Form 26AS of Income Tax

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There’s a possibility that while filing your income tax return, you came across Form 26AS. Basically, this form is a consolidated annual tax statement of a taxpayer in India. 

For confirming an individual’s tax credits and making sure all taxes paid on an individual's behalf are appropriately recorded, this form is quite essential.

What is Form 26AS in Income Tax?

Form 26AS means a taxpayer’s consolidated annual tax statement for a particular Financial Year (FY). It contains all the high value transactions, TCS collected, TDS deducted, corresponding income details, refund issued, TDS payments’ default (if applicable) and turnover details (for GST registered businesses). 

Form 26AS of income tax is an essential form at the time of filing income tax returns (ITRs). It provides a complete view of all the taxes deducted from a taxpayer's income and allows them to file their ITRs correctly.

Information Contained in Form 26AS

Income Tax India Form 26AS contains the following details:

• Details regarding Tax Deducted at Source.

• Details regarding Tax Collected at Source.

• Advance Tax Payments made by taxpayer.

• Self Assessment Tax Payments made by the taxpayer.

• Records regarding ITR refunds received by taxpayer in a FY.

• Regular assessment tax payments that the PAN holder has made.

• Information regarding transactions of high value like those related to shares, mutual funds, etc.

• Turnover details reported using GSTR-3B.

• TDS Defaults’ records identified during the year after processing TDS returns.

• Details on TDS deducted on immovable property’s sale.

Structure/Parts of Form 26AS

The structure/parts of Income Tax Form-26AS are as follows:

Part 1: TDS Details

This section of the form-26AS contains Tax Deducted at Source on income from salary, profession, business, interest and other income sources. 

Part 2: Details of TDS for Form 15G or 15H

In this, you will find details regarding TDS not deducted due to submission of Form 15G of 15H. This is primarily applicable to senior citizens having income below exemption limit.

Part 3: Details of Transactions under the Proviso to Section 194B / First Proviso to Sub-Section (1) of Section 194R / Proviso to Sub-Section (1) of Section 194S

This section covers TDS on payments made in kind like the foreign trips awarded for meeting sales targets and cars won in lotteries.

Part 4: Details of Tax Deducted at Source under S. 194IA / 194IB / 194M / 194S of Income Tax Act (For the Property Landlords / Sellers / Professionals or Contractors / Sellers of Virtual Digital Assets)

This part mentions TDS on property sales, rent payments exceeding Rs. 50,000 per month, payments to contractors or professionals exceeding Rs. 50 lakhs and sales of virtual digital assets like cryptocurrencies. 

Part 5: Details regarding Transactions under the Proviso to Sub-Section (1) of Section 194S 

This section provides TDS details for sellers of virtual digital assets in accordance with specific provisions. 

Part 6: Details regarding Tax Collected at Source (S. 206C) 

This part includes TCS (Tax Collected at Source) as mandated under various sections of 206C. 

Part 7: Details about Paid Refunds

Here in this part, you will find information regarding the refunds issued by the CPC TDS. For more details, we request you to please refer to the AIS available on the e-filing portal. 

Part 8: Details of Tax Deducted at Source under Sections 194IA / 194IB / 194M / 194S (For Buyers / Tenants of Property / Individuals Making Payments to Contractors or Professionals / Buyers of Virtual Digital Assets)

This section of the form-26AS includes TDS details for property buyers, tenants paying rent exceeding Rs. 50,000 per month, payments to contractors or professionals that are beyond Rs. 50 lakhs and buyers of virtual digital assets. 

Part 9: Details of Transactions/Demand Payments under the Proviso to Sub-Section (1) of Section 194S as per Form 26QE

This section lists transaction and demand details regarding the virtual digital asset buyers under S. 194S of the Income Tax Act. 

Part 10: TDS/TCS Defaults (Processing of Statements) Details

Here, in this section, you will find information on TDS defaults identified during the processing of TDS returns. This section, however, excludes demands raised by the assessing officer.

Form 26AS Download Process: Step-by-Step Explanation

You can download form 26AS via income tax website by following these steps:

Step 1: Visit the official e-filing portal of the income tax department. Then, go to the top right side and click on the “Login” option.

Step 2: On the login page, enter all the necessary details like PAN Number and password. Now, click on ‘Continue’.

Step 3: After successfully logging in, go to the e-file tab and then click on “Income Tax Returns”. Now, you’ll get a drop-down menu using which you need to select “View Form 26AS”. Click on “confirm” and then you will be taken to TRACES website.

Step 4: Once you are on the TRACES website, you need to select the checkbox and then choose ‘proceed’.

Step 5: Now, you must click on “View Tax Credit (Form 26AS)” to view Form-26AS.

Step 6: From the drop-down menu, select the “Assessment Year” and “View As”. To view the 26AS form online, you can click on the “View/Download” button. To download the PDF file of the form, you need to click on the “View/Download” option and then on “Export as PDF” option. 

By following all the aforementioned steps, the 26AS form will be generated successfully. Using the form, you can verify tax details.

List of Banks for Viewing and Downloading Form-26AS

You can view Form-26AS using the internet banking facility. However, this option is only available if you have an account with a bank approved by the Income Tax Department. Provided below is a list of banks registered with NSDL from which you can access and download Form-26AS.:

• Axis Bank Limited

• Bank of India

• Bank of Maharashtra

• Kotak Mahindra Bank Limited

• Indian Bank

• Karnataka Bank

• Oriental Bank of Commerce

• State Bank of India

• State Bank of Mysore

• State Bank of Travancore

• State Bank of Patiala

• Federal Bank Limited

• Saraswat Co-operative Bank Limited

• UCO Bank

• Union Bank of India

• Bank of Baroda

• Citibank N.A.

• Corporation Bank

• City Union Bank Limited

• ICICI Bank Limited

• IDBI Bank Limited

• Indian Overseas Bank

Log into your bank’s netbanking website using your netbanking credentials. Then, look for the "Tax Credit Statement" or “TRACES (26AS) Services” option and then click on it to view the Form-26AS.

Conclusion

Form-26AS is an annual statement that contains details regarding any amount deducted as TDS or TCS from various income sources. To access this form, you need to visit the TRACES website and follow the instructions explained in this blog post. For assistance in ITR filing or TDS return filing, feel free to connect with our Chartered Accountants at Registrationwala.

Frequently Asked Questions (FAQs)

Q1. How can I download the form-26AS?

A. You can download it by visiting the TRACES website.

Q2. What are the essential details contained in form-26AS?

A. It contains essential details such as high value transactions, TCS collected, TDS deducted, corresponding income details, refund issued, TDS payments’ default, turnover details for GST registered entities, etc. 

Q3. When does form-26AS get updated?

A. It gets updated when the income tax department processes the TDS return filed by the deductor.

Q4. Which department prepares the form-26AS?

A. The Income Tax Department prepares form-26AS for the taxpayers.