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What is Form 26AS?

Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer. It also reflects details of advance tax/self-assessment tax paid, and high-value transactions entered into by the taxpayer.

Your Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS for filing IT returns manually. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, etc.

Form 26AS is a statement that shows the below information:

• Tax deducted on your income by all the tax deductors
• Details of tax collected source by all the tax collectors
• Advance tax paid by the taxpayer
• Self-assessment tax payments
• Regular assessment tax deposited by the taxpayers (PAN holders)
• Details of income tax refund received by you during the financial year
• Details of the high-value transactions regarding shares, mutual funds, etc.
• Additional details like mutual fund purchase and dividend, interest on income tax refunds, off-market transactions, foreign remittances, salary break-up details, etc.
• Details of tax deducted on sale of immovable property
• Details of TDS defaults (after processing TDS return) made during the year
• Turnover details reported in GSTR-3B

New AIS effective 1st June 2020 to also include information on specified financial transactions, pending and completed assessment proceedings, tax demands and refunds in addition to the existing data presented in the form.

Structure and Parts of Form 26AS?

• Part A: Details of Tax Deducted at Source
  • Part A1: Details of Tax Deducted at Source for 15G/15H
  • Part A2: Details of Tax Deducted at Source on the Sale of Immovable Property u/s194(IA)/TDS on Rent of Property u/s 194IB/TDS on Payment to Resident contractors and professionals u/s 194M (For Seller/Landlord of Property/ Payee of resident contractors and professionals)
• Part B: Details of Tax Collected at Source
• Part C: Details of Tax Paid (other than TDS or TCS)
• Part D: Details of Paid Refund
• Part E: Details of SFT Transaction
• Part F: Details of Tax Deducted at Source on the sale of Immovable Property u/s194(IA)/TDS on Rent of Property u/s 194IB/TDS on payment to resident contractors and professionals u/s 194M (For Buyer/Tenant of Property/Payer of resident contractors and professionals)
• Part G: TDS Defaults* (processing of Statements)
• Part H: Details of Turnover as per GSTR-3B

Part A:
Details of Tax Deducted at Source

Part A of Form 26AS contains TDS details deducted on your salary, interest income, pension income, prize winnings, etc. It also includes the TAN of the deductor, the amount of TDS deducted and deposited to the government. This information is provided every quarter.

Part A1:
Details of Tax Deducted at Source for 15G/15H

Details of income where no TDS has been deducted is given here since the taxpayer has submitted Form 15G or Form 15H. You can verify the status of TDS deduction if you have submitted Form 15G or Form 15H. If you have not submitted Form 15G or Form 15H, this section will display ‘No transactions present’.

Part A2:
Details of the following entries are mentioned here:

• TDS on sale of immovable property u/s194(IA) (for the seller of property)
• TDS on rent of property u/s 194IB (for the landlord of property)
• TDS on payment to resident contractors and professionals u/s 194M (for a payee of resident contractors and professionals)

That is, it will show entries if you have sold the property/rented the property, received payments for contractual or professional service during the year, and TDS was deducted on the same.

Part B:
Details of Tax Collected at Source

Part B shows the Tax Collected at Source (TCS) by the seller of goods. Entries in Form 26AS will show seller details who has collected tax from you.

Part C:
Details of Tax Paid (Other than TDS or TCS)

If you have deposited any tax yourself, that information will appear here. Details of advance tax as well as self-assessment tax are present here. It also contains challan details (BSR code, date of deposit, CIN) through which the tax was deposited.

Part D:
Details of Paid Refund

If any, information regarding your refund will be present in this section. Assessment year to which the refund pertains, along with the mode of payment, the amount paid and interest paid, and the date of payment are mentioned.

Part E:
Details of SFT Transaction

Banks and other financial institutions must report high-value transactions to the tax authorities. High-value purchases of mutual funds, property purchases, corporate bonds are all reported here.

Part F:
Details of Tax Deducted at Source on the sale of Immovable Property u/s194(IA)/TDS on Rent of Property u/s 194IB/TDS on payment to resident contractors and professionals u/s 194M

If you have bought a property/paid rent to the tenant/paid for contractual work or professional fees and deducted TDS on such payments. This section will show details of TDS deducted & deposited by you.

Part G:
TDS Defaults*(Processing of Statements)

This part shows TDS defaults (after processing of TDS returns). However, they do not include demands raised by the assessing officer.

Part H:
Details of Turnover as per GSTR-3B
This part shows turnover of the taxpayer as reported in the GSTR-3B return.

How to view Form 26AS?

• You can view Form 26AS on the TRACES portal and download it (see the step-by-step guide below on downloading Form 26AS).
• You can view Form 26AS via the net banking facility of your bank account. The facility to view Form 26AS is available to a PAN holder having a net banking account with any authorised bank.
• You can view your Form 26AS only if your PAN number is linked to that particular account. This facility is available for free.

