Income Tax Returns — how to download and read Form 26AS for filing

• June 11, 2024
• CA Chandan Agarwal's Office

ITR filing: Form 26AS is a consolidated annual tax statement that captures various tax-related transactions associated with your Permanent Account Number (PAN).

As the deadline for filing Income Tax Returns (ITR) is more than a month away, some taxpayers across India must be gathering documents to ensure accurate and timely submissions.

Among the critical documents required is Form 26AS, which plays a pivotal role in the ITR filing process.

What is Form 26AS?

Form 26AS is a consolidated annual tax statement that captures various tax-related transactions associated with your Permanent Account Number (PAN).

It includes details about Tax Deducted at Source (TDS), Tax Collected at Source (TCS), advance tax paid, self-assessment tax payments, refunds received, and high-value financial transactions.

Essentially, Form 26AS acts as a single reference document for all the income tax credits available to a taxpayer.

How to access Form 26AS?

Step 1: Login to the Income Tax Department’s e-filing portal:

Step 2: Visit the official e-filing website (www.incometaxindiaefiling.gov.in).
Log in using your User ID (PAN), password, and captcha code.
Navigate to Form 26AS:

Step 3: After logging in, go to the ‘My Account’ section.

Step 4: Click on ‘View Form 26AS (Tax Credit)’.

Step 5: View and Download Form 26AS:

You’ll be redirected to the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website.

Agree to the usage guidelines and select the assessment year for which you want to view the form.

Choose the format (HTML, PDF, or text) to view or download the form.

Understanding the structure of Form 26AS

Form 26AS is divided into several parts, each serving a different purpose:

Part A: Details of Tax Deducted at Source (TDS)

This section provides a summary of all TDS deducted by various deductors (employers, banks, etc.) on your income.

It includes details such as the deductor’s TAN, name, total amount paid/credited, date of payment/credit, TDS amount, and the section under which TDS was deducted.

Part A1: Details of Tax Deducted at Source for 15G/15H

This part reflects TDS on income where Form 15G/15H has been submitted to claim exemption from TDS.

Part A2: Details of Tax Deducted on Sale of Immovable Property

Provides details of TDS deducted on the sale of property.

Part B: Details of Tax Collected at Source (TCS)

This section contains information about tax collected at source on specific transactions, such as the sale of goods.

Part C: Details of Tax Paid (Other than TDS or TCS)

Displays information about advance tax and self-assessment tax payments made by the taxpayer.

Part D: Details of Paid Refunds

Shows any tax refunds received during the financial year.

Part E: Details of SFT Transactions

Contains information about specified financial transactions (SFT) reported by financial institutions, such as deposits of cash, property purchases, etc.

Part F: Details of Tax Deducted on Sale of Immovable Property

Reflects TDS details on the sale of immovable property.

Part G: TDS Defaults (Processing of Statements)

Highlights any defaults related to TDS payments.

Key points to verify in Form 26AS

Ensure that all TDS entries match the amounts reflected in income documents.

Verify that all advance tax and self-assessment tax payments are correctly recorded.

Check for any discrepancies in the refund details, if applicable.

Confirm that high-value transactions are accurately reported to avoid potential scrutiny.

Source: https://www.cnbctv18.com/personal-finance/income-tax-return-itr-filing-form-26as-download-view-how-to-read-steps-document-explainer-19425917.htm