A Detailed Guide to Form 26AS

Form 26 AS

An annual tax statement known as the Tax Credit Statement (Form 26AS) merges details regarding tax deducted at source (TDS), self-assessed taxes, and tax collected at the source into one statement (TCS). Your Temporary Account Number is the key to all of this information (PAN).

Information on real estate transactions, bank withdrawals and deposits, as well as mutual fund transactions, are all included in this form.

When you file your Income, Tax Returns (ITRs) for the appropriate fiscal year, you can claim the tax deductions listed on this form.

Why it is required?

This form is issued under Section 203AA of the Tax Act, 1961, and Rule 31AB of the Internal Revenue Code. It is a crucial document which can be used for a variety of purposes, including the ones listed below.

This document serves as verification that tax has indeed been deducted and received on your behalf. It also verifies that the institution has appropriately delivered the information of tax deposited on your behalf.

It serves as documentation of tax paid in your ITR and confirms that proper tax has been deducted by various entities and put in the government’s account.

Components of Form 26AS are:

Ensure that the data relating to tax debited as reflected by the Income Tax Department is precise and true before you complete your income tax return. Form 26AS can be used for this purpose. You can get a copy of this form by visiting the Income Tax Portal’s website. Form 26AS’s contents are listed below:

•       Deducted at the point of sale (TDS)
•       Source-based taxation (TCS)
•       Information on taxes paid in advance and on self-assessment
•       Detailed information about claiming a tax refund.
•       Taxes paid on the selling of a piece of land
•       AIR transaction information

Let’s take a closer look at the various sections of Form 26AS:

Part A – Information on Tax Deducted at Source —

This section displays the tax that the tax deductor has deducted from your PAN. In the form of a 26AS, the tax deductor reports their TDS return quarterly. The following information can be found in this section:

•       The deductor’s full name is
•       Deductor’s TAN
•       Pay-outs/credits totalled
•       The total amount of taxes that have been paid are:
•       An assessment against an assessee’s PAN for all taxes deposited to date.

Part A1– Information of the Tax Deducted at Source in Form 15G and Form 15H

This section offers information about income that has not been taxed because the taxpayer has filed Form 15G or 15H. If you haven’t filled out Form 15G or Form 15H, this area will read “No transactions present”.

Part A2- Form 1099-B, Immovable Property Sales Tax Deductions

In this section, the assessee is required to disclose the amount of taxes they paid on the sale of their real estate during the financial year. If an immovable property was sold in the previous year and tax was taken from the sale proceeds, the tax taken will be shown in this area.

 Part B- Elements of revenue raised at source are detailed

Information on tax collected at source (TCS) by a vendor of specified commodities at the time these products were purchased by the assessee is provided in this section. The following are the seller’s details:

•       The collector’s name
•       collectors TAN
•       The sum of all fees and charges.
•       The sum of all taxes paid
•       The total amount of TCS that was deposited was

Part C – Deductions for tax (other than TDS & TCS)

There are several types of taxes paid by an individual under this section, such as advance tax and self-assessment tax.

Part D – Pay-out information:

The information on tax refunds given to the assessee can be found in this section. It reveals the following information:

•       The academic year
•       Payment method
•       A refund has been granted.
•       Nature of the reimbursement
•       Refund Amount
•       Amount of interest accrued and paid
•       When the money is due
•       Remarks

 Part E – Specifics of the SFT transfer:

Any high-value transactions that “specified individuals” like a bank, mutual fund, or other financial institution are obliged to report are included here. Annual Information Return was the previous name for the SFT (AIR).

Part F- 194IA – Information Relating to Tax Deducted on Immovable Property Sales (For the benefit of the purchaser)

This section will disclose any TDS that you paid while purchasing a property. Also, it shows you how much tax you’ve paid to the bank.

Part G Processing Defaults (TDS Defaults):

Defaults in the execution of statements are addressed here. Never include demands made by assessing officers.

How do I get a copy of the 26AS form for my taxes?

Your Form 26AS can be retrieved through the Traces website, or you can get it via net banking at recognised institutions. You’ll need a login and password to access the form on the Income Tax Portal. If you already have an account, simply log in and proceed as normal. If you’re a first-time user, you’ll first need to sign up on the income tax website and then follow the directions on the page.

Step-1

Log on to the e-filing website with your username and password.

Please enter the following data:

•       Your PAN number serves as your user ID. Using capital letters, type your phone number.
•       Please enter your username and password.
•       Afterwards, type in the captcha code shown on the screen. The code can also be refreshed if you are having trouble viewing it
•       Now, click on ‘Login.’

Step-2

You can access your account by clicking on the “My Account” link. View Form 26AS tax credit can be found in the dropdown list.

Then click on “view Form 26 AS”

Step-3

If you want to be transferred to the Traces or TDS CPC website, you will be prompted for confirmation. As a first step, the Traces website has been redirected to this URL. Because the Marks site is authorized by the Indian government and is therefore entirely secure, you can use it without any worries.

Click the ‘continue’ CTA after you’ve checked the box in the appropriate place on the screen.

Step-4

The bottom of the page is where you’ll discover an option. To see your Form 26AS, select ‘Click View Tax Credit (Form 26AS)’ from the drop-down menu.

Step-5

On the ‘View Tax Credit (Form 26AS)’ page, you will see your tax credits. Form 26AS can be viewed online or downloaded as a PDF file.

Select the assessment year with the desired form format.

‘Text’ and ‘View’ should be selected if you just wish to see the information online.

You can save the form as a PDF by selecting “HTML” and then click “Export as PDF.” Enter your birth date in the right format (‘ddmmyy’ without any dash or hash) to open the file.

Conclusion

Form 26 AS is very important to know before filing your Income-tax return as it serves as proof of the tax that has been deducted and collected at the point of collection on your behalf. Additionally, it validates that the deductors have deducted the correct amount of tax and that the money has been paid with the appropriate government agency on your behalf.