Form 26AS: Meaning, Features, and How to View & Download Online

What is Form 26AS?

Form 26AS is a statement of all the tax data related to a taxpayer's PAN (Permanent Account Number). It indicates the taxes collected at source, taxes deducted at source, advance taxes paid by the taxpayer during the financial year, taxes paid under self-assessment, and refunds made to the taxpayer.  It also indicates summary details of some high-value transactions like dividends, purchase of mutual funds, foreign remittances, etc.

Form 26AS mentioned above is easily accessible for the taxpayer to view and download through the TRACES website. It is useful in verifying the accuracy of a TDS certificate and for confirming that tax has been deducted from your income and deposited with the income tax department. Form 26AS includes:

• Details of the taxes deducted by deductors from your income (TDS).
• Details of taxes collected at source by collectors (TCS).
• Advance Tax paid by you.
• Payment of Self-assessment tax.
• Other taxes paid by you (PAN holder) for normal assessment.
• Details of refunds received by you during the financial year.
• Details of transactions that are of high value relating to mutual funds, shares, etc.
• Interest accrued by banks and others with no TDS is also shown in the disclosure, i.e., Form 15G/H for low or no deduction.

 

Steps to View Form 26AS Online 

The following are the steps to view Form 26AS online:¹

• Go to the Income Tax Portal and log in.
• Select Income Tax Returns under e-file. See Form 26AS. The TRACES site will be the next page you come to.
• After you have read the disclaimer, click "Confirm". The TDS-CPC site will be the next web page you will be guided to.
• After checking the 'Agree' box, click 'Proceed'.
• Click 'View Tax Credit’ (Annual Tax Statement/Form 26AS).
• Select "View type" (text or HTML) after selecting "Assessment Year".
• After selecting "View / Download," choose "Export as PDF".

 

Form 26AS Format Download for FY 2024-25

Form 26AS can be obtained in a few simple steps on the TRACES website:

1. First, go to the official e-filing website of the Income Tax Department.
2. On the sign-in screen, enter your user ID, which can be your Aadhaar or PAN number. If the information is incorrect, an error will flash on the page. You can only proceed after entering the information correctly.
3. To sign in, enter your password and click "Continue!"
4. After entering your account, select "Income Tax Returns" from the menu item in the "e-File" menu application, and select "View Form 26AS" from the next menu.
5. A disclaimer page will appear first. Click "Confirm" to proceed. TRACES will guide you to the next page.  As it is a government website, this step is highly secure.
6. From here on, just click on the box and then click "Proceed" on the TRACES portal.
7. Click the link "View Tax Credit (Form 26AS)" at the bottom of the page.  Click on the link to view the form.
8. Now, select the assessment year and the format you want to view the form in. If you want to see it online, choose HTML, and if you want to download it, choose to see it in PDF format. Input the verification code that appears, and click on ‘View/ Download’.

You can alternatively log in directly to the TRACES portal to access Form 26AS for download. Note that the form is not password-protected, and you can access it easily for reference related to taxes.

 

Key Benefits of Form 26AS

Form 26AS is a very important document for an Indian taxpayer because it provides a collective summary of the tax-related information filed or held by the Income Tax Department. It is a consolidated document that gives updated information to the taxpayer and will ensure proper reporting of taxes; therefore, it is a vital financial management tool. The advantages of Form 26AS are as follows:

1. Confirms correct tax deduction: The biggest advantage of Form 26AS is that it allows taxpayers to verify whether the Tax Deducted at Source (TDS) by employers and the other deductors of the TDS have been deposited correctly. The Form contains the TDS details on Salary, Interest, Rent, etc. This will help you to ensure that your TDS is being reflected correctly, thereby ensuring synchronisation between your income and the tax you have paid.
2. Helps in Filing of Income Tax Returns: Form 26AS provides a summary of all tax payments, including TDS, advance tax, and self-assessment tax. This data is very helpful in furnishing income tax returns, as it helps to ensure that your filings are accurate and supported by corroborated facts. You can cross-check the data in the form against your internal records to avoid errors and discrepancies, which can lead to notices from tax offices.
3. Avoids Double Taxation: For taxpayers who receive an income from various sources or those who have paid tax in more than one jurisdiction, Form 26AS helps avoid double taxation. This form provides a brief report about taxes paid, which is available at the time of claiming tax credits or exemptions. This is especially helpful for taxpayers under international tax treaties, which are meant to avoid double taxation.
4. Acts as a Financial Record: Form 26AS is a perfect document to help keep proper financial records. It includes a summarised statement of credits, refunds, and outstanding liabilities, and this allows the individual to track their overall payments and claims over time.
5. Assists in Resolution of Discrepancies: Form 26AS acts as a reference point for you if there is a discrepancy between what you claim and what the deductors have reported. You can identify and resolve discrepancies if you reach out to the deductors or the tax officer.
6. Supports Compliance and Transparency: Potentially the most important benefit, Form 26AS is a transparent format for tax-related information, ensuring that you are well aware of what you owe. Transparency facilitates timely tax filings, enhances compliance with the tax law, and results in an efficient tax system.

