People who file an Income Tax Return must be familiar with Income Tax Form 16 and Form 26AS. Form 26AS gives an overall view of tax deduction that is associated with PAN card. While, Form 16 specifies details of your salary income and tax deducted and deposited by your employer. Let’s understand about Form 26AS in detail.
Updated on October 4, 2019 , 299 views
Download Form 26AS From Traces Income Tax Website AY 20-20. Form 26AS is basically a income tax credits detail of a tax payer. In simple words,it shows details of tax paid by tax payers on quarterly basis. And Income tax department has records of tax paid by tax payers only in the form of 26AS. Step by Step guide with screenshots on how to view Form 26AS and download it through the TRACES website or via Net banking.
Understand Form 26AS
Form 26AS is a consolidated statement that keeps a record of all the tax-related information such as TCS, TDS, and refund, etc., based on PAN number for every financial year. Form 26AS contains the annual tax statement under Section 203AA, Rule 31AB of the Income Tax Act, 1961. The statement reveals the tax amount that has been received by the government.
It also contains information about an individual’s income sources that also includes monthly salary, income from investments, pension, income for professional services, etc. It contains information of the tax deducted on your behalf by the employer, the bank and other financial institution in which you have sale/purchase, an investment or rent of the immovable property.
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Additionally, form 26AS also contains details of advance tax or self-assessment tax paid by and individual, refunds by the I-T Department, also the high-value transactions entered by an individual during the course of the year.
Importance of Form 26AS
The major purposes that Form 26AS fulfils are:
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Moreover, the form 26AS also reflect details of AIR (Annual Information Return), which is filed by different entities based on what an individual has spent or invested on, mostly for high value transactions.
If the total amount deposited in a Savings Account exceeds INR 10 lakh, the bank will send an Annual Information Return. Also, if an amount more than INR 2 lakh is invested in a Mutual Fund or spent on a credit card, the same is been followed.
Where can you view Form 26AS?
Form 26AS can be viewed through your net banking account or at TRACES- the TDS reconciliation website or by logging into your e-return filing account on the tax department’s website.
How to Download Form 26AS
Any tax payer can download the form 26AS with a valid PAN number. To do this you need to login on the Income Tax Department's website. Another easy way to download Form 26AS is by registering at the TRACES website of the Income Tax Department.
You can also get this form 26AS through authorized banks using your net banking facility. However, Tax Credit Statement (Form 26AS) is available only if the PAN details are mapped to the bank account that is going to be used to download the form. The facility is available for free. The list of authorized banks that provide the form are given below:
Form 26AS Meaning
The Income Tax Department maintains the database of the total tax paid by the taxpayer. Form 26AS (Tax Credit Statement) is the annual statement in which the details of tax credit are maintained for each taxpayer as per the database of Income-tax Department. Form 26AS will reflect the tax credit against the PAN of the tax payer. It shows how much of your tax has been received by the government and is consolidated from multiple sources like your salary / pension / interest income etc.
A salaried individual generally pays tax in the form of Tax Deducted at Source or TDS. This is deducted by his employer from his monthly salary.
Your Tax Credit Statement / Form 26-AS is an important document for tax filing. Instead of manually downloading your Form-26AS for filing your I-T Returns, you can directly import your 26AS information while filing your Income Tax Returns.
Form 26AS Details
The Form 26AS (Annual Tax Statement) is divided into three parts, namely; Part A, B and C as under:
Download Form 26as Income Tax India
Part A displays details of tax which has been deducted at source (TDS) by each person (deductor) who made a specified kind of payment to you.
Details of the deductor (name & TAN) along with details of tax deducted like section under which deduction was made (e.g. section 192 for salary), date on which payment was effected, amount paid/credited, tax deducted from payments and deposited in the bank are included in this part.
Part B displays details of tax collected at source (TCS) by the seller of specified goods at time these goods have been sold to you. Details similar to those displayed in Part A in respect of the seller and the tax collected will also be available.
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.
In such cases the details of TDS/TCS cannot be posted into your Form 26AS. Therefore it is important to provide your PAN to all the entities who deduct/collect tax on your behalf.
The deductor can use the TAN view facility available at TIN website to verify both upload and booking status of the TDS/TCS statement uploaded by it.
How to Download Form 26AS from TRACES
Step 1 : Go to https://incometaxindiaefiling.gov.in and Login using your income tax department login & password. If you don’t have an account, you’ll need to Register first (see the button on top of LOGIN).
How To View 26as Traces
Step 2 : Enter your PAN number, password and date of birth / date of incorporation in DD/MM/YYYY format. And enter the captcha code. Now click on LOGIN.
Income Tax Form 26as Download
Step 3 : The following screen will appear. Go to ‘My Account’. Click on ‘View Form 26AS’ in the drop down
Step 4 : Click on ‘Confirm’ so that you are redirected to the TRACES website. (Don’t worry, this is a necessary step and is completely safe since it is a government website).
Step 5 : You are now on the TRACES (TDS-CPC) website. Select the box on the screen and click on ‘Proceed’.
26as Tax Credit View
Step 6 : Click on the link at the bottom of the page – ‘Click View Tax Credit (Form 26AS) to view your Form 26AS’.
Step 7 : Choose the Assessment Year and the format in which you want to see the Form 26-AS. If you want to see it online, leave the format as HTML. If you would like to download a PDF for future reference, choose PDF. After you have made your choice, enter the ‘Verification Code’ and click on ‘View/Download’.
Step 8 : To open the document you have to enter a password. Form 26AS password is your DOB in DDMMYYY format. Voila! Your Income Tax Form 26AS will open!
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