List of banks registered with NSDL, that provides a view of Tax Credit Statement (Form 26AS), are as below:

How to download Form 26AS?

Form 26AS can be downloaded on the TRACES website or via the net banking facility of authorised banks. Go to www.incometax.gov.in and login using your income tax department login ID and password. If you don’t have an account, you’ll need to register your PAN first (see the button on top right).

Step 1 : Visit the e-filing website

Step 2:

• Enter your user ID- It can be either PAN or Aadhaar number. If the user ID is invalid, error message will be displayed. Continue with valid user ID details.
• Other ways to access your account is through net banking.

Step 3

• Confirm secure access message by selecting the tick-box below the message. The default secure access message is set as ‘Login’. The default secure message is a proof genuineness of the income tax website accessed. The taxpayer can make own personalised secure access message from the ‘Profile’ option.
• Enter the password and continue.

Step 4

• The following screen will appear. Go to ‘e-file’. Click on ‘Income Tax Returns’ and select ‘View Form 26AS’ in the drop down.
  
• View Form 26AS

Step 5

• Click on ‘Confirm’ to the disclaimer 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).
• TRACES Website

Step 6

• You are now on the TRACES (TDS-CPC) website. Select the box on the screen and click on ‘Proceed’.

Step 7

• Click on the link at the bottom of the page – Click ‘View Tax Credit (Form 26AS)’ to view your Form 26AS.

Step 8

• Choose the Assessment Year and the format in which you want to see the Form 26AS. If you want to see it online, leave the format as HTML. You can also choose to download it as a PDF. After you have made your choice, enter the ‘Verification Code’ and click on the ‘View/Download’ button.

Step 9 (Final) After the download, you can view Form 26AS by opening it.

How to use the income tax department’s e-filing website ?

The first step is to either log in or register on the website. The website will tell you if you’re already registered after entering your PAN number under the ‘Taxpayer’ tab.
If you’ve e-filed before, the chances are that you might already be registered. Please search your email inbox for ‘incometax.gov.in’ to look for information that might be useful.

Login through user ID and password, and you can use the portal for income tax related compliances.

Note: Your user ID is your PAN number. If you don’t remember your password, you need to reset your password .

Latest updates in Form 26AS

New Form 26AS effective 1 June 2020

With effect from 1 June 2020, the taxpayers’ data will be available in a new Form 26AS:

• Tax deducted at source and tax collected at source
• Details of specified financial transactions
• Income-tax payments such as advance tax and self-assessment tax paid by the taxpayer
• Tax demands and tax refunds
• Pending and completed income-tax proceedings

The government is yet to notify or clarify the specified financial transactions reportable in the new Form 26AS. The new form is in line with the budget 2020 announcement to facilitate compliance and correct payment of taxes.

Introduction of Annual Information Statement (AIS)

Now again, the tax department has introduced an Annual Information Statement (AIS) to incorporate new details like foreign remittances, off-market transactions, interest on income tax refunds, mutual fund purchases and dividend details, break-up details of salary and ITR information of another person.

The income tax department use to already avail these records from the authorised entities. For instance, an authorised dealer (e.g. banks) submits Form 15CC for every payment made to non-residents, transfer agents and depositories report off-market transactions (gift transfers, legacy transfers, transfers between two Demat accounts, etc.). Further, salary break-up details are available in Form 16 from details uploaded by employers on the TRACES portal.

Moreover, information related to certain transactions undertaken by the taxpayers is available with the tax department through ITR filed by others. For example, the seller of property reports details of buyers in their ITR.

Benefits of Annual Information Statement (AIS)

• The new AIS will pull out taxpayer’s data and provide pre-filled returns to the taxpayers. The pre-filling of data is planned in a phased manner by income tax department.
• The department is also working to remove errors or duplication of the information in the new report. The AIS statement has a feature to submit online feedback if the details reflecting are inaccurate. In case of inaccuracy or errors, the taxpayer can provide feedback requesting a modification. The taxpayer can also submit feedback for bulk information. Further, an AIS offline utility is also available to upload feedback offline. The taxpayers can download the AIS in different formats like PDF, CSV, and JSON.
• The AIS report has two parts: (i) Taxpayers Information Summary (TIS), and (ii) Annual Information Statement (AIS). TIS is a simplified statement showing aggregate value whereas AIS is a comprehensive statement. TIS shows the processed value (i.e. the value according to income tax records) and derived value (i.e. the value modified after considering the taxpayer’s feedback). On submission of feedback, the derived information in TIS will get automatically updated on a real-time basis.
• The new AIS statement will simplify the ITR filing for taxpayers as more details are available in just one statement. Taxpayers can identify incorrect information reported in AIS and provide feedback for taking corrective action.
• Also, tax authorities would easily compare the information reported by the taxpayer with the source and identify any mismatch. This will reduce the issue of notice by the income tax department and tax leakages.

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