Form 26AS is a consolidated tax statement issued by the Income Tax Department of India. It contains details of all the taxes deducted at source (TDS), advance taxes paid, self-assessment taxes paid, and refunds received by a taxpayer during a financial year. The form is generated annually and is an essential document for filing income tax returns and tracking tax payments.
The form is generated based on information received by the Income Tax Department from various sources, including banks, employers, and other deductors who have made tax deductions on behalf of the taxpayer. It is available in the taxpayer’s account on the Income Tax Department’s website and can be accessed using the taxpayer’s Permanent Account Number (PAN).
Form 26AS contains various details related to tax payments, such as the name and PAN of the taxpayer, the name and TAN (Tax Deduction and Collection Account Number) of the deductor, the nature of payment, the amount of payment, and the date of payment. The form also shows the tax credits available to the taxpayer for the financial year, such as TDS, advance, and self-assessment tax credits.
The form is divided into several sections, each providing specific details related to tax payments. The followings are the different sections of Form 26AS and their corresponding details:
- Part A – Details of TDS (Tax Deducted at Source): This section cover information about TDS deducted by deductors such as employers, banks, or any other entities on behalf of the taxpayer. It provides information about the deductor’s name and TAN, the amount of TDS deducted, and the deduction date.
- Part A1 – Details of TDS for Form 15G/15H: This section covers TDS deducted on interest income for which the taxpayer has submitted Form 15G or Form 15H.
- Part A2 – Details of TDS on Sale of Immovable Property u/s 194IA: This section contains details of TDS deducted on the sale of immovable property where the consideration exceeds Rs.50 lacs.
- Part B – Details of TCS (Tax Collected at Source): This section contains TCS collected by collectors, such as sellers of goods or services on behalf of the taxpayer. It provides information about the collector’s name and TAN, the amount of TCS collected, and the collection date.
- Part C – Details of Tax Paid (Other than TDS/TCS): This section contains details of tax payments made by the taxpayer other than TDS or TCS. It includes details of advance tax, self-assessment tax, and other tax payments the taxpayer makes.
- Part D – Details of Refund: This section contains details of refunds received by the taxpayer during the financial year.
- Part E – Details of AIR Transactions: This section contains details of high-value transactions reported by the taxpayer, such as credit card payments, purchases of shares, and property transactions.
To generate Form 26AS, you need to follow the below steps:
- Log in to your e-filing account on the Income Tax Department’s website using your user ID (PAN) and password.
- Once you log in, click on the “View Form 26AS (Tax Credit)” option under the “My Account” tab.
- You will be directed to the TDS-CPC website. Click on the “Confirm” button to proceed.
- Select the assessment (tax) year you want to view your Form 26AS.
- You will be prompted to select the type of view. Two views are available – “HTML” and “Text.” The HTML format is more user-friendly, while the Text format is more suited for printing. Choose the format you prefer and click on “View/Download.”
- Form 26AS will be displayed on the screen if you choose the HTML view. You can download or take a printout of the same.
- If you choose the Text view, a zip file will be downloaded to your computer. Extract the files and open the “.txt” file in a text editor like Notepad. The Form 26AS details will be displayed.
Please note that you can also view your Form 26AS using your net banking account if your bank provides the facility. You can also request a physical copy of Form 26AS by submitting Form 26AS Request Form to the Income Tax Department.
Form 26AS is an essential document for taxpayers as it provides a comprehensive summary of all tax-related transactions made by them during a particular financial year.
The benefits of Form 26AS
Verification of Tax Credit:
Form 26AS provides a consolidated view of all tax credits, including TDS (Tax Deducted at Source), TCS (Tax Collected at Source), and advance tax paid by the taxpayer. This helps the taxpayer verify whether the tax credit claimed in the tax return matches the tax credit available in Form 26AS. If there is a mismatch, the taxpayer can rectify it before filing the tax return.
Easy Filing of Income Tax Return:
Form 26AS makes filing income tax returns easier as it eliminates the need for taxpayers to manually calculate their total tax liability. Taxpayers can refer to their Form 26AS to determine their tax liability and tax credits. This helps in the accurate and error-free filing of the tax return.
Faster Processing of Refunds:
Form 26AS enables the Income Tax Department to process refunds faster as it provides a summary of all tax payments made by the taxpayer during the year. This helps the tax department to verify the tax credit claimed in the tax return and process refunds quickly.
Easy to Access:
Form 26AS is available online and can be accessed by taxpayers anytime, anywhere. This makes it easy for taxpayers to keep track of their tax-related transactions and verify their tax credits.
Useful for Credit Assessment:
Form 26AS is helpful for lenders as it summarizes taxpayers’ tax-related transactions. Lenders can use Form 26AS to assess a borrower’s creditworthiness before granting a loan.
Form 26AS is an essential document for filing income tax returns as it serves as proof of tax payments made by the taxpayer. It helps avoid discrepancies or errors while filing tax returns and claiming tax credits for TDS or advance tax payments. Additionally, it helps identify any fraudulent activities related to tax payments or refunds.
Form 26AS is a crucial document for taxpayers in India as it provides a consolidated view of their tax payments and refunds for a financial year. It is essential for taxpayers to regularly check and verify the details in Form 26AS to ensure that all their tax payments have been correctly credited and to avoid any legal consequences.