 

Overview of the Annual Information Statement (AIS)¹

The tax department has prepared an Annual Information Statement (AIS) to contain new information such as off-market transactions, foreign remittance, interest on income tax refund, buying of a mutual fund and dividend, salary, and ITR details for another person.

Reports were previously received from sanctioned bodies by the Income Tax Department. In addition, Form 16 contains salary breakdown information that the employers have submitted to the TRACES system.

Moreover, the tax department also provides information about some transactions that you undertake through ITRs filed by others. For example, the property seller submits information about the buyer in their ITR.

 

Relation Between TDS Certificate (Form 16/16A) and Form 26AS

Although elements of a TDS certificate, Form 16/16A, and Form 26AS may appear the same, but they are different documents. The TDS certificate, or TCS certificate, is issued under Form 16/16A by the deductor. It is proof that the tax deductor has deducted or collected tax, and it has been remitted to the government against your PAN. On the other hand, Form 26AS has all the relevant TDS/TCS details to file an ITR.  A TDS Certificate must be obtained. However, Form 26AS was drafted with the intention of maintaining disclosures, so that you can keep track of and verify the information on TDS certificates correlated with the records noted in your Form 26AS.

Without the TDS Certificate or Form 26AS, you cannot check your information, and also in case any discrepancies occur. With both documents, you can check the records for all the details and cross-verify them.  After cross-checking, if you find any discrepancies, you can get them fixed.

Also, since Form 26AS does not contain records of the income and deductions for claiming Income Tax Deductions u/s 80C to 80U, as noted in the TDS certificate, it leaves the salaried taxpayer with incomplete documents to file their ITR with Form 26AS alone; therefore, both Form 26AS and TDS certificates are required.

 

Old vs. New Tax Regime – How to Make the Right Choice

Deciding on the old or new tax regime is an important component when paying income taxes. The two aspects of taxes differ in the following major ways:

Old Tax Regime: It permits numerous exemptions and deductions such as investments made under Section 80C (including life insurance premiums), HRA, and LTA.

The new tax regime provides lower tax rates than the old tax regime and includes very few exemptions and deductions.

The new regime is provided as a default and as a result of the most recent amendments to the income tax code; however, you can still choose the old regime if you find it advantageous.  The decision to choose either the new or old regime is based on your investment tendencies and overall goals. Review your investment plans for savings currently and see how your plan compares to the exemptions and deductions that are currently obtainable.

 

Using an Income Tax Calculator for Smarter Tax Planning

It is advisable that you thoroughly evaluate your liability under the existing and new tax systems using an income tax calculator before making any decision regarding taxes. Such calculators are helpful resources enabling you to know about your tax burden and select the best alternative suitable for your financial status. The following are the benefits of the income tax calculator:

1. Comparison of the Tax Regimes – The calculator also assists you in determining your tax burden under the old and the new tax regimes, so that you can compare and find out which one gives you lower taxes.
2. Considering Deductions – It also considers different deductions, including home loan interest, Public Provident Fund (PPF) investment, and life insurance premium, which largely lower the taxable income.
3. Improved Financial Planning – By explicitly defining tax-saving possibilities, the calculator enables you to make sound investment choices and formulate strategies to reduce your total tax levy.

Utilising an income tax calculator, you can maximise your tax savings, prevent unnecessary outlays, and organise your finances better, making wise, well-informed decisions.

 

Important Checks: Verifying TDS Certificate with Form 26AS

It's essential to match Form 26AS with the TDS certificates—Form 16 for salaried employees and Form 16A for non-salaried employees—to ensure that the tax collected from your income has been deposited correctly with the Income Tax Department.

