Form 26AS is a consolidated statement containing tax credits (TDS/TCS) to your PAN number. An income you received after deduction of TDS is reflected here.
Form-26AS contains detailed information of TDS credits to your PAN. It contains the amount billed and TDS deducted and TDS deposited to government. It also contains the TAN number of the deductor; deduction date; deposit date.
It shows section wise TDS credit & TCS credit.
Contents of Form 26AS: -
Form-26AS is divided into 3 parts., Part-A, Part-B, Part-C
• Part-A: -
Part-A consists of all Tax Deducted at Source(TDS) details along with the name of the deductor and his TAN number. It contains Gross amount paid to you and the amount of tax deducted. It also contains the section under which such TDS has been deducted.
• Part-B: -
Part-B consists of all Tax Collected at Source details (TCS). Similar details containing in Part-A are displayed in Part-B also.
• Part-C: -
Part-C contains the details of income taxes paid directly by assessee like advance tax; self-assessment tax. It shows the details of challan, the date of payment and the bank through which it has been paid.
Where we can get Form-26AS?
One can download Form 26AS from TRACES website directly or can download it by logging into their income tax India e-filing website.
One can download Form-26AS in PDF format or can view it directly in the website in HTML version.
What is the password to open Form 26AS?
If we download Form-26AS in PDF format, we require password to open it.
The password is the assessee’s date of birth typed without any spaces and special characters.
Example: - date of birth-11/09/1995, then password would be 11091995.
Uses of Form-26AS: -
• To confirm TDS/TCS deducted by the deductor/collector has been properly deposited to the account of government in your name.
• To know the errors in the TDS credits and rectify before filing of Tax returns, so that avoiding penalties.
• To check whether previous year’s refund has been credited to the bank account, if any refund has been claimed last year.
• If any advance tax has been paid, Form-26AS can be used to check whether it has been properly credited by the bank with in due date.
• It acts as a proof of evidence for your tax deducted/ collected and advance taxes paid by you.
• It acts as one of the important document while filing income tax return to check the total amount of tax you have been paid in various forms.
Under section: 203AA of Income tax act, it is the responsibility of income tax department to provide a consolidated statement of tax credits to the assessee. It is always advisable to keep a copy of every years Form-26AS for future reference at any point of time.