What is Form 26AS?
Your Tax Credit Statement / Form 26-AS is an important document for tax filing. Instead of manually downloading your Form-26AS for filing your I-T Returns, you can directly import your 26AS information while filing your Income Tax Returns. It reduces the turnaround time for filing your return.
Technically speaking, Form 26AS is generated by the TRACES website based on the TDS Returns filed by those persons who have deducted tax at source from certain payments made to you. It contains very critical information for claiming tax credit for the particular financial year to which it relates. It is issued under Section 203AA of the Income Tax Act, 1961 read with Rule 31AB of the Income Tax Rules, 1962. It is a consolidated statement containing all details of tax paid by you and deducted from the payments made to you.
Why should I see Form 26AS?
You should check Form 26AS so that there is no mis-match between the amount claimed by you as the tax credit in your Income Tax Return and the actual tax credit available to you. In case there is a mismatch, the same is questioned by the Income Tax authorities and creates an unnecessary compliance submission. It may also result in holding up refund due to you.
Besides this, it confirms the following facts –
Understood, tell me what does the Form 26AS contain & what to check there?
Briefly, it contains the following details -
Now let us review in detail, various parts of the Form 26AS
What does it contain?
What to check here?
Details of tax deducted at source
Details of TDS deducted on your salary, interest income, pension income and prize winnings etc. TAN of the deductor and the amount of TDS deducted and deposited is also mentioned. This information is provided on quarterly basis.
Compare with Form 16: Amount of tax credit (TDS) matches with that of Form 26AS.
Compare with Form 16A issued by other deductors like Bank etc.: Amount of tax credit (TDS) matches with that of Form 26AS.
Details of Tax Deducted at Source for Form 15G/Form 15H
The details of income where no TDS has been deducted, since the taxpayer submitted Form 15G or Form 15H.
The status of TDS deduction if you submitted Form 15G or Form 15H. If you have not submitted Form 15G or Form 15H this section will display ‘No transactions present’. Check that the amounts match with that of the respective income head and other particulars.
Details of Tax Deducted at Source on sale of Immovable Property u/s194 (IA) (For seller of Property)
If you have sold property during the year and TDS was deducted from your receipts. You shall find the relevant entries here.
TDS amount matches
Details of Tax Collected at Source
Part B contains the details of the collected at source (TCS) by the seller of goods. You will see entries here if you are a seller and tax is collected by you.
TCS Amount matches
Details of Tax Paid (Other than TDS or TCS)
If you have deposited any tax yourself, that information will appear here. It contains the details of advance tax, self-assessment tax. It also contains the details of the challan through which the tax was deposited.
Check with Tax Challans
Details of Paid Refund
Information is present in this section if you have received a refund. Assessment year to which the refund pertains, along with mode of payment, amount paid and interest paid and also the date of payment is mentioned.
You can check the refund received by you with that of the Form 26AS
Details of AIR Transaction
Banks and other financial institutions are required to report high value transactions to the tax authorities. Mutual fund purchases of high value, property purchases, high value corporate bonds are all reported here.
If you have missed any mutual fund or property purchase to be reported in your Income Tax Return, the same can be identified here.
Details of Tax Deducted on sale of immovable property u/s194IA (For Buyer of property)
If you have bought property you have to deduct TDS before making payment to the seller. This section has details of TDS deducted & deposited by you. This is same as A1 above except that it is applicable in case you are the buyer.
Check that you do not miss on this tax credit.
TDS Defaults (processing of defaults)
Defaults relating to processing of statements and do not include demand raised by assessing officer.
Other important things to note in the Form 26AS
You would find column with Header – Status of Booking. It may contain one of these letters – ‘U’, ‘P’,’F’ or ‘O’.
This is what it means by these codes:
What does it mean?
Deductors have not deposited taxes or have furnished incorrect particulars of tax payment. Final credit will be reflected only when payment details in bank match with details of deposit in TDS / TCS statement
Provisional tax credit is effected only for TDS / TCS Statements filed by Government deductor. "P" status will be changed to Final (F) on verification of payment details submitted by Pay and Accounts Officer (PAO)
In case of non-government deductors, payment details of TDS / TCS deposited in bank by deductor have matched with the payment details mentioned in the TDS / TCS statement filed by the deductors. In case of government deductors, details of TDS / TCS booked in Government account have been verified with payment details submitted by Pay & Accounts Officer (PAO)
Payment details of TDS / TCS deposited in bank by deductor have matched with details mentioned in the TDS / TCS statement but the amount is over claimed in the statement. Final (F) credit will be reflected only when deductor reduces claimed amount in the statement or makes additional payment for excess amount claimed in the statement
You should also find column with Header – Remarks. It may contain one of these letters – ‘A’, ‘B’,’C’, ’D’, ’E’, ’F’ or ‘T’.
This is what it means by these codes:
What does it mean?
Rectification of error in challan uploaded by bank
Rectification of error in statement uploaded by deductor
Rectification of error in AIR filed by filer
Rectification of error in Form 24G filed by Accounts Officer
Rectification of error in Challan by Assessing Officer
Lower/ No deduction certificate u/s 197
Got it! Tell me how do I see Form 26AS?
You can view Form 26AS by any of the following ways -
(a) Axis Bank Limited
(b) Bank of India
(c) Bank of Maharashtra
(d) Bank of Baroda
(e) Citibank N.A.
(f) Corporation Bank
(g) City Union Bank Limited
(h) ICICI Bank Limited
(i) IDBI Bank Limited
(j) Indian Overseas Bank
(k) Indian Bank
(l) Kotak Mahindra Bank Limited
(a) Karnataka Bank
(b) Oriental Bank of Commerce
(c) State Bank of India
(d) State Bank of Mysore
(e) State Bank of Travancore
(f) State Bank of Patiala
(g) The Federal Bank Limited
(h) The Saraswat Co-operative Bank Limited
(i) UCO Bank
(j) Union Bank of India
What do I do in case there is a discrepancy in the Form 26AS?
You should contact us at filingmantra.com and we’ll help you with this.
Annexure 1: How to download & view Form 26AS through the TRACES website
Go to https://incometaxindiaefiling.gov.in and Login using your income tax department login & password. If you don't have an account, you’ll need to Register first (see the button on top of LOGIN).
Enter your PAN number, password and date of birth / date of incorporation in DD/MM/YYYY format. And enter the captcha code. Now click on LOGIN.
The following screen will appear. Click on ‘View Form 26AS (Tax Credit)’ on the left side bar of Quick Links
Click on ‘Confirm’ so that you are redirected to the TRACES website. (Don't worry, this is a necessary step and is completely safe since it is a government website).
You are now on the TRACES (TDS-CPC) website. Select the box on the screen and click on ‘Proceed’
Click on the link at the bottom of the page – ‘Click View Tax Credit (Form 26AS) to view your Form 26AS’
Choose the Assessment Year and the format in which you want to see the Form 26-AS. If you want to see it online, leave the format as HTML. If you would like to download a PDF for future reference, choose PDF. After you have made your choice, click on ‘View/Download’.
To open the document you have to enter a password. Form 26AS password is your DOB in DDMMYYY format. Voila! Your Income Tax Form 26AS will be shown!
Curious how to have tax friendly salary? Write to us today for a free consultation at Professional@filingmantra.com
Want to know how to be SAFE FROM INCOME TAX NOTICES? Just give a missed call on Filing Mantra helpline +91-9533990091 or Email to firstname.lastname@example.org, to schedule a call with our tax experts. Filing Mantra offers FREE tips and best practices on how to save tax, be compliant and safe from income tax notices.