Form 26AS

Form 26AS is a tax credit statement that recounts any amount deducted as Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) includes self-assessment tax, advance tax, and other high-value transactions involving an individual. Form 26AS consolidates every tax-related information associated with an individual’s PAN. You can view or download it easily through net banking or the TRACES website.

Form 26AS is an annual statement that provides an overview of the tax credit information of an individual against their PAN. The Income Tax Department is responsible for maintaining this statement.

Information available in Form 26AS

The information available in Form 26AS is as follows:

Information on Tax Deducted at Source (TDS) by deductors like employers or contractors.
Information on Tax Collected at Source (TCS) by collectors.
The amount of self-assessment tax and advance tax paid by an assessee.
Information on any refund (if any) from the Income Tax Department during the last financial year.
High-value transactions regarding shares, mutual funds, etc.
The amount of interest received from the bank or others without TDS deductions in the case of Form 15G/H.
The amount of tax deducted on the sale of immovable property.
The details of turnover as per GSTR3b.

Sections of Form 26AS

The different sections of Form 26AS are as follows:

Part A

Part A of Form 26AS handles information regarding Tax Deducted at Source (TDS) on an individual’s income, pension, and interests. It is further sectioned into:

Part A1 handles information about Tax Deducted at Source (TDS) for Form 15G/15H.
Part A2 handles information about Tax Deducted at Source (TDS) on the sale of an immovable property.

Part B

This part of Form 26AS handles information regarding Tax Collected at Source (TCS) by the seller.

Part C

This section provides information regarding self-assessment and advance tax. If you have made any tax deposits, details regarding them will appear in Part C of Form 26AS.

Part D

Part D of Form 26AS handles details regarding any tax refunds made by the government. It also provides information regarding the assessment year pertinent to the refund, the mode of payment, the amount and the interest paid, and the date on which the payment was made.

Part E

Banks and other financial institutions are to report all high-value transactions, such as the purchase of high-value mutual funds, the purchase of high-value corporate bonds, property purchases, etc.

Part F

This part of Form 26AS handles details about the amount of TDS deducted by a buyer in the sale of an immovable property.

Part G

This section handles any defaults concerning TDS/TCS.

Part F

It handles information related to the turnover reported as per GSTR-3B.

How do you download Form 26AS from a Net Banking Facility?

You can download Form 26AS if your PAN number is connected to that bank. This service is free of charge. The banks registered with NSDL to enable users to view Form 26AS are as follows:

Bank of India
Bank of Maharashtra
Bank of Baroda
Citibank N.A.
Corporation Bank
City Union Bank Limited
ICICI Bank Limited
IDBI Bank Limited
Indian Overseas Bank
State Bank of India
State Bank of Mysore
State Bank of Travancore
State Bank of Patiala
The Federal Bank Limited
The Saraswat Co-operative Bank Limited
UCO Bank
Union Bank of India
Axis Bank Limited
Kotak Mahindra Bank Limited
Indian Bank
Karnataka Bank
Oriental Bank of Commerce

You can download Form 26AS using net banking services by completing the following steps:

Log in to your bank account through Net banking using your ID and password.
Click on the “Tax Service” tab, and then further select Form 26AS.
You will now receive an OTP to your bank-registered cellphone. Enter the OTP and click Continue.
Verify your PAN details and click on continue.
You will now be routed to the TRACES website. Here, you agree to the terms and conditions.
Click on “View Tax Credit (Form 26AS/Annual Tax Statement).
Select an assessment year and the format (HTML or Text) for viewing Form 26AS. If you want to view the transactions, select “HTML” and click “View/Download”.

How to download Form 26AS from the TRACES website?

You can download Form 26AS from the TRACES website by completing the following steps:

Go to the new Income Tax e-filing system and log in with your registered user ID and password.
Click the “e-File” link at the top of the Dashboard page.
Navigate to the “Income Tax Return” option in e-File and select “View Form 26AS”.
Click “Confirm” to be redirected to the TRACES website and agree to the terms and conditions for using it.
Go to “View Tax Credit (Form 26AS/Annual Tax Statement).”
Choose your preferred assessment year and file type (HTML or Text). To view all TDS transactions, select “HTML” and click “View/Download.”

Annual Information Statement (AIS)

The tax department has rolled out an Annual Information Statement (AIS), incorporating new details like foreign remittances, off-market transactions, interest earned on income tax refunds, specifics of mutual fund acquisitions and dividends, along with a detailed breakdown of salary and income tax return (ITR) details for another person.