The tax credit statement which is also known as 26AS is an important form connected to tax filling and IT returns. People had to download 26AS form manually in past to file their IT returns but now it is easier to get as it can be imported directly at the time of filing IT returns. The new form 26AS got effective from 1st June 2020. Now it includes information on assessment proceedings (both pending and completed), tax demands, specified financial transactions and refunds also despite the data it used to have.
What are the information’s form 26AS tells us about?
The information one can get from form 26AS is
- The information about tax deducted by the deductors on one’s income.
- The information about tax which is collected by collectors.
- The information about the advance tax which is paid by taxpayers.
- Details of regular assessment tax deposited by PAN holder taxpayers.
- Details of self-assessment tax payment.
- The information of the refund received by one during the particular financial year.
- The information of the high value transactions which are done and relates to shares and mutual funds etc.
Parts of 26AS:
There are total of seven parts of the Form 26AS which depicts respectively:
Part A: The information of the tax deducted at the source.
Part A1: Includes the details related to the tax deducted at source for form 15G or 15H.
Part A2: Includes the details related to the tax deducted at source on saying immovable possessions u/s 194IA. It is for the property sellers.
Part B: The information on the tax collected at source.
Part C: The details of the tax which is paid other than TDS and TCS.
Part D: The details of the paid return.
Part E: The information about AIR transactions.
Part F: Includes the details related to the tax deducted at source on saying immovable possessions u/s 194IA. It is for the property buyers.
Part G: The information’s about the processing of TDS defaults.
The information’s shared by the seven parts of Form 26AS:
Part A: This portion includes the details of the TDS deducted to one’s salary, both interest and pension income and prize winnings etc. The amount of the TDS deducted and deposited along with the TAN of the deductor is also get mentioned in part A of form 26AS.
Part A1: It provides the details of the income where any TDS has not been deducted since the taxpayer has submitted form 15G or 15H. One can verify the TDS deduction if they have filed form 15G or form 15H. If there is no form 15G or form 15H is submitted then the person can see ‘No transactions present’ displaying at this section.
Part A2: This section is only applicable to the people who have sold immovable properties during that particular financial year and also the TDS is deducted from your receipts. One will find all the relevant information this part.
Part B: If you are a seller and a tax collector then you will find all your entries present at this portion. It provides the information on the tax collected at source or TCS by the seller of goods.
Part C: If people pay tax by themselves then its information gets shown here. The details of both advance tax and self-assessment tax get displayed here. It shows the challan which was used to deposit the tax.
Part D: If one gets any kind of refund, the information regarding it will be shown in this part. The assessment year of the refund, the mode of payment of it, the amount of it, the interest paid and also the date of payment get mentioned in this section.
Part E: Bank and other financial institutions inform the tax authorities about the high-value transactions. Information of high value mutual fund purchases, property purchases and high value corporate bond gets mentioned in this part.
Part F: While buying a property the buyer must pay TDS before paying the property seller. All the information regarding the TDS which you have deducted and deposited will get shown here.
Part G: Defaults related to all kind of statements’ processing get displayed in part G. The demands raised by assessing officer do not get included in it.
The way to view Form 26AS:
Form 26AS can be viewed on TRACES portal and can get downloaded from there. This income tax related form is linked to people’s PAN card. So, it is visible via net banking through the help of your bank account from the financial year 2008-2009 onwards. It is available to any PAN holder who has his account in an authorised bank. The tax credit statement can be only viewed if your PAN card is linked to your bank account. This facility is available to people for free. Here is a list of banks which are registered with NSDL and provide their clients with the view of form 26AS:
- Axis Bank of India
- Bank of Baroda
- Bank of India
- Corporation Bank
- Bank of Maharashtra
- City Union Bank Limited
- Citibank N.A.
- Indian Overseas Bank
- ICICI Bank Limited
- IDBI Bank Limited
- Indian Bank
- Karnataka Bank
- Kotak Mahindra Bank Limited
- State Bank of India
- State Bank of Mysore
- Oriental Bank of Commerce
- State Bank of Patiala
- State Bank of Travancore
- The Federal Bank Limited
- Union Bank of India
- UCO Bank
- The Saraswat Co-operative Bank Limited
The way to download Form 26AS:
Form 26AS is downloadable from TRACES website or via Net Banking Facility of any authorised bank. One can go to https://incometaxindiaefiling.gov.in and log in using their income tax department login and password. If you do not have an account there then you need to get yourself registered first. The registration has eight steps.
- E-filing website
- Provide your PAN number and password. The captcha code must be entered in DD/MM/YYYY format. You should click the login button then. Now enter the PAN e filing website.
- Now you will see the following screen. Click on ‘My Account’ and choose ‘View Form 26AS’ in the dropdown. You will get a view of Form 26AS then.
- Click on the ‘Confirm’ button and get redirected to the TRACES website which is a safe government website. The TRACES website will appear in front of you after that.
- So, you can see the TRACES (TDS-CPC) website now. The box on the screen now needs to get selected and you should click the ‘Proceed’ button.
- Now click on ‘Click View Tax Credit (Form 26AS) to view your Form 26AS’ link which will be available at the bottom of the page.
- Now choose the assessment year and also the format in which you want to see your Form 26AS. You can see it online in HTML format and also can download it in PDF format. After making your choice you need to enter the ‘Verification Code’ and then click on ‘View’ or ‘Download’ button.
- Now you can see the Form 26AS by opening the file you have downloaded whenever you want in the offline mood.
The way to use the Income Tax Department’s e-filing website:
At first one has to login or register on the website. After submitting the PAN number, the website will let you know if you are already registered or not and you can choose then between login and register. If you have e-filed before then you might be registered there. You can look for emails from “incometaxindiaefiling.gov.in” in your email box as it might contain important information regarding your account there. In case you have forgotten your user id and password, note: your PAN number is your user id and you can reset your password with the help of it. There will be three options available to reset the password but if you fail to do so then send an email to “email@example.com” with the details of:
- PAN holder’s name
- Date of birth
- Father’s name
- Registered PAN address
Features of New Form 26AS which is effective from 1st June 2020
In the new Form 26AS, all data of the taxpayer will be available. It will include:
- Both Tax deducted at source and tax collected at source
- Tax demands and Tax refunds
- Information on specified financial transactions
- Information on IT payments like advance tax and self-assessment tax paid by the taxpayer
- Details of pending and completed income tax proceedings
The government has neither notified nor clarified the specified transactions which should get shown in the new Form 26AS. This new form is kept in line with the budget 2020 announcement. to make compliance better and correct the process of paying taxes.