Form 26AS is a consolidated annual tax statement where one can check the details of Annual Information Return (AIR). It gets filed by different entities on the basis of what a person has spent or invested. Since it’s considered as one of the essential tax documents for any taxpayer, acquire detailed knowledge about its usage, features, download process, etc., before filing your ITR!
This post takes you through the process of viewing, downloading and submitting form 26AS. Read on!
It is important to check if the data regarding tax deducted at source, as shown by the IT Department, is accurate before filing your ITR. In order to do that, you must go through the tax credit statement, which comprises the following:
Also Read: Tax Benefits On Personal Loan
Form 26AS helps compute your income and verify your tax credits before filing for tax returns. It helps check if the tax collected or deducted by the collector or deductor has been deposited on time.
As per the announcement made by the Central Board of Direct Taxes (CBDT), some new financial details have been incorporated in Form 26AS. Find all new features added by the Income Tax Department below:
To obtain all this information, you can go ahead and view your income tax 26AS Form for a particular financial year.
Here are certain ways in which you can view your tax credit statement for a specific assessment year:
Keep in mind that to avail of the net banking facility, it is mandatory to have your PAN card linked with the bank account you are using.
Also Read: How To File ITR Online?
There are two ways through which you can download Form 26AS online. You can use the new e-filing portal. Alternatively, you can avail the net banking facility of authorised banks.
One can obtain Form 26AS via IT Department’s online portal by following these steps:
You can also download Form 26AS in text format. For that, you will have to select ‘Text’ from the ‘View As’ tab drop-down list and then click on ‘View/Download’.
Follow the procedure mentioned below to view and download Form 26AS using the net-banking facility:
In the downloaded document, you can check whether both your TDS and TCS statements are correctly filled or not.
Once you visit the TRACES website you can submit your form by following these steps:
Here is a list of necessary aspects in your TDS certificate that you need to tally with Form 26AS:
In case you find any discrepancy while going through the 26AS Form, make sure to get in touch with the IT department for clarification.
Points to Remember
Now that there are more financial details of the assessee available in Form 26AS, it has become easier to detect any kind of discrepancy in the system. You can check your tax obligations, transaction details and all the relevant information within just a few minutes!
Ans: You can view Form 26AS online without registration through net banking.
Ans: To rectify the error(s) in Form 26AS, your deductor can file a TDS correction statement to the Income Tax department. Or, you can upload a statement explaining the reason for the mismatch in information when a query is raised by the income tax department.
Ans: Yes, Form 26AS can be downloaded in PDF format from the TRACES website and will remain password protected. To open that file, enter the password that consists of the taxpayer’s date of incorporation/DOB in DDMMYYYY format.
Ans: It will take 7 days for TDS to reflect in Form 26AS.
Ans: In case you see that some of the entries in your Form 26AS are not applicable to you, it is necessary to notify the deductor/collector regarding this immediately. You can also inform your assessing officer stating the same to fix the issue.
Ans: You can easily update your PAN details by submitting an application using the ‘Request for new PAN card/ changes or correction in PAN data.’ Use the TIN website in this regard for updating your PAN details.
Ans: Transaction date mainly refers to the date of credit or payment (whichever is earlier). Whereas date of booking refers to that particular date on which TDS return is successfully processed, and the booking of the amount in Form 26AS is completed.
Ans: TDS gets reflected in the tax credit statement once the Centralized Processing Centre or CPC processes the TDS return after the taxpayer files it. Generally, it takes 7 days for the CPC to process TDS returns.
Before you go…