What is Form 26AS?

Form 26AS is an annual statement that includes information about tax deducted and collected at source, advance tax payable, self-assessment tax payments, and details concerning any refunds that you may have received during a given financial year. The Form 26 also includes details regarding advance tax/self-assessment tax paid and any big-ticket or high-value transactions that you may have entered into. 

 

Here’s the data that will be represented in your Form 26AS:

• Tax deducted on your income by all the tax deductors

• Regular assessment tax deposited by the taxpayers (for PAN card holders)

• Advance tax paid by the taxpayer

• Tax collected source by all the tax collectors

• Details regarding your high-value transactions like mutual funds, shares, etc.

• Self-assessment tax payments

• Details regarding TDS defaults (after processing TDS return) made during the year

• Details of income tax refund received by you during the financial year

• Turnover details reported in GSTR-3B

• Details of tax deducted on sale of immovable assets

• Mutual fund purchase and dividend, foreign remittances, interest on income tax refunds, salary break-up details, off-market transactions, etc.

You can download Form 26AS on TRACES website or IT Department website and download the Form 26AS from the income tax portal.

 

Here's a step-by-step guide on how to download Form 26AS through the income tax portal.

1. Start by visiting the income tax portal

2. Click on the 'Login' button

3. Enter your User ID/PAN/Aadhaar number

4. Now, click on the 'Continue' button

5. Select 'e-file'

6. Click on the 'Income Tax Returns' tab

7. Click on the 'View Form 26AS' option

8. Select 'Confirm'

9. The above step will take you to the next page. Once you’re on the subsequent page, click on the 'Proceed' button.

10. Now, click on 'View Tax Credit (Form 26AS)'

11. Select the 'View Type' and 'Assessment Year'

12. Select the format

13. Click on 'View/Download' to complete the process

You can also view your Form 26AS through your banking app or website. Here’s a list of authorised banks: 

• Axis Bank

• Bank of Baroda

• Bank of India

• Bank of Maharashtra

• Canara Bank

• Central Bank of India

• Dena Bank

• HDFC Bank

• ICICI Bank

• IDBI Bank

• Indian Bank

• Indian Overseas Bank

• Jammu & Kashmir Bank

• Punjab and Sind Bank

• Punjab National Bank

• State Bank of India

• UCO Bank

• Union Bank of India

• Vijaya Bank

Here’s a complete list of the categories under Form 26AS and their constituents: 

• Part A 

This part includes your TDS details such as TDS on salary, pension, prize money, and other types of income. It also includes the deductor's Tax Deduction and Collection Account Number. 

• Part B

Part B of Form 26AS contains information about TCS, i.e. tax collected at source by a seller. Part B will include entries only if you're a seller who has collected tax at source.

• Part C

Part C provides details about taxes other than TDS and TCS. If you've made any tax deposits, this section will have information on those tax payments. It will include advance tax as well as self-assessment tax.

• Part D

This part includes details about the refunds made by the Income Tax Department. You can refer to Part D of Form 26AS if you’re looking for data regarding your refunds. 

• Part E

Part E of Form 26AS has information on Annual Information Return (AIR) transactions. You can find information on high-value purchases such as corporate bonds, property, stocks, and more.

• Part F

Part F of Form 26AS has information on tax deducted on the sale of immovable property.

• Part G

You can find information on TDS defaults in Part G of the Form 26AS.

The new Annual Information Statement (AIS) is a system that provides taxpayers with information to include a wide variety of information such as off-market transactions, foreign remittances, mutual fund purchases, interest on income tax refunds and dividend details. 

 

Benefits of the Annual Information Statement:

• The new AIS will allow the taxpayer to access their data and offer pre-filled returns.

• The IT department is also working on removing duplication and errors in information. The AIS has introduced a feature that allows users and taxpayers to submit online feedback in case the details that are being reflected are inaccurate. In case of inaccuracies, you can also provide feedback and request modification. As a taxpayer, you can also request for bulk information. Furthermore, AIS offline facility is also available in case you wish to register your feedback offline. The taxpayers can download the AIS in a number of different formats like CSV, PDF and JSON.

• The latest AIS will simplify the ITR filing process for taxpayers as more details are available in just one statement. Additionally, you can also offer feedback on any incorrect information and get rectified almost instantly. 

• The AIS report has two distinct parts: (i) Taxpayers Information Summary (TIS), and (ii) Annual Information Statement (AIS). TIS, otherwise known as Taxpayers Information Summary is a simplified statement that shows aggregate values in contrast to the AIS, which is a comprehensive statement. TIS offers information on the processed value (the value according to the income tax records) and the derived value (the value modified after considering the taxpayer’s feedback). Upon submission of the feedback, the derived information in TIS will get automatically updated instantly.

• Income Tax professionals and authorities can compare and contrast the data points reported by the taxpayer with the source and identify mismatches without any hassles. This will help bring down the issue of notice period by the income tax department and thereby, make the entire process more efficient.

The new Form 26AS, i.e. the Annual Information Statement (AIS) is divided into 2 parts. Here’s how they are categorised: 

• Part A

Part A of the new Form 26AS provides basic information like your name, PAN details, Aadhaar number, contact number, email ID, address, and more.

• Part B

Part B of Form 26AS contains information on the following:

1. Tax deducted at source and collected at source 

2. Details regarding relevant financial transactions

3. Details of self-assessment tax and advance tax that’s been paid

4. Any completed or pending proceedings 

5. Any other information required to be mentioned as per the sub-rule (2) of 114-I

6. Details on tax refund and demands

 

You can view Form 26AS online to verify important tax-related information.

Here are a few reasons why the Form 26AS is important: 

• You can check if the tax collected and/or deducted on your income has been deposited to the government. 

• You can check if the deductor and collector have accurately filled the TDS statement and TCS details. 

• It helps you verify the income tax calculation and tax credits before filing ITR. 

Here are some things that you need to verify carefully with your Form 26AS: 

• Basic details like PAN, deductor’s TAN, refund amount received by you, and the TDS amount mentioned in Form 26AS

• Whether or not your TDS (as mentioned in the certificate) has been received by the Central Government

• If the TDS mentioned in Form 16/16A reflects on Form 26AS accurately