Form 26AS is statement issued on behalf of the Income Tax Department of the GOI (Government of India) detailing the taxes that are paid on your behalf of by deductors and/ or sellers and confirmation from the banks that such tax has been paid.
Essentially if you have any income for which, tax has been deducted at source (TDS) (for e.g. by your employer when paying your salary or dividend paying company when paying dividends on equity shares held by you) it should reflect here.
The Form 26AS will contain the following details:
1. PAN of the assessee
2. Name of the assessee
3. Address of the assessee
4. Financial year
5. Assessment year
6. PART A - Details of TDS
a. PART A1 – Details of TDS for 15G/15H
b. PART A2 - Details of TDS on sale of immovable property u/s 194IA/. TDS on Rent of Property u/s 194IB (for seller/landlord or property)
7. PART B - Details of TCS - For certain specific items a tax is collected at source (TCS) by the seller from the buyer at the time of sale. Such a tax is paid on behalf of the buyer at the time of sale and can be used as credit by the buyer when paying taxes. For e.g. Mr A buys something from Mr. B woth Rs. 1000 on which a TCS of 1% is applicable. In this case Mr. B will take a sum of Rs.1010 from Mr.A and deposit Rs.10 (1% of Rs.1000) as tax with the Govt. When Mr.B (the sellor) downloads his FORM 26AS for that particular assessment year, it should reflect the Rs.10 as TCS.
8. PART C - Details of Tax Paid (other than TDS or TCS) – incase of payment of any advance tax or self-assessment tax
9. PART D - Details of Paid Refund – in case you have received any tax refunds
10. PART E - Details of AIR Transaction – in case you make a high value transaction in property, mutual funds or corporate bonds. There is an obligation on the Banks and other financial institutions report this.
11. PART F – Details of TDS on Sale of Immovable Property u/s 194IA. TDS on Rent of Property u/s 194IB (For Buyer/ Tenant of Property)
12. PART G – TDS Defaults – this default, mentioned here, relates to processing of statements and not a demand raised by the Assessing Officer.
You can download your Form-26AS from your e-filing account on incometaxindiaefiling.gov.in. Here are the steps you need to follow:
- Go to incometaxindiaefiling.gov.in and click on ‘View Form-26AS’.
- Enter User ID which is your PAN, Password and captcha code to log in.
- After logged in, you can go to my account and click on 'View Form-26AS (Tax Credit)'.
- Click on Confirm button when it says 'You will be redirected to TDS-CPC website to view Form-26AS (Tax Credit)'.
- Select and click the box saying 'I agree to the usage and acceptance of Form-16/ 16A generated from TRACES'. Click the Proceed button.
- Click on ‘View Tax Credit (Form-26AS)’ to view your Form 26AS.
- Now select the Assessment Year from the drop down to view Form-26AS for the respective year.
- You can choose either of the options of HTML, Text or PDF as per your requirement.
- Click on View / Download your Form 26AS.
- You can also view Form-26AS from Bank Website, through Net Banking Facility.