Come tax season, taxpayers rush to obtain as many records as possible, including receipts for insurance premiums, investment evidence, and spending invoices. Of them all, Form 26AS is a crucial document. In addition to displaying the dates and amounts of taxes you have paid in advance, this tax document also compiles all your financial activities. Form 26AS will be prepared only for Financial Year 05-06 onwards.
What is Form 26AS?
It is a consolidated statement for a particular financial year (FY). It contains the details of the following:
- Tax Deducted at Source (TDS)
- Tax Collected at Source (TCS)
- Advance Tax / Self-Assessment Tax / Regular Assessment Tax deposited
- Refund received during a financial year (if any)
- Details of any Specified Financial Transactions (SFT) (if any)
- Details of Tax Deducted on sale of immovable property u/s194IA (in case of seller of such property)
- TDS Defaults (if any)
- Information relating to demand and refund
- Information relating to pending and completed proceedings
When filing your income tax return, you should check that the details you input match the information provided in this document. If there is a discrepancy, the income tax site will display an error when you submit your tax return.
Here is a look at how to download your Form 26AS.
Also read: Form 16 due date: When will you get TDS certificate from your employer?
How to download Form 26AS
Step 1: Visit incometaxindiaefiling.gov.in and Login using your income tax department login & password.
Step 2: Go to 'My Account' Click on 'View Form 26AS' from the drop down.
Step 3: Click on 'Confirm' so that you are redirected to the TRACES website.
Step 4: You are now on the TRACES website. Select the box on the screen and click on 'Proceed'. 'Click View Tax Credit (Form 26AS) to view your Form 26AS'.
Step 5: Choose the Assessment Year and the format in which you want to see Form 26-AS.
If you want to see it online, leave the format as HTML. If you would like to download a PDF, choose PDF
Downloading from Net Banking
Using your Net Banking login credentials, you can also download Form 26AS. The Tax tab on the Net banking interface is often where you may find these services. For example, Form 26AS is available for download for State Bank of India (SBI) users under the 'e-Services' tab's 'My Certificates' section. Similarly, customers of HDFC Bank Net Banking may obtain Form 26AS by selecting the "Enquire tab" and then "View Tax Credit Statement."
What does Form 26AS contain?
The Form 26AS (Annual Tax Statement) is divided into three parts, namely; Part A, B and C as under:
Part A displays the tax deducted at the source (TDS) by each individual (deductor) who made a certain payment to you. This section includes information on the deductor (name and TAN), as well as information about the tax deducted, such as the section under which the deduction was made (for example, section 192 for salary), the date on which the payment was made, the amount paid/credited, and the tax deducted from payments and deposited in the bank.
Part B displays information about tax collected at source (TCS) by the vendor of selected products when they were sold to you. Details about the vendor and the tax collected will be available, just as they were in Part A
Part C displays details of income tax directly paid by you (like advance tax, self assessment tax) and details of the challan through which you have deposited this tax in the bank.
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