How to view Form 26AS and what Income Tax Form 26AS contains?
Form 26AS is the annual statement in which the following details of taxpayers are disclosed –
- Tax deducted at source, or
- Tax collected at source, or
- Advance tax or Self Assessment tax paid by the taxpayer,
- Refund received,
- High-value transactions
These details are as per the database of Income-tax Department as authorised by Income Tax Act, 1961. It will reflect the tax credit against the PAN of the taxpayer which a taxpayer can use in paying the Self-Assessed Taxes.
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Form 26AS is consolidated from multiple sources like your salary, pension, interest income etc. Only a registered PAN holder can view their Form 26AS on TRACES. There are 3 ways to view/download:
How to View Form 26AS online through e-filing website?
Step 1– Go to https:// incometaxindiaefiling. gov.in and Login using your E filing User ID and password. If you are not registered then you will be required to Register first.
Step 2 Go to ‘My Account’. Click on ‘View Form 26AS’ from the drop down list.
Step 3 : Now it will say that you will be redirected to TDS-CPC website to view 26AS form. Click on ‘Confirm’. Yow will get redirected to TRACES website.
Step 4: You are now on the TRACES (TDS-CPC) website. Select the box on the screen and click on ‘Proceed’.
Step 5: Now click on ‘View Tax Credit (Form 26AS) to view your Form 26AS’.
Step 6 : Select the Assessment Year “2020-21” and select View As “HTML” and click on “View/ Download.” Now when you scroll down you can check the entries of Form 26AS. If you want to Download your Form 26AS then select “Export as PDF”.
What is the Password?
The password to open Form 26AS would be your Date of Birth (in DDMMYYYY format), e.g., if your date of birth is 01-Feb-1970, password will be 01021970. However, it does not require password now.
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What all information 26AS contains?
This image shows how one can view Form 26AS pdf.
As you can see in above, it contains a taxpayers basic details such as Name, Address, PAN number, its current status, Financial Year. Form 26AS has two parts-
- Part A
- Part B
Part A contains Details of Tax Deducted at Source by other parties and deposited to government. It can be from multiple sources such as your salary, pension, interest income etc. The details includes name of deductor, TAN of Deductor, transaction date, section under which TDS has been deducted, Amount paid, Tax deducted, Tax deposited, etc. It is further divided into-
It contains Details of Tax Deducted at Source for which Form 15G / 15H are submitted. Form 15G or 15H is submitted to request income provider for not deducting TDS for prescribed income. Form 15G is for Indian residents below 60 years of age, HUFs and trusts while Form 15H is for those Indian residents whose age is above 60 years. NRI, Company and firm cannot submit form 15G or 15H.
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It provide for details of TDS on sale of Immovable property, Rent of Property, payment to resident contractors and professionals. For example, a person who is purchasing any immovable property for more than Rs. 50 lakhs (other than agricultural land) from a resident is required to deduct TDS @ 1% under section 194IA from the amount payable.
It contains the details of Tax Collected at source by the seller from you. It includes transactions such as purchase of scrap, tendu leaves, Minerals like lignite, coal and iron ore, purchase of motor vehicle above Rs. 10,00,000, Alcoholic liquor made for human consumption, etc.
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It shows details of Tax paid other than TDS or TCS. It includes taxes paid by the individual such as Advance tax, any self-assessment tax. It also contains the challan details that was used to pay tax.
It denotes the details of tax refund paid and includes any refund of taxes paid by the government to the tax payer including interest, if any.
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It discloses details of Annual Information Return (AIR) transactions which are of high value transaction. The information is provided for transactions such as mutual funds, cash deposit of Rs. 10 lakh or more during financial year, high value corporate bonds, property purchases etc.
This section of the 26AS form provides a record of tax transaction for the buyer of property, Rent of Property, payment to resident contractors and professionals. Suppose, if you have bought a property, you would have deducted TDS. This section contains details of TDS deducted and deposited by you.
It shows details of TDS defaults. Details included in this Part of the Form are Financial year, Short Payment and Short Deduction, Interest of TDS payments defaults, Interest on TDS deduction default, Late filing fee under Section 234E, Interest under Section 220 (2), Total Default.
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The author of above article is CA Rahul Gaur.
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