What is Form 26AS in Income Tax?

Form 26AS - How to View and Download it from TRACES Website?

Tax Deducted at Source or TDS is deducted from the income you earn. According to Section 194C of the Income Tax Act, the aggregate payment made to an individual for a financial year should be Rs 1,00,000 for TDS to be deducted. If it is a single payment, it should be Rs 30,000.

As a salaried employee, if you have only one source of income and TDS is being deducted, your employer will issue you Form 16. However, for an individual who has multiple sources of income like interest, commission or rent, etc. there will be multiple Form 16As that are being issued.

At the end of a financial year, consolidating multiple Form 16As may be difficult. Instead, you can check all the taxes deducted in your Form 26AS.

Form 26AS is a tax statement. It gives you a consolidated look at all the taxes that you or others have paid by deducting from you and depositing on your behalf, during a financial year You can check your income tax Form 26AS statement from TRACES to verify your tax deduction details and if they are correctly submitted to the Income Tax Department.

How to download Form 26AS without login?

Most taxpayers wonder how to download Form 26AS from TRACES. To download 26AS from TRACES, you will be asked to register on the website. However, this is not a compulsion. If you want to download without registration and login on to the income tax site, you can do this through your net banking account of any authorized bank.

To do this, you will need to have an account with the bank and your Permanent Account Number or PAN needs to be mapped with that account. To check it, you will need to log in to your account and click on the option of viewing your tax statement. This is where you can get Income Tax Form 26AS to view.

How to view 26AS Online?

To view Form 26AS on the income tax site, you will need to follow the below steps:

• Go to the Income Tax website https://www.incometax.gov.in/iec/foportal/
• Login using your credentials.
• Go to My Account
• Click on View Form 26AS (Tax Credit)
• Click on confirm after reading the Disclaimer.
• You will be redirected to the TDS-CPC website
• Click on Agree for Acceptance of the usage
• Click Proceed
• Click View Tax Credit (Form 26AS)
• Select Assessment Year
• Choose the Type of view (HTML, PDF, Text)
• Click View/Download

Components of Form 26as?

Form 26AS is the annual tax statement. Before the components of the form are listed, you will first see the Permanent Account Number of the taxpayer, Status of the PAN, Financial Year, and Assessment Year listed.

Following these details are the name and the address of the Assessee that is the taxpayer.

There are 7 Components of Form 26AS:

Part I is the details of the Tax Deducted at Source. This deduction could be done from your salary income or any other income received in the form of interest payments from bank deposits, investments, mutual funds, commission, rent, etc.

The following details will be mentioned:

1. name of the deductor
2. Collection Account Number or TAN of the deductor
3. Total Amount paid or credited (Income Amount)
4. Total Tax deducted
5. Total TDS Deposited.
6. Section under which TDS is deducted
7. Transaction Date
8. Status of Booking
9. Date of booking
10. Remarks.

Each TDS amount deducted from the income and deposited will be mentioned in Form 26AS.

Part II: TDS for Form 15G/Form 15H?

Part II mentions the details of income where there is no TDS deduction since form 15G or Form 15H has been submitted.

Forms 15G/Form 15H are declarations that are submitted to financial institutions to ensure that TDS is not deducted from the interest income from any deposits that are with the bank.

If you have submitted Form 15G/Form 15H, details of the income will be listed in your Form 26AS. If you have not submitted it, you will see ‘No Transaction Present’ mentioned.

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

f you have sold an immovable property during the financial year and if TDS has been deducted from the buyer, the details of the payment and deduction will be mentioned in this part of Form 26AS.

Part VI: Tax Collected at Source (TCS)

Tax Collected at Source or TCS details will be reflected under Form 26AS download. If you have purchased a specific good from the seller, TCS will be deducted by the seller and they will have to deposit it to the government. Details of all the transactions with respect to TCS will be displayed in this section.

Part VI: Tax Paid, other than through TDS or TCS like advance and self-assessment taxes Other tax payments like advance tax, or self-assessment tax details will be listed under Form 26AS.

The details included in this part are:

1. Major Head Code of Income Tax
2. Minor Head Code of Income Tax
3. Tax Amount
4. Surcharge, education cess, and other charges will be mentioned
5. Total Tax amount
6. Bank Code
7. Date of Deposit
8. The Challan serial number of the deposit will be mentioned.

Part VII: Refunds received

If you have received any income tax refund, in that assessment year, you will find the details under Part VII. The assessment year, mode of payment, amount of refund, interest, date of payment, and any remarks will be given here.

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

Any TDS deducted by you for the purchase of immovable property will be mentioned here. Details including Acknowledgement number, Name and PAN of the Deductee, Transaction date, amount, date of TDS deposited, and TDS certificate number will be stated.

Part X: TDS Defaults (processing of defaults)

If there is any TDS default, it will be mentioned here. You will see particulars like Financial Year, Short Payment amount, Short Deduction, Interest on TDS payment Default, Late Filing Fees, and interest in this segment.

What Is the Difference Between Form 16/16A and Form 26AS?

Form 16, Form 16A, and Form 26AS are three different forms that come in handy while filing your Income Tax returns. With the details available on all three forms, you can use an income tax calculator to know the amount of tax you are liable to pay in a financial year. Since they are all different forms, it is important to know the difference between them:

What is the new Form 26AS?

The new Form26AS has been introduced since June 1, 2020. There have been certain additions and changes that have been made to the form:

1. Personal Information: The new Form 26AS will have additional personal information including your date of birth, Aadhar number, mobile number, email address, and address.
2. Specified financial transaction: Apart from TDS, TCS, Advance Tax payment, and Self-Assessment Tax payment, the new form 26AS will also have information on any sale or purchase of shares, Credit Card Information, Forms of Cash transaction, cash withdrawal of more than a particular value, buy/sale of debentures, mutual funds, etc.
3. Credit Card Transactions: If the payment of a credit card bill has been done in cash, and if the value of the transaction exceeds Rs 1 lakh, the details will be reported by the bank and this will be mentioned in your new Form 26AS. If the value of the transaction is more than Rs 10 lakhs and payment is done via any mode other than cash, it will be reported and detailed in the new form as well.
4. oreign Transaction: Any receipt or expense of foreign currency of an aggregate value of Rs 10 lakhs and more will be reported to the Income Tax and will be mentioned in the new form 26AS.

FAQs on Form 26AS

What comes under Form 26AS?

Form 26AS is like a tax passbook that gives you the details of the Tax Deducted at Source, Tax Collected at Source, Any tax paid in the form of self-assessment tax or advance tax, as well as any income tax refund received during the financial year and if there are any tax defaults to be paid.

What are the TDS-related forms that I need to submit?

You can submit Form 15G or Form 15H to your financial institution if you do not want TDS to be deducted from your interest income.

What is the importance of Form 26AS?

Form 26AS is important as it gives you the details of all the financial transactions reported and you can verify them with the transactions done in actuals. This helps in the filing of your Income Tax Returns with minimal errors and omissions.

When does Form 26AS get updated?

Every time TDS returns are filed, Form 26AS gets updated. It is usually updated at the end of a quarter of a financial year.

What is the password of Form 26AS in PDF format?

To open the PDF of Form 26AS, it is the taxpayer’s date of birth in DDMMYYYY format. If the taxpayer is a business, instead of a date of birth, they will need to put the date of incorporation in the same format.