Form 26AS: Your Complete Guide to Tax Credit Statement, Download, and Login

It is imperative that a home loan be taken for the construction of a house, and the construction must be finished within five years of the loan being taken. The Equated monthly investments, popularly known as EMIs, for the housing loan has two main components – interest payment and principal repayment. The interest portion of the EMI paid for the year can be claimed as a deduction from the total income up to a maximum of Rs. 2 lakh under Section 24 (b) of the Income Tax Act, 1961.

Form 26AS is an official tax credit statement issued by the Income Tax Department. It contains details of:

• Tax Deducted at Source (TDS)
  

• Tax Collected at Source (TCS)
  

• Advance Tax and Self-Assessment Tax paid
  

• Refunds issued during the year
  

• Specified Financial Transactions (SFT)
  

• Details of high-value transactions
  

• Information on tax demands and refunds
  

• TDS defaults, if any
  
  

This consolidated statement helps taxpayers verify that the tax deducted or collected on their behalf by various deductors (employers, banks, tenants, etc.) has been properly deposited with the government and credited to their PAN.

• Accurate ITR Filing: Ensures all tax credits are correctly claimed in your income tax return.
  

• Prevents Mismatches: Avoids discrepancies between your filed return and the records with the Income Tax Department.
  

• Quick Refunds: Facilitates faster processing of refunds by matching your claims with actual tax credits.
  

• Track Tax Payments: Lets you monitor all tax payments, TDS, and TCS entries in one place.
  

You can view Form 26AS or download Form 26AS easily using the Income Tax portal or through net banking.

Step-by-step guide:

1. Visit the Income Tax e-filing portal: www.incometax.gov.in
   

2. Login to your account using your PAN (User ID) and password (income tax login 26AS).
   

3. Go to the ‘e-File’ menu and select ‘Income Tax Returns’ > ‘View Form 26AS’.
   

4. You will be redirected to the TRACES portal (TDS Reconciliation Analysis and Correction Enabling System).
   

5. Agree to the terms and click on ‘Proceed’.
   

6. On the TRACES page, click ‘View Tax Credit (Form 26AS)’.
   

7. Select the Assessment Year and View Type (HTML, PDF, or Text).
   

8. Click ‘View/Download’ to access or save your Form 26AS statement.
   

Many major banks allow you to view 26AS statement directly from your net banking portal if your PAN is linked to your account. Steps may vary by bank, but generally:

• Log in to your net banking account.
  

• Navigate to the ‘Tax’ or ‘e-Services’ section.
  

• Select ‘View Form 26AS’ or similar option.
   

You’ll be redirected to the TRACES portal to view or download your statement.

• TRACES is the official platform for all TDS-related services. Whenever you access Form 26AS from the income tax portal or your bank, you are redirected to the Form 26AS TRACES website.
  

• You can also visit https://www.tdscpc.gov.in and log in with your credentials to access Form 26AS directly if you’re a registered user.
  

• Foreign remittance details (as per Form 15CC)
  

• Quarterly TDS details from salaries
  

• Information on tax demands, refunds, and ongoing/completed proceedings
  

• Advance tax and self-assessment tax payments
  

• High-value transaction reporting

Why is my TDS not showing in Form 26AS?

• Deductor may have delayed filing TDS returns.
  

• Wrong PAN may have been quoted.
  

• Processing delays at the Income Tax Department.
  

• TDS not deposited by the deductor.
  
  

Solution: Contact the deductor/employer, request correction, or file a revised return if necessary.

How often is Form 26AS updated?

• Form 26AS is updated after TDS returns are processed, typically within 7 days of the deductor filing the return.
  
  

Can I view Form 26AS for previous years?

• Yes, simply select the relevant Assessment Year when you view or download Form 26AS.