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You may be aware of the fact that the TDS (or Tax Deduction at Source), which is levied on your salary and other income is deposited with the Income Tax Department. However, you may not know how to check whether your TDS is deposited with the department. Thankfully, there is a way to know this – Form 26AS.
Available on income tax site when your login, the Form 26AS provides the details of Tax credits. In simple words, Form 26AS comprises the details of the income tax deducted by your employer on your behalf. Moreover, you can check and verify the details of TDS deductions provide in your Form 16/Form 16A using Form 26AS. In this article, we explain what Form 26AS is and why it is essential for you to know about Form 26AS.
What is Form 26AS?
Form 26AS is essentially, an annual consolidated tax statement that you can access from the Income-Tax website using your Permanent Account Number (PAN). Form 26AS is provided to you by the TDS Reconciliation Analysis and Correction Enabling System (also known as TRACES).
As a taxpayer, if you are wondering 'what is Form 26AS?', then the details of the taxes paid or any tax that has been deducted from your income are available in the database of the Income-tax department. Thus, you can refer to your Form 26AS and verify details of your taxable income and any taxes that have been deducted by your employer and submitted to the Government treasury. Moreover, the Form 26AS also comprises details of your employer and other institutions, which are eligible to deduct taxes from your income [such as their names and Tax Deduction Account Number (TAN)].
What Is Different Information Available Under Form 26AS?
As explained above, to answer the question - what is form 26AS, it provides a summary of your income tax deducted in a given financial year. Thus, Form 26AS depicts information about the different taxes deducted from your income by various institutions, including your employer and bank.
The Form 26AS also depicts information about any self-assessment tax or any advance tax that you may have paid in a particular financial year such as TDS (or tax that is collected at source). Furthermore, the Form 26AS also contains details of any income tax refunds that you may have received from the Income Tax department for that financial year. You can also access the different Annual Information Return (or AIR) transaction details in your Form 26AS. AIR is filed by your bank if you have completed some specified transactions with them.
To summarise, your Form 26AS contains the following information:
- TDS Details
- Advance tax paid by you (as a taxpayer)
- Regular Assessment Tax deposited by you
- Self-assessment tax payments
- Refund received by you in a given financial year
- Details of any High-value Transactions (such as those related to shares and mutual fund)
- TDS Details
- Advance tax paid by you (as a taxpayer)
- Regular Assessment Tax deposited by you
- Self-assessment tax payments
- Refund received by you in a given financial year
- Details of any High-value Transactions (such as those related to shares and mutual fund)
Also Read: How to Check TDS Refund Status
See how the latest budget impacts your tax calculation. Updated as per latest budget on 1 February, 2020. No deductions will be allowed under the new tax regime.
What are the Different Parts of Form 26AS?
If you are wondering about what is Form 26AS, it contains the following sub-parts:
a) Part A: Details of TDS (Tax Deducted at Source)
Part A of the Form 26AS provides the quarterly information about the TDS (Tax Deducted at Source) deducted on the salary drawn, pension income and income earned on interest. It also contains information about the TDS collected and deposited along with the following details:
· Name and TAN (Tax Deduction and Collection Account Number) of the Deductor
· Section under which TDS is deducted
· Date of payment
· Amount paid/credited
· Amount of TDS deposited in the bank
· Amount of Tax Deducted from payment
Read More: How to Check Components of a Salary Slip?
b) Part A1: Details of TDS (Tax Deducted at Source) for Form 15G or Form 15H (as applicable)
Part A1 contains details of income on which there is no TDS deduction because the taxpayer has submitted either Form 15G or 15H. In case, you have not submitted Form 15G or Form 15H, Part A1 of the Form 26AS will display 'No transactions present'.
c) Part A2: Details of TDS (Tax Deducted at Source) on the sale of any Immovable Property under Section 194(IA) [for the seller of the property]
Part A2 of the Form 26AS comprises details of the TDS deducted on immovable properties that you (taxpayer) may have sold during the previous year. In case, you have sold any property during the last financial year, and TDS was deducted, this information will reflect under this section.
