What is Form 26AS?

Form 26AS is an official form that contains details of the tax deducted by the deductor. It also contains details of tax, which is deducted at source and details of advance tax. All this, along with refunds and high-value transactions is deducted on behalf of the taxpayer.

Or, in other words, From 26 AS is an annual consolidated tax statement which contains details of your taxes that have been paid by or on your behalf, by the deductor (could be your employer, bank etc.) to the Government treasury.

Form 26AS consists of the following parts:

• Part A: Details of Tax Deducted at Source

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

• Part A2: Details of Tax Deducted at Source on sale of Immovable Property u/s194(IA) (For seller of Property)

• 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 AIR Transaction

• Part F: Details of Tax Deducted on sale of immovable property u/s194IA (For Buyer of property)

• Part G: TDS Defaults* (processing of defaults)

Part A: Details of Tax Deducted at Source

The part A of form 26AS consists details of TDS deducted from your salary, interest earned, pension income and prize winnings etc. Tax Deduction and Collection Account Number (TAN) of the deductor and the amount of TDS deducted and deposited are also mentioned. However, this information is provided on a quarterly basis.

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

Part A1 consists of income details where no TDS has been deducted is given, since the taxpayer submitted Form 15G or Form 15H. One can verify the status of TDS deduction if you have submitted Form 15G or Form 15H. However, if have not submitted Form 15G or Form 15H, this section will display ‘No transactions present’.

Details of Tax Deducted at Source on sale a of Immovable Property u/s 194(IA) (For the seller of Property)

This is applicable in case you have sold the property during the year where TDS was deducted from your receipt. One can find all the suitable entries on Details of Tax Deducted at Source on sale a of Immovable Property u/s 194(IA) (For the seller of Property).

Part B: Details of Tax Collected at Source

This part contains details of the (TCS) tax collected at source by the goods seller. You will find the entries present here in case you are a seller and tax is collected by you.

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

Part C consists of any tax deposited by you. Here, the details of advance tax as well as self- assessment tax are also present. Additionally, it also contains details of the challan through which the tax was deposited.

Part D: Details of Paid Refund

Part D consists of the information regarding your refund. It provides information of an assessment year to which the refund pertains, along with the mode of payment, the amount paid, interest paid and the date of payment.

Part E: Details of AIR Transaction

The Annual Information Return (AIR) are high value transactions. Therefore bank and financial institutions must report such high-value transactions to the tax authorities. Also, mutual fund purchases of high value, property purchases, and high-value corporate bonds are all reported here.

Part F: Details of Tax Deducted on Sale of Immovable Property u/s 194IA (For Buyer of Property)

In case you have bought a property, it is vital that you deduct TDS before making payment to the seller. And Part F section of Form 26AS contains details of TDS deducted & deposited by you.

Part G: TDS Defaults*(Processing of Defaults)

In case there are any defaults related to the processing of statements, they are mentioned here. They do not include demands raised by assessing officer.

• Axis Bank Limited

• Bank of India

• Bank of Maharashtra

• Bank of Baroda

• Citibank N.A.

• Corporation Bank

• City Union Bank Limited

• ICICI Bank Limited

• IDBI Bank Limited

• Indian Overseas Bank

• Indian Bank

• Kotak Mahindra Bank Limited

• Karnataka Bank

• Oriental Bank of Commerce

• State Bank of India

• State Bank of Mysore

• State Bank of Travancore

• State Bank of Patiala

• The Federal Bank Limited

• The Saraswat Co-operative Bank Limited

• UCO Bank

• Union Bank of India

You can download Form 26AS by simply following the steps mentioned below:

• Step 1: Log on to incometaxindiaefiling.gov.in and Login using your income tax department login & password. In case you don’t have an account, you first need to register yourself.

• Step 2:

  • Enter your PAN number, password and date of birth or date of incorporation in DD/MM/YYYY format. Enter the captcha code. Now click on LOGIN.

  • Enter PAN e filing website.

• Step 3:

• The web screen will appear, where you need to click on ‘My Account’. Click on ‘View Form 26AS’ in the available drop down.

• View Form 26AS.

• Step 4:

  • Click on ‘Confirm’ and you will be redirected to the TRACES website. (Fret not, this is a necessary step and is completely safe since it is a government website).

  • TRACES Website will open.

• Step 5: a. You are now on the TRACES (TDS-CPC) website. Select the box on the screen and click on ‘Proceed’.

  • TRACES TDS-CPC Website will appear.

• Step 6:

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

  • View Tax Credit Traces.

• Step 7:

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

  • TRACES Verification code will be generated.

• Step 8: To open the document you have to enter a password. Form 26AS password is your DOB in DDMMYYY format. Your Income Tax Form 26AS will open.

Therefore, it is important to keep a track on Form 26AS so as to be on the right side of the law.