Form 26AS: Meaning, Structure & How to View Form 26AS

Filing income tax can be overwhelming, but it's an essential task for every taxpayer. You're probably familiar with Form 16 , which shows your salary income and tax deductions. But have you heard about Form 26AS? It's like a tax passbook that gives you a complete picture of your tax deductions from various sources and even highlights high-value transactions like shares and mutual funds.

What doesForm 26AS means? Form 26AS means a tax credit Statement and is an important document for taxpayers. 26AS full form is Annual Information Statement (AIS). Form 26AS provides a detailed overview of your financial activities for a specific year, going beyond just TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) and TCS (Tax Collected at Source) transactions. It serves as proof of income and tax payments, linked to your PAN number.Based on the details mentioned in Form 26AS, the taxpayers file annual returns. When filing your tax return, verify that the taxes you claim match the tax values stated in Form 26AS.Also Read: How To Claim TDS Refund?

To make tax return filing easier and more transparent, the Central Board of Direct Taxes (CBDT) has made changes to Form 26AS. The updates to Form 26AS include:

• Inclusion of foreign remittances mentioned in Form 15CC
• Quarterly information on TDS deductions from salaries
• Details of ongoing or completed income tax proceedings
• Information on income tax demands and refunds, if applicable
• Details of advance tax payments made by the taxpayer

In addition to the previously required personal details such as name, address, and PAN , the new Form 26AS includes additional information to enhance communication options:

• Date of birth
• Registered email address
• Mobile/phone number

The new Form 26AS is designed to make filing taxes easier and give you a complete picture of your tax-related details. Understanding each part will help you manage your tax-related activities more efficiently:

Part A: Details of TDS

Amount of TDS deducted from your income, such as salary, interest, pension. It is updated quarterly and provides information about your tax deductor as well.

• Part A1: Details of TDS for Form 15G/15HGives details of cases where the taxpayer has submitted Form 15G or 15H to declare that no TDS should be deducted from their income.
• Part A2: Details of TDS on PropertyGives details about your TDS deducted on transactions of property sales, rent, and making payments to resident contractors or professionals

Part B: Details of TCS

If you, as a seller, collect tax at the time of sale, this section displays information about the tax collected from the buyer.

Part C: Details of Tax Paid (Other than TDS or TCS)

If you're involved in transactions related to selling property, receiving rent, or making payments to contractors or professionals, this section displays the TDS deducted on those transactions.

Part D: Details of Paid Refund

If you've received a tax refund, this section displays the details, such as the payment method, refund amount, any interest paid, and the date of payment. It's good to verify these details for your records.

Part E: Details of Statement of Financial Transactions (SFT)

This section provides additional information about your financial transactions, such as cash deposits/withdrawals, property sales/purchases, credit card payments, and more.

Part F: TDS on Property Sale, Rent, and Professional Fees (From Buyer/Tenant Perspective)

If you're the buyer or tenant involved in property transactions or making payments to contractors and professionals, this part shows the TDS deducted by you.

Part G: TDS Defaults (Processing of Defaults)

This section highlights any defaults related to the processing of statements. It's essential to review this part to address any issues or discrepancies promptly.

Make sure that there are no discrepancies between the details you enter, and the information provided. If there is a mismatch, the income tax portal will show an error when you submit your returns.
Here are the important things to check regularly in your Form 26AS:

• Double-check the names of those who deducted taxes are correct.
• Check if the total amount paid by deductors matches your income records.
• Ensure that the deducted tax aligns with the deductions from your income.
• Verify that the tax deposited by deductors is accurately shown.
• Confirm that your earned income is correctly mentioned in Form 26AS, especially if taxes were deducted by vendors.
• Ensure that no additional income is mistakenly listed under your name, as it can affect your tax obligations.

From e-filing portal:

Here’s how to see Form 26AS:

1. Log in to the 'e-Filing' Portal at www.incometax.gov.in/iec/foportal/
2. Go to 'My Account' > 'View Form 26AS (Tax Credit)'.
3. Read and confirm the disclaimer and proceed to the TDS-CPC Portal.
4. Agree to the terms of usage and select 'View Tax Credit (Form 26AS)'.
5. Choose the 'Assessment Year' and desired 'View type' (HTML, Text, or PDF).
6. Click 'View/Download' to access your Form 26AS.

From bank site through net banking facility:

Ensure that your PAN is linked to your specific bank account. Follow these steps:

1. Log in to your net banking account.
2. Look for the option "Tax Credit" or "View Form 26AS"
3. Confirm your PAN details when prompted.
4. Click on the option to view Form 26AS.

From TRACES portal:

You must first register on TRACES ( https://tdscpc.gov.in ) to view Form 26AS. Follow these steps:

1. Login to TRACES using your credentials as taxpayer or deductor.
2. Click on "View Tax Credit Statement (Form 26AS)"
3. Enter the required details, including your password and relevant assessment year (financial year for which you are filing your tax returns).
4. Access and view your Form 26AS.

Here are few possible reasons for this:

1. Tax amount has not been deposited in a government account by your deductor.
2. Your deductor has not filed the TDS return and/or the statement of tax deduction was not filed along with TDS
3. Statement of tax deduction was filed with the wrong PAN.

To find out if the deductor has filed the TDS/TCS statement and view your tax credits, you can follow these steps:

1. Visit the website: https://www.tdscpc.gov.in/app/tapn/tdscscredit.xhtml
2. Use your PAN and check the count on records to access the "View TDS TCS credit" facility.

You can also reach out to "Taxpayer Grievance Module" on TRACES to raise grievances.

If you are a salaried employee, your employer will give you Form 16, which has important details about your salary, deducted taxes, and claimed deductions. Just like you have a deadline for filing your tax return , your employer also has a deadline to provide Form 16, usually by May 31 each year.By comparing Forms 16 and 26AS you can identify any discrepancies or errors. It will help ensure that the information is consistent and accurate, making it easier to file your tax return. For example, if your employer has not deposited the tax or has done so after the deadline, the tax deduction may appear in Form 16 but not in Form 26AS.

You cannot directly correct errors in Form 26AS. If you encounter an error in your Form 26AS or any mismatch of details between Form 26AS and Form 16, follow these steps to rectify it:

1. Inform your tax deductor about the error or mismatch and request them to rectify it.
2. Once the deductor revises the figures, the changes will be reflected in your Form 26AS.
3. Download the updated Form 26AS, which will have the corrected information.

Please note that it is important to get errors rectified before filing your ITR, as this could result in severe problems and even an inquiry by the IT department in the future.

• It provides a summary of your taxes in one place, making it easy to understand.
• It helps you calculate your income correctly and claim the right tax credits.
• You can quickly check the status of your tax refunds.
• It brings together all the necessary tax information, saving you time and ensuring accurate filing.

It's essential for taxpayers to know Form 26AS meaning and to regularly check it to ensure accuracy. Check important details like ‘Name of Deductor,’ ‘Total Amount Paid,’ ‘Total Tax Deducted,’ and ‘Total Tax Deposited’ in their Form 26AS to verify that your income is correctly reflected, especially when tax has been deducted by vendors. Keep an eye out for any additional income listed under your name that could impact your tax liability.Ready to make the most of your money? Start your tax planning journey now!