d) Part B: Details of TDS (Tax Collected at Source)
Part B of the Form 26AS includes details of tax collected at source (TCS) from a taxpayer after they have purchased specific goods from a seller. TCS is collected by the seller of these specific goods. Part B will depict all relevant details related to the seller, such as:
· Name of collector
· TAN of collector
· Amount of tax collected
e) Part C: Details of Tax Paid, apart from TDS or TCS (Tax Collected at Source)
Part C displays all relevant details of income tax that you have paid directly (such as self-assessment tax and advance tax), and TDS challan details (through which you have submitted this tax in the bank.)
f) Part D: Details of any Paid Refund
Part D of the Form 26AS comprises all information related to any refunds that have been paid to you. Part D enumerates the following details:
· Assessment year to which the refund is paid
· Mode of payment
· Amount paid
· Interest paid
· Date of payment
g) Part E: Details of AIR Transactions
AIR or 'Annual Information Return' is a mandatory disclosure for Banks and other financial institutions, in which they have to report any high-value transactions carried out by you (taxpayer) to the Income Tax department.
The details of AIR transactions may include purchases of high-value mutual funds, purchase of property, and purchases of high-value corporate bonds. All high-value transactions are to be reported under Annual Information Return in Part E of Form 26AS.
h) Part F: Details of Tax Deducted on the sale of immovable property under Section 194(IA) [for the buyer of the property]
Part F of the Form 26AS depicts details of any TDS deducted by you, at the time of purchasing a property and TDS deposition to the bank, if any.
i) Part G: TDS Defaults* (processing of defaults)
Any defaults relating to the processing of income tax statements are detailed under Part C of Form 26AS. These defaults do not include any demands raised by the assessing officer. As a rule of thumb, therefore, be mindful of the information that you submit and avoid providing inaccurate information. Also, it is advisable to review all entries before the final submission.
What is the Importance of Form 26AS?
Experts deem Form 26AS to be a crucially important tool that helps you in the comparison of your taxes deducted at different sources. Also, Form 26AS helps identify whether you have any multiple deductions in a given financial year. If there has been a tax deduction, which is not visible under your Form 26AS, it implies that the same has not been deposited with the Income Tax department.
Thus, you can contact your employer's time and inform them of the same. In most cases, any tax deducted which is not updated in your Form 26AS is due to an incorrect update of the PAN number at the source.
Furthermore, if you are wondering what is Form 26AS and whether your Form 26AS is available after you have completed income tax login on site, you must consider that the Form contains different values for TDS. Furthermore, you can contact the Income Tax Department and request them to recheck your case and make the necessary amends. Otherwise, you may incur a penalty to the Income Tax Department for not reporting the actual TDS of your income.
How to View and Download Form 26AS Online
Due to the importance of 26AS Form in double checking key details like TDS when filing your Income Tax Return (ITR). In order to do so, you need to know how to view and download Form 26AS. Below is a step by step guide on how to do it:
Step 1. Go to the Income Tax e-filing website and log in using your e-filing credentials. Once logged in click on “e-file” and navigate to “View Form 26AS” under the “Income Tax Returns” section as shown below:
Step 2. Subsequently, you will get redirected to the TRACES website as shown below. You have agree to the usage and acceptance of Form 16/16A and click on “Proceed”.
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Step 3. On the subsequent page, as shown below, click on “View Tax Credit (Form 26AS/Annual Tax Statement) to proceed further.
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Step 4. On the subsequent page, as shown below, select the Assessment Year and select View as HTML option to view your Form 26AS online on the TRACES website. To view the form, just scroll down this page. Alternately, you can click on “Export as PDF” to download Form 26AS.
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You can also log into the TRACES website directly if you have log-in credentials for the website to view and down the form. Currently, due to the importance of Form 26AS, it can also be accessed through the Internet Banking of major banks in India provided your PAN details have been updated with the bank.
What Is the Difference Between Form 16/16A and Form 26AS?
