Form 26AS

When you file your Income Tax Return (ITR), you need various documents to support your tax obligations. One crucial document is Form 26AS.

Taxpayers need to understand this form thoroughly to file their tax returns effectively. This involves not just knowing what it is, but also understanding its role in the entire filing process. 

What is Form 26AS

A crucial document for tax filing, Form 26AS is a tax credit statement. It provides a comprehensive summary of all tax-related information linked to your PAN card during a specific year.

The Income Tax Department issues this form every financial year. The form includes details of TDS deducted, tax collected at source, advance tax payments made by you, self-assessment tax payments and any refunds issued to you. 

Moreover, it also displays information about high-value transactions like mutual fund purchases, dividends,  foreign remittances and more. You can use the data from this form to ensure accurate filing of your ITR. 

Benefits of Form 26AS

The following are the benefits of Form 26AS:

• It is vital details regarding tax deducted or collected and deposited with the government tax authorities by authorised deductors or collectors.
• You can view all financial transactions involving TDS or TCS for the relevant financial year in Form 26AS.
• The form helps in computing your income and claiming tax credits when filing an ITR on income.
• It also helps you verify refunds during the applicable financial or assessment year.

Information Available on Form 26AS

The Income Tax Form 26AS contains the following information:

• Information on tax deducted at the source
• Details of tax collected at source
• Advance tax payments made by you
• Self-assessment tax payments made by you
• Regular assessment tax payments made by PAN holders
• Records of income tax refunds received by you in the financial year
• Details of high-value transactions such as those related to shares and mutual funds
• Information on tax deducted on the sale of immovable property
• Records of TDS defaults identified during the year after processing TDS returns
• Turnover details are reported in GSTR-3B

New Additions to Form 26AS

Form 26AS has been updated with several new features. Here are the latest additions:

• Details of foreign remittances reported in Form 15CC are now included
• Information related to TDS on salary from last quarter's Form 24Q
• Data from other taxpayers' income tax returns
• Details of interest earned on income tax refunds 
• PAN information from Form 61/61A
• Reports from the Depository or Registrar and Transfer Agent about off-market transactions
• Information on mutual fund dividends and purchases from the Registrar and Transfer Agent

Structure and Parts of Form 26AS

Form 26AS provides a comprehensive overview of tax details for taxpayers. Below is a breakdown of its structure and various parts:

• PART-I: Details of Tax Deducted at Source 

This section lists Tax Deducted at Source or  TDS on income from salary, interest, profession, business and other sources.

• PART-II: Details of Tax Deducted at Source for 15G/15H

Here, you will find information about TDS not deducted due to the submissions of Form 15G or Form 15H. It is primarily applicable to senior citizens with income below the exemption limit.

• PART-III: Details of Transactions under Proviso to Section 194B/First Proviso to Sub-Section (1) of Section 194R/Proviso to Sub-Section(1) of Section 194S

This part includes TDS on payments made in kind, such as foreign trips after meeting sales targets, cars won in lotteries, etc.

• PART-IV: Details of Tax Deducted at Source u/s 194IA/194IB/194M/194S (For Landlord of Property/Seller/Professionals or Contractors/Seller of Virtual Digital Asset)

It shows TDS on sales of property, rent payments over ₹50,000 per month, payments to contractors or professionals exceeding ₹50 lakhs, and sales of virtual digital assets like cryptocurrency.

• PART-V: Details of Transactions under Proviso to Sub-Section(1) of Section 194S as per Form-26QE 

This section covers TDS details for sellers of virtual digital assets under specific provisions.

• PART-VI: Details of Tax Collected at Source

Here you will find TCS (Tax Collected at Source) under various sections of 206C.

• PART-VII: Details of Paid Refund

This part lists details of refunds paid out by CPC TDS. For more details, refer to AIS on the e-filing portal.

• PART-VIII: Details of Tax Deducted at Source u/s 194IA/194IB/194M/194S (For Buyer/Tenant of Property/Person making payment to Contractors or Professionals/Buyer of Virtual Digital Asset)

It includes TDS details for buyers of property, those paying rent over ₹50,000 per month, payments to contractors/professionals over ₹50 lakhs, and buyers of virtual digital assets.

• PART-IX: Details of Transactions/Demand Payments under Proviso to Sub-Section(1) of Section 194S as per Form 26QE 

This section lists transaction and demand details under Section 194S for virtual digital asset buyers.

• PART-X: TDS/TCS Defaults (Processing of Statements)

Here, you will find TDS defaults after the processing of TDS returns, excluding demands raised by the assessing officer.

How to View and Download Form 26AS

You can view and download Form 26AS by following the steps mentioned below:

Step 1: Go to the official website of the Income Tax Department. 

Step 2: On the top-right side of the screen, tap on the ‘Login’ option

Step 3: Enter your PAN card number as the user ID and your password, then select ‘Continue’.

Step 4: After logging in, choose ‘Income Tax Returns’ and from the drop-down list click on ‘View Form 26AS’.

Step 5: Tap on the ‘Confirm’ button to be redirected to the Traces website.

Step 6: Once you land on the Traces website, tick the checkbox and select ‘Proceed’. 

Step 7: Press the ‘View Tax Credit (Form 26AS)’ option to access your Form 26AS.

Step 8: Choose the ‘Assessment Year’ and ‘View As’ options from the drop-down list.

Step 9: To view your form online, click the ‘View/Download’ button.

Step 10: To download the form as a PDF, press the ‘View/Download’ and then select ‘Export as PDF’.

Your Form 26AS will be downloaded successfully. You can open the PDF file, which does not require a password, and verify the tax details you have paid or that have been paid on your behalf.