 26AS and to maintain transparency of information.
- If you do not have a TDS certificate or form 26AS, you will have a lot of problems while validating. If you have both TDS certificate and Farm 26AS then you can easily check the information. You can easily correct it in case of any mistake.
- Also, in case of employed persons, Form 26AS is not sufficient to fin income tax refund as it does not show any further exemption of your income. Therefore, while filing the refund, you also need a TDS certificate with the Form 26AS.