The differences between Form 16 and 16 A are enumerated in the table below:
Features |
Form 16 |
Form 16A |
Form 26AS |
To whom is it issued? |
Salaried individuals |
Non-salaried Individuals |
All taxpayers |
Where are taxes applicable? |
On salary |
On income from sources other than salary – professional fees, bank interest payments, and rent |
On TDS (Tax Deducted at Source), Advance Tax, Income Tax Refunds |
How often is the Form issued? |
Annually |
Quarterly |
No issuance, tax payer can check at any point of time |
What does the Form contain? |
Proof of income, PAN of employee and employer (they have to provide TAN details), details of TDS deducted by the employer, acknowledgement of amount of tax paid |
PAN of deductee, TAN & PAN of the deductor, the amount paid and receipt number of TDS payment |
Details of Tax Deducted at Source, Advance tax, High-value transactions and Income Tax refunds |
It is governed by which law? |
TDS from income chargeable under the subhead 'Salaries' of Section 203 of the IT Act |
TDS from income other than salary under Section 203 of the IT Act for |
Section 203AA of Income-tax Act, 1961 |
Read More: TDS on Salary
Form 26AS Sample
Typically, the Form 26AS document comprises 3 to 4 pages, based on the number of TDS/TCS-related entries that you may have to furbish in the Form. Form 26AS is available on the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website. For each financial year assessment, the details updated in Form 26AS vary is divided into different Parts (as described above).
Here is what Form 26AS does look like:
Be a Responsible Citizen by Verifying Your Tax Details in the Form 26AS
The introduction of the Form 26AS is a welcome initiative by the Income-tax department, which prevents the need to submit the different TDS certificates (Form 16 or 16A) at the time of filing your tax return.
Before submitting the Form 26AS, however, you must verify the details available in the Form 26AS and highlight discrepancies, if any, such as instances of over-reporting or underreporting of your income or taxes. Doing so will allow you to get the necessary rectifications made by your employer and any other deductors. At the same time, reviewing your Form 26AS before e-filing your income tax helps avoid any inquiry by the Income-tax department at a later date, due to any tax mismatches.
As a taxpayer, thus, you must make sure that the taxes claimed at the time of filing your returns are in line with the taxes as depicted in your Form 26AS.
FAQs About Form 26AS
Q. How can I rectify incorrect name and address details given in Form 26AS?
A. The name and address details in your Form 26AS are updated from the Income Tax Department (ITD) PAN database. If needed, You can get your name and address details corrected by applying in the TIN for correction or changes in PAN Data. You can make this request either online or offline through the existing network of TIN-FCs.
Q. What should I do if there is an error in the information displayed in Form 26AS?
A. For any clarification or changes regarding your Form 26AS, you can contact the following authorities :
Part of Form 26AS |
Contact Person |
A |
Employer / Deductor |
A1 |
Employer / Deductor |
B |
Collector |
C |
Assessing Officer / Bank |
D |
Assessing Officer / ITR-CPC |
E |
Concerned AIR (Annual Information Return) Filer |
Q. What is the benefit of Form 26AS to a taxpayer?
A. Form 26AS is a consolidated tax statement, which you can use as a proof of tax deducted/collected on your behalf. Form 26AS is a helpful tax credit statement that provides information about:
· The tax deducted/collected by your employer (if you are a salaried individual) / deductor/collector and deposited to the government
· Whether your employer/deductor/collector has accurately filed the TDS/TCS and provided a detailed statement of the tax deducted/collected on your behalf
· The authorized bank has furnished correct details of the tax deposited by you
Q. What is the meaning of Form 26AS in income tax?
A. Form 26AS also referred to as Tax Credit Statement, is an annual statement comprising details of your tax credit for a given financial year, as per the Income-tax Department's database. In other words, Form 26AS will reflect your tax credit against your PAN.
Q. Is TDS refundable on salary?
A. Tax Deducted at Source, or TDS is described as the sum deducted from your (taxpayer's) income such as salary, interest earned from bank accounts, and rent received. In case, the TDS deducted is more than what you are liable to the government, you can apply to receive a TDS Refund.
Sources:
[1] https://www.incometaxindia.gov.in/Pages/tax-services/online-26AS-e-filing-website.aspx
[2] https://contents.tdscpc.gov.in/en/ft13.html
[3] https://www.tin-nsdl.com/authorized-banks.html
[4] https://contents.tdscpc.gov.in/en/ft12.html
[5] https://contents.tdscpc.gov.in/en/ft9.html
[6] https://www.taxmann.com/blogpost/2000000419/what-is-form-26as.aspx
[7] https://contents.tdscpc.gov.in/en/faq-taxpayer-functionality.html#
[8] https://cleartax.in/s/view-form-26as-tax-credit-statement
[9] https://www.coverfox.com/personal-finance/tax/form-26as/
Disclaimer:
Save 46800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are:
- Regular Individual
- Fall under 30% income tax slab having taxable income less than Rs. 50 lakh
- Opt for Old tax regime
ARN: Dec22/Bg/08B
