Form 26AS – Everything You Need to Know

What is Form 26AS?

Form 26AS, is an official document generated by the Income Tax Department of India. To simplify what is 26AS? It’s a consolidated record of all tax-related activities carried out in your name during a financial year. The data is directly linked to your PAN card, ensuring accuracy and transparency.

What does Form 26AS contain?

• TDS (Tax Deducted at Source) transaction details
• Details of TCS (Tax Collected at Source) transactions
• Any advance tax that is paid
• Tax payment by self-assessment
• Regular assessment tax paid
• All the details of the refund received from the income tax on the PAN Card in a financial year
• Any major transaction like shares purchase or sale, mutual fund transactions, etc.
• Tax deducted on sale of any immovable property
• TDS defaults in the financial year
• Details of turnover as mentioned in GSTR-3B
• Any specified financial transaction
• Completed and pending proceedings of Income tax.
   

Why is Form 26AS Important?

Form 26AS plays a crucial role in the income tax filing process. It is not only useful for taxpayers but also for tax officials, as it enables the checking and cross-verification of taxes paid or detected during the year. It also ensures that taxes are deducted or paid for all transactions linked to your PAN Card. Without checking Form 26AS, there is a risk of mismatched details in your Income Tax Return, which can lead to delays, notices, or even penalties.

Benefits of Form 26AS

Form 26AS acts as proof of taxes paid which is linked to your PAN card

• Form 26AS helps in accurate ITR filing
• Form 26AS helps keep track of refunds
• Form 26AS helps compute taxes and claim deductions
   

What is the eligibility for Form 26AS?

Every taxpayer who has a Permanent Account Number (PAN) is eligible to access Form 26AS. Since it is generated based on PAN, Form 26AS automatically consolidates all the tax-related transactions carried out in a financial year under that PAN.

One can easily view or download Form 26AS online by either entering the PAN card number on the e-filing portal or using the net banking facility. Here are the steps to follow -

Steps to View Form 26AS via the Income Tax Portal

Step 1 - Visit the official Income Tax e-filing portal.

Step 2 - Log in using your PAN/Aadhaar as the user ID along with your password.

Step 3 - On the dashboard, go to e-File > Income Tax Returns > View Form 26AS (Tax Credit).

Step 4 - You will be redirected to the TRACES website.

Step 5 - Accept the terms and conditions, then click Proceed.

Step 6 - Click ‘View Tax Credit and Choose the assessment year you want to view and then click on view

Steps to View Form 26AS via Net Banking:

Step 1 - Log in to your net banking account

Step 2 - Look for the option to View Tax Credit Statement or Form 26AS (only available if your bank is authorized by the Income Tax Department).

Step 3 – Once click on it you will be able to see the details

Structure and Parts of Form 26AS

As discussed above, the form now also contains details of mutual funds, dividends, foreign remittances, etc. Here is a glance at the different structures in Form 26AS:

• Part I

  Transaction information of Tax Deducted at Source (TDS) on business, interest income, salary, profession, etc.

  
  

• Part II

  Transaction description of Tax Deducted at Source (15G/15H). This is usually for senior citizens who have income less than the exemption limit.

  
  

• Part III

  This part has transaction details under Proviso to the IT section 194B/First Proviso to its sub-section (1) of the IT section 194R/ Proviso to its sub-section (1) of IT section 194S.

  It also collects details of TDS on payments done in kind like lottery prizes, etc.

  
  

• Part IV

  TDS details under Sections 194IA/ 194IB / 194M/ 194S (Property's landlord/Seller/Professionals/Contractors/ Seller of Virtual Digital Asset).

  TDS is deducted if the house rent exceeds ₹50,000 per month, payment is made to a professional or contractor above ₹50 lakhs, and virtual digital assets. Virtual digital assets transactions attract 1% TDS, and for those without a PAN card, TDS is 20%

  
  

• Part V

  Part V has transaction details under Proviso to sub-section(1) of the IT section 194S as per the Form-26QE Virtual Digital Asset seller)

  
  

• Part VI

  Any TCS transaction details under Section 206C

  
  

• Part VII

  Part VII has details of refunds

  
  

• Part VIII

  This part has TDS details applicable under Section 194IA/ 194IB /194M/194S (Concerned with the buyer of a property, tenant, payments made to contractors/professionals, or buyers of virtual digital assets)

  
  

• Part IX

  This part has transaction/demand payment details under Proviso to sub-section(1) of section 194S as per Form 26QE

  
  

• Part X

  Default payments for TDS/TCS

  
  

Steps to download Form 26AS

Steps for downloading Form 26AS are the same as viewing it, only instead of clicking on view, click on download > export as PDF

What are the Common Issues Faced When Accessing Form 26AS?

