Form 26AS - How to Download Form 26AS

Introduction

Form 26AS is an annual tax statement issued by the Income Tax Department that contains details of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) deducted or collected on your behalf by various entities such as banks, financial institutions, and employers.

What is Form 26AS?

Form 26AS is an annual tax statement issued by the Income Tax Department of India to individuals and entities who have TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) deducted or collected on their behalf by various entities such as banks, financial institutions, and employers. The form contains a detailed statement of all TDS and TCS deductions and collections made during a financial year, along with the relevant details such as the name of the payer, the amount of tax deducted or collected, and the tax period. Form 26AS helps individuals and entities to keep track of their tax liabilities, reconcile their tax statements with their records, and file their income tax returns (ITR) accurately and on time. The form is available for viewing and downloading through the e-Filing portal of the Income Tax Department.

Form 26AS is a statement that outlines the following details:

Form 26AS is a statement that outlines the following details:

1. Name of the payer: The name of the entity that has deducted or collected tax on your behalf, such as a bank, financial institution, or employer.

2. PAN (Permanent Account Number) of the payee: The unique identification number assigned by the Income Tax Department to each taxpayer in India.

3. TDS/TCS amount: The amount of tax deducted or collected by the payer during a financial year.

4. Tax period: The month or quarter in which the TDS/TCS was deducted or collected.

5. Payment mode: The mode of payment used by the payer to deposit the TDS/TCS with the government, such as electronic clearing service (ECS), demand draft (DD), or cheque.

6. Challan number: The unique number generated by the payer when depositing the TDS/TCS with the government, which can be used to verify the payment details.

7. Bank details: The name and branch code of the bank where the TDS/TCS was deposited by the payer.

Structure and Parts of Form 26AS?

Form 26AS is a structured document that contains the following parts:

1. Header: The header of Form 26AS displays the name and address of the taxpayer, their PAN number, and the financial year for which the statement is being issued.

2. Statement of TDS/TCS: This section lists all the TDS/TCS deductions and collections made during the financial year, along with the relevant details such as the name of the payer, the amount of tax deducted or collected, and the tax period. The statement is presented in a tabular format, with separate columns for each of these details.

3. Summary: This section provides a summary of the total TDS/TCS deducted or collected during the financial year, along with the total amount of tax credit claimed by the taxpayer in their income tax returns (ITR).

4. Verification: This section requires the taxpayer to verify and certify that they have received and reconciled their Form 26AS statement with their records. The taxpayer is required to sign and date this section to confirm its accuracy.

5. Footer: The footer of Form 26AS displays important information such as the date of issue, the signature and designation of the Income Tax Department official who has issued the statement, and any other relevant details.

How to view Form 26AS?

To view Form 26AS, follow these steps:

1. Go to the official website of the Income Tax Department and click on the ‘e-Filing’ tab on the homepage.

2. Log in to your e-Filing account using your PAN number and password. If you do not have an e-Filing account, you will need to register first.

3. Once you are logged in, click on the ‘View Form 26AS’ option under the ‘My Account’ tab.

4. Select the financial year for which you want to view Form 26AS, and click on the ‘Submit’ button.

5. Your Form 26AS statement will be displayed on the screen in a PDF format. You can download and save this statement for your records.

6. Verify and reconcile the details in Form 26AS with your tax records, and use it to file your income tax returns (ITR) accurately and on time.

How to Download Form 26AS?

To download Form 26AS, follow these steps:

1. Go to the official website of the Income Tax Department (https://www.incometaxindia.gov.in/) and click on the ‘e-Filing’ tab on the homepage.

2. Log in to your e-Filing account using your PAN number and password. If you do not have an e-Filing account, you will need to register first.

3. Once you are logged in, click on the ‘View Form 26AS’ option under the ‘My Account’ tab.

4. Select the financial year for which you want to download Form 26AS, and click on the ‘Submit’ button.

5. Your Form 26AS statement will be displayed on the screen in a PDF format. Click on the ‘Download’ button located at the top right corner of the screen to download the statement.

6. Save the PDF file on your computer or device for your records.

7. Verify and reconcile the details in Form 26AS with your tax records, and use it to file your income tax returns (ITR) accurately and on time.

Latest updates in Form 26AS

As of the latest updates, Form 26AS has undergone some changes to improve its functionality and provide more detailed information to taxpayers. Here are some recent updates:

1. Real-time updates: As of April 2021, Form 26AS now provides real-time updates for TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) credits. This means that any credit made by an employer or financial institution will be reflected in Form 26AS immediately, without any delay.

2. Enhanced security: To prevent unauthorized access to sensitive taxpayer information, Form 26AS now requires a one-time password (OTP) to be entered during the login process. This additional layer of security ensures that only the taxpayer or authorized representative can access their Form 26AS statement.

3. Improved user interface: The user interface of Form 26AS has been simplified and made more user-friendly, with clearer and more concise language. This makes it easier for taxpayers to understand and interpret the information provided in the statement.

4. Detailed transaction history: Form 26AS now provides a detailed transaction history for each credit, including the name of the payer, the amount of the credit, and the date of the transaction. This helps taxpayers to reconcile their income tax returns with their actual income and deductions.

5. Integration with other e-services: Form 26AS is now integrated with other e-services provided by the Income Tax Department, such as e-filing and e-payment, making it easier for taxpayers to complete their tax obligations online.

Introduction of Annual Information Statement (AIS)

The Annual Information Statement (AIS) is a tool that informs taxpayers of the information the tax department has on them. The AIS is a comprehensive statement that lists all of your financial transactions for a given financial year (FY), and it includes the information required by the Income-tax Act of 1961.

The AIS has replaced the Form 26AS, which was a statement of tax deducted or collected at source, and other specified financial transactions. The AIS has more information than the Form 26AS, such as savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover etc.

The AIS also provides the taxpayer the option to give feedback on the transactions reported, and shows both the reported value and the modified value (i.e. value after considering taxpayer feedback) under each section.

You can view the AIS online through the e-filing portal of the Income Tax Department, the TRACES website, or the net banking facility of authorized banks. You need to register and login with your PAN, date of birth, and mobile number, and select the assessment year, view type, and download the statement.

TDS Certificate (Form 16/16A) vs. Form 26AS

TDS Certificate (Form 16/16A) and Form 26AS both relate to TDS (Tax Deducted at Source) but serve different purposes:

1. TDS Certificate (Form 16/16A): This is a certificate issued by the employer or deductor to the employee or payee, which shows the amount of TDS deducted from their salary or income. It contains details such as the name and PAN of the employee, the amount of TDS deducted, and the tax rate applied. The employee uses this certificate to claim a credit for the TDS amount while filing their income tax return (ITR).

2. Form 26AS: This is an annual statement provided by the Income Tax Department that shows all the TDS and TCS (Tax Collected at Source) credits made in the taxpayer’s name during a financial year. It contains details such as the name and PAN of the payer, the amount of TDS/TCS credit, and the date of the transaction. The taxpayer uses this statement to reconcile their income tax returns with their actual income and deductions.