What is Form 26AS And How to Download It?

Imagine you have a personal tax passbook that records your income statements, TDS deductions, advance tax payments, and high-value transactions in one place. Does this sound convenient to you? That’s where Form 26AS comes into play! You must be wondering what is Form 26AS? This article will take you through all the key areas of Form 26AS. 

Doesn’t matter if you are a salaried individual, a business owner, or an investor; this tax compliance form is important to ensure your tax return match the recorded details of the IT department. A mismatch in the records can cause delayed refunds and unwanted tax notices. 

Scroll down and Read the article to understand what is Form 26AS, how to get it, and more.  

What is Form 26AS? 

Form 26AS is a statement that outlines the TDS/ TCS details deducted from multiple income sources of a taxpayer. It presents tax updates / self-assessed  tax paid, and major financial transactions. Tax credit statements become crucial for filing returns and its scope expands to foreign remittances, refunds, mutual funds, dividends, and more. 

It provides a detailed summary of the following: 

1. Tax Deducted at Source (TDS): This is done by employers, banks, and other institutions. 
2. Tax Collected at Source (TCS): This applies only to a few transactions. 
3. Advance and Self-assessed Taxes: This is created and maintained by the taxpayer. 
4. Income Tax Refunds: This belongs to the IT department. 
5. High Value Transactions: This includes large bank deposits, property purchases, or mutual fund investments. 

Now that we have understood what is form 26AS, let’s take a look at its importance.  

What is Form 26AS Importance? 

1. It aligns your details with ITR, ensuring precision while filing taxes. 
2. It assists the taxpayers in claiming the correct TDS credits and avoiding tax mismatch. 
3. It notifies the taxpayers about errors and frauds identified in the tax records. 
4. It acts like an official document for financial strategies and loan approvals. 

As we have understood, why form 26AS becomes crucial for filing taxes; let’s take a closer look at how we can access and download the form online! 

How to View Form 26AS? 

Check out these two methods to view form 26AS

1. The TRACES Portal 
2. The Internet Banking Service At Your Bank 

1. The TRACES  Portal – How to Get Form 26AS

The TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal is an online platform managed by the IT (Income Tax) department of India. It offers TDS and TCS compliance for taxpayers, collectors, as well as deductors. 

TDS- Tax Deducted at the Source refers to a system where tax gets deducted by the payer at the time of making certain payments like salary and is deposited with the government.

TCS- Tax Collected at Source refers to the tax collected by the seller during the sale of certain goods or services and deposited with the government. 

Let’s dive in to understand how to download form 26AS from TRACES portal. 

• Visit the e-filing website – https://www.incometax.gov.in/iec/foportal/ 
• Enter your login credentials, i.e. user ID and password. The username is either your PAN or Aadhaar card number. 
• You will see the below screen displayed. Head to ‘e-file’ > ‘Income Tax Returns’ > ‘View Form 26AS’ 
• Click on view for 26AS

• A disclaimer will appear on your screen. Now, click “Confirm”, and the page will transfer to the TRACES website. 

Here you need to tick the checkbox on the screen and click “Proceed.”

• Scroll down to the page and click on “View Tax Credit (Form 26AS)” to access the from. 
• select the evaluation / assessment year and the format you want to see. To access form 26AS online, select the HTML format from the dropdown. To get an offline version of the form, just choose the PDF option and download it. Once you are done with your choice, enter the “verification code” and click on the “View/Download’ button. 
• Once downloaded, you can see form 26AS. 

2. The Internet Banking Service At Your Bank  

Every bank has a different process that answers your query!. The guidelines are usually mentioned on their website or you can also connect to banking officials for guidance. This process mainly takes place through the net banking application of the authorized banks. 

The Indian PAN holder can get access to Form 26AS using the internet banking facility at the accredited bank. This feature can be accessed only by individuals or taxpayers whose PAN number is linked to bank account. It is available for free, and here’s the list of banks that allow you to view form 26AS. 

Form 26AS Perks

1. Form 26AS offers crucial details of tax deducted/ collected and deposited by authorized officials with the tax authorities. 
2. Taxpayers can take a closer look at the financial transactions catering to TDS/ TCS for the relevant financial year. 
3. It assists in computing income and claiming tax credits while filing income ITR. 
4. It also assists in confirming refund verification applicable for the financial year or assessment year using form 26AS. 

Summary! 

1. Form 26AS is an official document that aligns with the ITR ensuring precision while filing returns
2. There are two ways to view the form; one is using the TRACES portal and other is through the internet banking facility at your bank. 
3. For the TRACES portal, visit the income tax government website and follow the steps mentioned above. 
4. In case, you want to use the internet banking facility; connect to your banking official for the procedure. 

Conclusion

The blog not only covers what is form 26AS but also takes you through its importance, download process, and perks! Got questions about Form 26AS? Drop them below — we’re here to help

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FAQs

1. Who gives form 26AS? 

The income tax department is authorized to issue form 26AS as a consolidated tax summary. 

2. What is form 26AS extension? 

AIS is the extension of form 26AS. 

3. What is AIS? 

AIS or Annual Information System integrates new information like foreign remittances, off-market transactions, MF purchases, and more. 

4. What is form 26AS used for? 

Form 26AS is used to access all the details of TDS or TCS during a financial year.