The income tax department recently launched a new income tax portal. This new income tax e-filing portal aims at providing convenience as well as a seamless and hassle-free experience to all taxpayers. Launched in June 2021, the new portal boasts several interesting features like interactions, uploads and also shows the pending actions on a single dashboard for the taxpayers.
It also calls for follow-up action by the taxpayer. Apart from the wide variety of features, the new income tax portal also hosts free software which can be used to file ITR-1 and ITR-4. The process of filing Form 26AS is also simplified through the new portal. Here is a look at how to download Form 26AS from the new income tax portal and details about the form.
Form 26AS, also known as your tax credit statement, is an important document that is required for tax filing. It is a statement that provides information of any amount that is deducted as TDS or TCS from different income sources of a taxpayer. This tax is then further deposited with the government by the deductor. In short, Form 26AS specifies the tax deducted on your income by the deductors.
It also gives details about the tax collected by collectors and any advance tax paid by the taxpayer. Self-assessment of tax payments can also be done through Form 26AS. It allows a regular assessment of the tax deposited by the taxpayers. During the financial year, if you received any refund, its details will also be given in Form 26AS. Details of several high-value transactions like shares, mutual funds, among others, are also mentioned in Form 26AS.
To be precise, Form 26AS is a tax passbook with vital information as mentioned above including details of Specified Financial Transactions (SFT), income tax payment, demand and refund, pending proceedings, and also the completed proceedings. Form 26AS is an annual statement that can also be referred to for income details. It is now a potent tool in the hands of tax authorities.
Form 26AS can be viewed and downloaded on the TRACES portal and is linked with your PAN. You can view Form 26AS from the financial year 2008-09 onwards through methods like net banking or from your bank account. All the PAN holders with a net banking account of an authorised bank can avail of this facility. The facility is free of cost. However, it is available only if your PAN number is linked to that particular account.
Form 26AS download is now available on the new income tax e-filing portal. Below are the simple steps on how to download Form 26AS from the new income tax portal.
Step1: Login to e-filing portal www.incometaxindiaefiling.gov.in
Step 2: Go to the 'My Account' menu, click on the 'View Form 26AS (Tax Credit)' link.
Step 3: Read the disclaimer, click on 'Confirm' and you will be redirected to TDS-CPC Portal.
Step 4: In the TDS-CPC Portal, agree to the acceptance of usage. Click on 'Proceed'.
Step 5: Select ‘View Tax Credit (Form 26AS)’.
Step 6: Select the ‘Assessment Year’ and ‘View type’ (HTML, Text or PDF).
Step 7: Click on ‘View / Download’ for Form 26AS download.
There are a total of 7 different parts of Form 26AS. Those are:
The Part A of Form 26AS consists of details about the TDS deducted on your salary, interest income, pension income and prize winnings, among others. Details like TAN of the deductor and amount of deducted TDS and deposited TDS are also mentioned in this part. The above-mentioned information is given in every quarter.
There are two sub-parts in Part A:
Details of the income where no TDS has been deducted due to Form 15G or 15H are mentioned.
This part is applicable only if you have sold the property during the year and TDS was also deducted for it from your receipts.
It consists of details about the tax collected at the source (TCS) by the seller of goods.
Part C has details about the tax paid by you other than TDS or TCS. If you have deposited any such tax, it will be mentioned in this part. Further, the details about advance tax as well as self-assessment tasks are included here too.
All the details regarding the refund paid, if any, are mentioned in this part. Details about the amount and interest paid, date of payment, assessment year to which the refund pertains, along with the mode of payment, are listed too.
The details of AIR transactions are present in Part E. Banks report high-value transactions to the tax authorities. All such transactions like mutual fund purchases of high value, property purchases, high-value corporate bonds are reported here.
If you bought any property, you will have to deduct the TDS before making the payment to the seller. Part F has the details about the TDS deducted and deposited on such immovable property by you.
Any defaults related to the processing of statements are present in this part. It does not include any demands raised by the assessing officer.