Here are important points to check in both documents:

1. Make sure that your name, PAN, deductor's TAN, the amount of refund, and the TDS amount are properly stated. Any mismatch can cause trouble while filing ITR.
2. Also, confirm that the TDS mentioned in Form 16 or 16A is accurately reflected in Form 26AS. If the TDS appears in the certificate but not in Form 26AS, it means the deductor hasn’t deposited the tax, and you’ll need to contact them for correction.
3. If there is any difference between the two documents, it is important to inform the deductor and get it corrected as soon as possible. Ensure that the tax has been filed with the proper PAN and other information, as errors in PAN can create problems for both you and the deductor.

Correct records ensure hassle-free tax filing and prevent unwanted troubles.

 

Key Takeaways

1. Form 26AS brings together all tax information associated with your PAN, such as TDS, TCS, advance tax, self-assessment tax, refunds, and large transactions like mutual fund investments and property acquisition.
2. By matching Form 26AS with TDS certificates (Form 16/16A), you can confirm correct deposits of deductions and prevent discrepancies while filing Income Tax Returns (ITR).
3. In case of income from varied sources or jurisdictions, Form 26AS facilitates tax credit or exemption claims through the visibility of previously paid taxes, facilitating conformity with international tax treaties.
4. Form 26AS ensures transparency and assists in better planning by presenting an articulated history of taxes, refunds, and dues, enabling sound decisions and on-time filing.

 

Conclusion

Form 26AS is an essential document for all taxpayers in India. It provides a unified view of tax paid, refund, and deductions to ensure accuracy, clarity, and compliance. By reviewing the document regularly along with TDS certificates, you can protect yourself from mistakes, reconcile differences, and manage your finances effectively. Whether you are a salaried person, investor, or professional, Form 26AS equips you with accurate information to make informed decisions, claim genuine benefits, and forego undue tax burdens. Easily available via the TRACES portal, this form streamlines tax governance and enhances your confidence and the authorities, making financial planning more organised and trouble-free.

 

FAQs

 

1. How can taxpayers download Form 26AS online?

Taxpayers can download Form 26AS by logging in to the Income Tax e-filing portal through their PAN or Aadhaar number. Once logged in, you must choose 'Income Tax Returns' from the e-file menu, then 'View Form 26AS', and move to the TRACES website. Read the disclaimer and click ‘Confirm’ to go to the TDS-CPS website. Click on ‘Agree’ followed by ‘Proceed’ and choose ‘View Tax Credit (Form 26AS/Annual Tax Statement). There, you must choose the assessment year and download the form in HTML or PDF.¹

 

2. How does Form 26AS help in filing Income Tax Returns (ITR)?

Form 26AS is a consolidated statement of all taxes paid, that is, TDS, TCS, advance tax, and self-assessment tax. Form 26AS assists you in cross-verification of deductions and payments against your income so that your ITR becomes accurate and substantiated by verified records.

 

3. Can NRIs also access and use Form 26AS?

Yes, even Non-Resident Indians (NRIs) have access to Form 26AS online through their PAN information. Form 26AS for NRI can be downloaded and viewed to see taxes deducted at source or paid on their income from investments, real estate, or other sources in India.

 

4. How often is Form 26AS updated?

Form 26AS is regularly updated during the financial year as and when the TDS/TCS filed by the deductors, advance tax received, or refunds are processed by the income tax department.

 

5. What should you do if there is a mismatch in Form 26AS?

If you notice any mismatch between Form 26AS and your own records or TDS certificate, you must contact the deductor straight away to have the mistake corrected. You can also contact the Income Tax Department if the problem is not fixed, making sure that your PAN and other details are well-reflected.

 

6. Is Form 26AS mandatory for verifying TDS deductions?

Though Form 26AS is not mandatory under law, it is strongly advisable for checking tax payments and deductions. It serves as a credible referential document that guarantees correct filings and eliminates discrepancies within the ITR process.

 

7. What are the recent changes introduced in the new Form 26AS?

The revised Form 26AS contains the new Annual Information Statement. The old Form 26AS had limited information about TDS and TCS but the new form is more inclusive. It includes various important information like details of DTAA, any completed or pending proceedings against the taxpayer, etc².

 

Sources

1. https://cleartax.in/s/view-form-26as-tax-credit-statement
2. https://www.indiafilings.com/learn/annual-information-statement-replaces-form-26as/