Navigating the Tax Maze: How to Download Form 26AS in India

Income tax form 26AS is an annual consolidated statement that provides a summary of the tax deducted at source (TDS), tax collected at source (TCS), and other details such as advance tax and self-assessment tax paid by a taxpayer for a particular financial year. It is an important document for verifying the income tax paid by a taxpayer.

Form 26AS is prepared and maintained by the Income Tax Department of India, and it contains details of tax payments made by the taxpayer as well as any tax deducted or collected by third parties on behalf of the taxpayer, such as employers, banks, or other entities utilizing the services of taxpayers. One can visit the income tax e-filing website to download form 26AS.

In essence, Form 26AS is a comprehensive statement of all tax-related transactions that have been recorded with respect to a taxpayer's Permanent Account Number (PAN) during a given financial year. It is an important document that taxpayers should check regularly to ensure that their tax payments are accurately reflected and to avoid any discrepancies or penalties related to taxes.

How to download form 26AS?

To view or download Form-26AS from the e-Filing portal, follow these steps:

1. Go to the 'e-Filing' Portal at https://www.incometax.gov.in/iec/foportal/
2. Log in to your account and go to the 'My Account' menu.
3. Click on the 'View Form 26AS (Tax Credit)' link.
4. Read and agree to the disclaimer by clicking on 'Confirm'. You will then be redirected to the TDS-CPC portal.
5. On the TDS-CPC portal, agree to the terms of usage by clicking on 'Proceed'.
6. Click on 'View Tax Credit (Form 26AS)'.
7. Select the relevant 'Assessment Year' and 'View type' (HTML, Text, or PDF).
8. Click on 'View/Download' to download the Tax Credit Statement.

The information available in the form:

The following information is available on income tax Form 26AS:

1. Tax deducted at source (TDS) on the taxpayer's income by each and every tax deductor.
2. Details of tax collected at source (TCS) by all the tax collectors.
3. Advance tax paid by the taxpayer.
4. Self-assessment tax payments made by the taxpayer.
5. Regular assessment tax deposited by the taxpayers (PAN holders).
6. Details of income tax refund received by the taxpayer during the financial year.
7. Details of high-value transactions regarding shares, mutual funds, etc.
8. Additional details such as mutual fund purchases and dividends, interest on income tax refunds, off-market transactions, foreign remittances, salary break-up details, etc.
9. Details of tax deducted on the sale of immovable property.
10. Details of TDS defaults (after processing TDS return) made during the year.
11. Turnover details reported in GSTR-3B.
12. The new AIS (Annual Information Statement), effective from 1 June 2020, also includes information on specified financial transactions, pending and completed assessment proceedings, tax demands, refunds, and the existing data presented in the form.

It is important for taxpayers to regularly check their Form 26AS to ensure that all tax-related transactions are accurately reflected and to avoid any discrepancies or penalties related to taxes.

Structure of form

Form 26AS is divided into several parts, including Part A, which contains TDS details deducted from the individual's salary, interest income, pension income, prize winnings, etc.; Part A1, which contains details of income where no TDS has been deducted since the taxpayer has submitted Form 15G or Form 15H; and Part A2, which contains details of TDS on sale of immovable property u/s194(IA) (for the seller of property), TDS on rent of property u/s 194IB (for the landlord of property), TDS on payment to resident contractors and professionals u/s 194M (for a payee of resident contractors and professionals). Other parts of Form 26AS include Part B, which shows the Tax Collected at Source (TCS) by the seller of goods, Part C, which shows details of tax paid (other than TDS or TCS), Part D, which shows details of paid refund, and Part E, which shows details of SFT Transaction.

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