Form 26AS, also known as the Annual Statement or Tax Credit Statement, is a comprehensive statement provided by the Indian Income Tax Department. It includes all taxes paid and TDS deducted under an individual's name. Form 26AS tracks every financial transaction that has been reported to the income tax department and displays the cash flow in an individual's accounts. It assists in monitoring your Form income tax payments to verify that you have met your compliance responsibilities.

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What is Form 26AS?

Form 26AS is a record containing the tax details of a taxpayer. It is created on the recently launched income tax website. This document includes different information regarding your taxes such as TDS/TCS credit, advance tax payments, Self-Assessment Tax (SAT) payments, and other pertinent tax-related details. Form 26AS is useful for filing your Income Tax Return (ITR) as it includes all the information about taxes you have paid, preventing any errors when submitting your ITR. It is a crucial document that must be thoroughly examined to prevent errors and guarantee precision.

Why is Form 26AS Important?

Form 26AS is crucial for taxpayers due to several important reasons:

• Verification of Tax Deductions:- Form 26AS allows taxpayers to confirm the deductions of TDS and TCS from their income, ensuring that the correct tax amount has been deducted and deposited with the government by the deductor.
• Accurate Income Tax Filing:- This presents a comprehensive overview of all tax deductions, assisting taxpayers in filing their income tax returns accurately, thus helping to prevent errors or omissions during the filing process.
• Refund Claims:- When filed, Form 26AS supports refund claims for taxpayers who have paid excess TDS or TCS in comparison to their actual tax liability.
• Tax Status Monitoring:- This feature allows taxpayers to monitor their tax status to guarantee prompt and full tax payments.
• Identifying Errors:- It acts as a mechanism to discover discrepancies in tax records and enables taxpayers to promptly rectify them to avoid future issues.

As a result, Form 26AS is essential for promoting transparency, precision, and responsibility in the process of filing income tax.

Details of Form 26AS Statement

Form 26 AS includes the following details:

• Employer or bank deducts Tax Deducted at Source (TDS) from salary and other sources by regulations.
• Information about taxes paid when purchasing/selling property, mutual funds, stocks, etc.
• Tax payments are made in advance during a fiscal year.
• Self-Assessment Tax payments are made within one financial year.
• Payments of taxes are assessed regularly within a fiscal year.
• High-value transactions (HVT) refer to transactions like buying or selling real estate, stocks, bonds, etc., that exceed ₹5 lakhs within the fiscal year.
• Money returned from the Income Tax Department in a fiscal year.
• Information about any fines, such as those for TDS/TCS payments made in the fiscal year
• Additional details regarding income tax payments are in form 26AS.
• Information on any foreign income, if relevant.
• Information about failure to deduct TDS or default in TDS deduction.

Structure and Parts of Form 26AS

Form 26 AS is made up of the following sections:

• Part A - includes details concerning TDS Tax Deducted at Source and TCS Tax Collected at Source. It displays information regarding the TDS/TCS taken from earnings such as salary, interest, etc., received by a person.
• Part B - This section includes details on payments made by the taxpayer for Advance Tax, Self-Assessment Tax, and Regular Assessment Tax. It displays all income tax payments made in a financial year on the 26AS statement.
• Part C - includes information about High-Value Transactions (HVT) like buying/selling real estate, stocks, bonds, etc., exceeding ₹5 lakhs in the fiscal year.
• Part D - This portion includes details regarding reimbursements from the Tax Department and information on TDS errors or failure to deduct.
• Part E - This section includes specifics of SFT (Statement of Financial Transaction) data, as well as any foreign income, if relevant.
• Part F - Domestic companies and mutual funds must withhold tax from distributed profits 
• Part G - Specifics on TDS/TCS that apply to e-commerce transactions.
• Part H - Provide all turnover information as per the details provided in form GSTR9C.

How to Download Form 26AS?

Downloading the form 26AS from the updated income tax portal is a straightforward process. Using your PAN number, you have the option to conveniently access Form 26AS from either the TRACES website or via an authorized bank's online banking service. Visit www.incometax.gov.in and access your Income Tax Department account by logging in with your credentials; if you haven't created an account yet, simply click the button located at the top right corner of the webpage to sign up!

