Income Tax filing is one of the crucial pieces of work to be undertaken mandatorily every year. A regular taxpayer is familiar with two forms which need to be duly filled, namely Form 16 and Form 26AS. Form 16 showcases the details of your salary income and the tax deducted.

The form 26AS duly shows a complete overall view of the tax deducted from various sources. It is an annual statement that can be accessed by the taxpayers on the income tax website by quoting their Permanent Account Number (PAN) details.

What does it show?

The Form 26AS is a consolidated tax statement that comprises of tax deducted from several sources other than the salary. The form also lists down the names and details of the deductions, such as their name and Tax Deduction Account Number (TAN). The form also contains information about tax refunds, if received by you through the course of the financial year.

You will also get information about any advance tax or self-assessment tax that was paid during the financial year. The form has a column that shows the AIR transactions details. Important transactions, such as the sale of immovable property, sale of a car, or rent of a property, the tax incurred on these transactions need to be deducted at the source. The applicable taxes collected will reflect in Form 26AS.

How does it help?

Form 26AS is an important document that helps you as a taxpayer to identify and compare the amount that has been deducted by different sources. In case of any mismatch of values in the TDS, one can get in touch with the income tax department to recheck and request necessary modifications.

The IT department will request you to verify your details and highlight the discrepancies in the tax values. The taxpayer also needs to submit the TDS Certificates along with the tax return. This can help you to avoid notices and penalties from the income tax department. Taxpayers need to make sure that the taxes claimed in the tax return are in line with the tax values mentioned in the Form 26AS.

How to download Form 26AS?

One can download the Form 26AS from the IT department website by logging in with your PAN details.
  1. Visit https://www.incometaxindiaefiling.gov.in/home
  2. On the left side column of Quick Links, click on View Form 26AS (Tax credit)
  3. Enter your PAN number as User ID and password and Captcha & login
  4. Go to ‘My Account’ and click on view form 26AS from the drop-down menu
  5. Click on the ‘Confirm’ button
  6. A dialogue box will appear and prompt you to select the year and click ‘Proceed’
  7. You can now download the form in PDF format
Form 26AS is a comprehensive document that gives the taxpayer a fair idea about the overall tax deductions taken place annually across several sources apart from the salary throughout a particular financial year.

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DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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