Even though Form 26AS is designed to make tax compliance easier, taxpayers often run into difficulties when they try to view or download it. Some of the common issues are as follows

1. Technical Glitch

   Sometimes e-filing portals show errors due to technical glitches. They often face downtime due to heavy traffic

   Sometimes the income tax portal shows an error due to glitches. It often experiences downtime as well due to heavy traffic and thus makes the process of accessing Form 26AS difficult

   
   

2. Variation Between Figures in the Statements

   Mismatches may occur between the TDS/TCS reflected in Form 26AS due to delay or incorrect reflection of some transactions.

   
   

3. Limited Response Options

   The TRACES system often provides limited scope for taxpayers to raise queries. Because of this, users cannot report issues other than those provided in the option.

   
   

4. Not Receiving OTPs for Authentication

   Technical delays or network issues might cause trouble in \receiving OTPs, restricting access to Form 26AS.

   
   

5. Issues in Downloading Filed ITR Receipts

   After filing returns, some users face problems in downloading acknowledgement receipts, which makes cross-checking with Form 26AS more difficult.

   
   

How to Verify Your TDS Certificate Using Form 26AS

You can verify your non-salary TDS certificate easily through Form 26AS. Since FY 2011-12¹, companies and banks are required to issue Form 16A downloaded directly from the TIN website, ensuring authenticity and accuracy. Other categories of deductors also have the option to use this method. By cross-checking the details in your Form 16A with Form 26AS, you can confirm that the TDS deducted has been correctly reported and credited to your PAN.

Key Takeaways

• Form 26AS provides comprehensive details regarding all the transactions linked to your PAN card for the chosen assessment
• Form 26AS may serve as proof of your ITR filing in case of legal requirements.
• All Indian taxpayers can access Form 26AS via official tax portals by entering pan card details.
• Some banks also provide the service to view or download Form 26AS via net banking,
• Taxpayers can cross-check Form 26AS with their Income Tax Return to ensure accuracy, avoid mismatches, and prevent notices or delays.
   

Conclusion

Form 26AS is an essential document for every taxpayer, as it captures the complete picture of pan linked transactions during the year. Form 26AS reduces the chances of error in your ITR and serves as a reliable source for your financial details

To avoid last-minute surprises, make it a habit to review Form 26AS well before filing your ITR, cross-check it with your own records, and address any mismatch in advance. Doing so saves time, reduces stress, and keeps you on the right side of compliance.

FAQs

1. What is Form 26AS?

   Form 26AS is a document that contains details of the tax-related transaction associated with a PAN Card. It contains details of TCS and Tax Deducted at Source payments along with high-value transactions like cryptocurrency, mutual funds, dividends, etc.

   
   

2. Can I view Form 26AS through net banking?

   Yes, several banks allow you to view Form 26AS through their Internet banking facility. The list of these banks is:

   
   

3. How can I check Form 26AS online without logging into the Income Tax Portal?

   You can still access Form 26AS without logging into the Income Tax e-filing portal. The Income Tax Department has allowed certain banks, registered with TRACES, to provide direct access to Form 26AS through net banking. Login to your bank account and click on the ‘Tax Credit Statement’ to view details.

   
   

4. Why are tax credits missing in my Form 26AS?

   Mismatches between TDS statements and Form 26AS usually happen due to errors like wrong PAN, incorrect challan details, or delayed TDS deposit.

   
   

5. What should I do to correct errors in Form 26AS?

   If you find errors in Form 26AS, you cannot correct them yourself. You need to inform the deductor, i.e. employer. The employer must revise their TDS/TCS return with the correct details. Once updated, the changes will reflect in your Form 26AS.

   
   

6. How can I download Form 26AS using my PAN?

   You can download Form 26AS using your PAN by logging into the Income Tax e-filing portal or through net banking (if your bank is registered with TRACES by following the steps mentioned above

   
   

7. What does the ‘Date of Booking’ in Form 26AS signify?

   The ‘Date of Booking’ in Form 26AS refers to the day the tax payment or deduction is officially updated in the income tax records.

   
   

Sources :

1. https://www.eicbma.com/circulars/e-215-tds-cert-form26as-050312.pdf