Step 1: Go to the official e-filing portal of the Income Tax Department at www.incometax.gov.in, and sign in to your account with your PAN number and password.

Step 2: Input your user identification and password then select 'Sign In.' You can accomplish this by using your user identification, such as PAN or Aadhaar number. In case of a disability on the user I.D., choose 'Forgot User ID' and proceed with the correct login details. You can access the account via online banking as well.

Step 3: Choose the box underneath the message for secure access verification. The default secure access statement for a reliable income tax website is 'Login' and serves as verification of authenticity. Individuals have the option to personalize their message through the 'Profile' feature for added security if they want. Use your password to gain access and continue.

Step 4: Upon accessing the new income tax portal, a screen will appear featuring a drop-down menu. Navigate to 'e-file' and tap on 'Income Tax Returns'; then choose 'View Form 26AS' from the available options. By following these instructions, you can easily unlock your form in no time at all!

Step 5: To access the TRACES website safely and securely, just click 'Confirm' on the disclaimer page. Do not be concerned - this action is necessary for your safety!

Step 6: After clicking 'Confirm,' you'll be directed to the TRACES website. Provide your PAN number to continue. Choose the box displayed on the screen and then click Proceed.

Step 7: You will be redirected to a different page to access and download your form 26AS as a PDF file. To preserve it, tap on 'Save' located at the lower right corner of the page.

You can also email or print Form 26AS from this page by selecting the 'Print' option at the top of the webpage. Click on the link at the end of this page and choose "View Tax Credit (Form 26AS)" to see your Form 26AS.

Step 8: Choose the preferred Assessment Year, then opt between previewing Form 26AS in HTML or downloading it as a PDF. After choosing, enter the Verification Code and click 'View/Download' - you're done!

Step 9: Once you have finished all the steps, you will be able to see Form 26AS displayed on your screen. You can now review the information on income tax payments to verify correctness and ensure there are no outstanding tax obligations. After confirming all the details, feel free to save or print your form 26AS whenever you like.

Step 10: At last, you have completed the downloading of your form 26AS and can now review the specifics of income tax payments. Keeping this document secure is crucial, as it documents all your tax payments made in a fiscal year.

By following these easy steps, downloading and viewing Form 26AS from the new Income Tax portal is simple.

Read Our Blog: All about Tax Deducted at Source - TDS Meaning, Filing, Return & Due Dates

Latest Updates in Form 26AS

The new income tax portal now includes form 26AS with TDS certificates, refund information, and significant transactions, as per the Income Tax Department. The updated version can be downloaded from the new tax website. This guarantees that every taxpayer can easily access and verify their financial information online. Furthermore, form 26AS will be consistently updated to verify the correctness of all tax payments and ensure that no outstanding dues are present.

Taxpayers can confirm they are following the Income Tax Act by checking the details in Form 26AS. Additionally, it enables them to make corrections when discrepancies are identified. In summary, Form 26AS is a crucial document for filing income tax returns correctly.

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Process of Downloading a Tax Credit Statement or Form 26AS

You can access Form 26AS in income tax on the updated income tax website by providing your PAN number and password to download.

After logging in, choose the 'Form 26AS' option to open the form. The document contains information on all taxes paid during a specific time frame, and it needs to be thoroughly checked for correctness.

You also have the option to see information about High-Value Transactions and other deductions such as under section 80C.

After the verification process is finished, you have the option to download the form in either PDF or HTML format.

Conclusion

Completing your income tax return is significantly simpler with Form 26AS, as it provides a detailed summary of all taxes settled during a particular time frame. Keeping a record of all tax payments and double-checking their correctness is beneficial.

Additionally, form 26AS also consists of High-Value Transactions, which are helpful for loan approval or tax return submission. The updated form will regularly be revised to guarantee the accuracy of all tax payments and no outstanding dues. You can find it on the new income tax portal and log in with your PAN number and password. Overall, Form 26AS offers a crucial method for accurately filing income tax returns.