When it comes to filing income tax returns, Form 26AS assumes great importance. It is statement of tax credit that contains the following details.
What is Form 26 AS
Information on tax deducted at source on your income (TDS)
Tax collected by collectors (TCS)
Advance or self-assessment tax
Refund by the Income Tax Department
High value transactions
Parts of Form 26 AS
PART A- Details of Tax deducted at source on your income
This includes tax deducted not only on your salary but income such as interest income, winnings from lotteries, professional fees, contract amount and rent income.
PART A1: Details of Tax Deducted at Source for 15G / 15H
If your total income does not exceed the basic income tax exemption limit of Rs2,50,000 or Rs3,00,000 in case of a senior citizen, then you need to make a declaration to the bank through form 15G or 15H if you are a senior citizen. Once you submit these forms, the income details will appear under this section.
PART A2: Details of Tax Deducted at source on sale of immovable property (for seller and landlord)
Details of tax deduction on rent received from individual or HUF in excess of Rs50,000 per month is present in this section.
PART B: Tax collected at Source
Details of tax that has been collected by a seller from you for specified goods and deposited with the IT department are present in this section. Along with the amount of tax the name and the TAN of the collector or seller is reflected.
PART C: Details of Tax Paid
Self-assessment tax details, advance tax or any other tax including tax on regular assessment details are present in this section.
PART D: Details of refund paid
The details of the refund credited to your bank from the Income Tax Department during the year during the assessment year is reflected in this section.
PART E: Details of AIR Transactions
If you have purchased mutual funds worth Rs2,50,000 in a year, mutual funds or shares of listed companies, it will be treated as a high value transaction and will reflect in the Annual Information Return (AIR) of Banks. The details of these transaction will also show up under this section of your Form 26 AS.
Part F: Details of Tax Deducted on sale of immoveable property u/s 194 (for property buyer)
If you have purchased a property, you have to deduct TDS before making a payment to a seller. This section carries the details of the same.
Part G: TDS defaults (processing of defaults)
Defaults relating to the processing of statements are mentioned here.
How to view and download Form 26 AS
You can download and view Form 26 AS in these following ways
From Income Tax website
Through internet banking facility of your bank
How to download Form 26AS?
Go to https://incometaxindiaefiling.gov.in. Login using your income tax department login & password. If you do not have one, you will need to register first.
Enter your PAN number and password. You will then be prompted to enter the captcha code in DD/MM/YYYY format.
Enter the e-filing portal
From the left hand side go to the “My account” section
In the drop down menu you will find the option to view Form 26 AS
Click on confirm; you will now be redirected to the TRACES website
On the TRACES website follow the instruction to land on “Click View Tax Credit (Form 26 AS)”
Once you have viewed it for the assessment year you have chosen, you have the option to download it as a PDF.
You will be asked for the TRACES verification code
Upon entering this code correctly, you can download your Form 26AS
To view the downloaded file you will need to enter a password which is your date of birth in DD/MM/YYYY format
Download 26 AS through internet banking
You can also view Form 26AS through your internet banking account, if you bank with any of the major commercial banks in India. However, to use this facility, your PAN must be linked to your banking account.