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Tax filing requires various proofs and documents to ensure due payment. One such form is Form 26AS. Also known as a tax credit statement, it is an important statement that details the amount deducted as TCS or TDS from a taxpayer's various income sources. It also provides details of self-assessment or advance tax payment of a taxpayer.
In the following sections, we will discuss what Form 26AS is, how to download 26AS, its importance, benefits, and other important things one must know before filing an income tax return.
Form 26AS, also known as a tax credit statement, is an annual statement containing all details about TDS, TCS, and other information regarding a taxpayer’s tax payment.
It also includes details about an individual’s self-assessment tax payments, advance tax payments, refunds received in a financial year, regular assessment tax deposits, and high-value transactions like shares, mutual funds, etc.
Form 26AS shows the below information:
Also Read: Form 16 In ITR - Everything You Need To Know
Form 26AS has a fixed structure with the following parts:
Part A: Tax Deducted at Source
Part B: Tax Collected at Source
Part C: Tax Paid (other than TCS and TDS)
Part D: Paid Refunds
Part E: SFT Transactions
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
Part H: Turnover according to the GSTR-3B
Want to know how to see 26AS? There are two modes of viewing the form:
Also Read: Claiming Income Tax Refunds
Viewing Form 26AS through the Income Tax e-Filing Portal is simple. Here's a step-by-step guide to access your tax statement.
Click on the "Login" button.
Enter your User ID (PAN), password, and Captcha code.
Click on "Login".
After logging in, go to the "e-File" menu.
Select "Income Tax Returns" and then "View Form 26AS (Tax Credit)" from the dropdown.
You will be redirected to the TRACES website. A disclaimer page will be displayed. Click on the "Confirm" button.
Click on the "Proceed" button on the TRACES website.
Select the "View Tax Credit (Form 26AS)" option under the "My Account" tab.
Choose the Assessment Year and the format in which you want to view the Form (HTML, Text, or PDF).
Click on "View/Download".
You can view your Form 26AS through net banking easily. Here’s a quick guide to help you access it:
Login to Your Net Banking Account:
Log in to the internet banking portal of your bank. Ensure that your bank is authorized to provide this facility.
Navigate to Form 26AS:
Look for the option to view Form 26AS in the menu. It is usually available under the "Tax Services" or "Tax" section.
Select Assessment Year:
Select the relevant Assessment Year and proceed to view/download your Form 26AS.
To download the form using the TRACES website or view form 26AS by PAN no., one can visit the site, log in using their ID and password, and download the form. Alternatively, they can complete a Form 26AS download using the income tax e-filing portal by following these steps:
Also Read: Direct Tax & Indirect Tax: Differences, Types, and Benefits
In June 2020, the CBDT (Central Board of Direct Taxes) introduced a new Form 26AS. Earlier, the form only showed details about the tax collections, deductions, and payments. But now, it also includes the following details:
Also Read: Old Tax Regime Vs New Tax Regime: Which is Better?
Here are a few reasons why Form 26AS is important:
Form 26AS offers several benefits to the taxpayers, including the following:
Also Read: What is TAN - Meaning, Benefits and Eligibility Criteria
After the form 26AS download, one must remember the following things before filing it:
Also Read: Tax Saving Options for Salaried Employees
One must always cross-check and verify the TDS certificate details to ensure the deducted TDS reaches the income tax department on time. Moreover, other things to verify in the TDS certificate with Form 26AS include the following:
Also known as AIS, an Annual Information Statement is a statement incorporating new information such as foreign remittances, market transactions, received interest on tax refunds, mutual fund transactions, salary break-ups, ITR information, etc.
The income tax department already had access to these details through authorised bodies like bank statements, property seller reports, and Form 16.
Also Read: Know Your Refund Status: Check Income Tax Online
Let’s look into the benefits of Annual Information Statement in the following sections:
Also Read: Income Tax Audits In India: Everything You Need To Know
Form 26AS is an annual tax statement containing details of all tax deductions and payments during a financial year. When planning to file an income tax return, a taxpayer can simplify the process with the help of this form. Download the form online using the TRACES website or net banking facility to take advantage of this facility and become a responsible citizen.
1. Is form 26AS mandatory?
Form 26AS is essential as it is evidence of tax deductions and collections made on your behalf at the source. Also, it verifies that entities like employers and banks have accurately deducted taxes on your behalf and deposited them into the government's account, allowing you to claim credit for the same.
2. Can I download form 26AS online?
You can download Form 26AS online using the TRACES website or your bank account’s net banking facility.
3. Why is Form 16 needed?
Form 16 is the TDS certificate an employer issues when they deduct TDS from their employees’ salaries.
4. Is Form 16 mandatory for ITR?
Form 16 is a crucial document for salaried employees to file their annual ITR. However, they can also file their returns without Form 16.
5. What salary is eligible for Form 16?
Every taxpayer must file an income tax return if their gross total income exceeds Rs. 2.5 Lakh. An employer can issue form 16 only if they deduct TDS from their employees’ salaries.
Disclaimer: The material and information contained on the website is for general information purposes only. You should not rely upon the material or information on the website as a basis for making any business, legal or any other decisions.
The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.
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