How to Access and Utilize Form 26AS in India?

Form 26AS, a vital tax document in India, is now available on the TRACES site.

Understanding Form 26AS

Form 26AS is an annual tax statement detailing tax deducted at source (TDS), tax collected at source (TCS), advance tax payments, self-assessment tax payments, refunds, and significant transactions such as investments in mutual funds and shares. Note: As of June 1, 2020, Form 26AS also contains financial transaction and pending tax proceedings data.

Contents of Form 26AS:

• TDS on your income
• Tax collection details
• Advance tax paid
• Self-assessment tax payments
• Regular assessment tax data
• High-value financial transactions
• Property sale TDS
• Annual turnover details
• Income tax refunds

Viewing and Downloading Form 26AS:

Access Form 26AS through the TRACES or the Income Tax Department portal:

1. Visit the Income Tax e-filing site.
2. Log in with your User ID (PAN/Aadhaar).
3. Select 'e-file' and 'Income Tax Returns.'
4. Click 'View Form 26AS', accept the disclaimer.
5. Select 'View Tax Credit (Form 26AS)' and the relevant Assessment Year.
6. Choose format, enter the verification code to view/download.

Sections of Form 26AS:

• Part A: TDS for salary, pension, winnings.
• Part A1: TDS under Form 15G/15H.
• Part B: TCS information.
• Part C: Other tax payments.
• Part D: Refund details.
• Part E: High-value transactions.
• Part F: Property sale TDS.
• Part G: TDS default information.
• Part H: Turnover via GSTR-3B.

Recent Changes in Form 26AS:

The updated Form 26AS, also called the Annual Information Statement (AIS), comprises:

• Part A: Basic details like name, PAN, Aadhaar, contact.
• Part B: Information on: TDS/TCS, financial transactions, payments, demands, refunds, proceedings.

Accessing Form 26AS via Net Banking:

PAN holders can access Form 26AS via net banking for free through participating banks like Axis Bank, Corporation Bank, IDBI Bank, Citibank, etc.

Why Form 26AS is Critical:

• Ensure TDS/TCS accuracy.
• Verify tax credits.
• Confirm deductions made on your behalf.
• Check credits before filing returns.

Benefits of Form 26AS:

• Detailed information on tax deductions and collections.
• Assists in calculating income and claiming tax credits.
• Cross-checks refunds during any financial or assessment year.

Online Submission of Form 26A/27BA:

1. Visit TRACES portal.
2. Select 'Request for 26A/27BA'
3. Gather submission instructions.
4. Specify Form Type, Year, Transaction Type.
5. Receive request number, monitor, upload file.
6. Validate/upload file with verification.
7. Wait for TRACES confirmation message.

Verifying TDS Certificate with Form 26AS:

• Check details like name, PAN, TAN, refund, TDS amount.
• Ensure all TDS is reflected in Form 26AS.
• Match TDS in Form 26AS with payslips.
• Confirm TDS on Form 16/16A is identical to Form 26AS.

Introduction to Annual Information Statement (AIS):

The AIS offers additional details on off-market trades, international transactions, mutual fund purchases, tax refund interest, salary breakdowns, and individual ITR details. For assistance, contact the Income Tax Department at 1800-180-1961 or Protean e-Gov Technologies Limited at 020-27218080. For email, refer to available services.

Abbreviations: TDS: Tax Deducted at Source, PAN: Permanent Account Number, AIS: Annual Information Statement