How to Download 26AS Form and Why It Is Important for Filing ITR

If you are a taxpayer in India, you must be aware of the importance of filing your income tax return (ITR) on time and accurately. But do you know that there is another document that is equally important for filing your ITR? It is called Form 26AS, and it contains all the tax-related information associated with your PAN (Permanent Account Number). In this article, we will explain what is Form 26AS, how to download it from various sources, and what are its benefits for filing your ITR.

What is Form 26AS?

Form 26AS is an annual consolidated tax statement that shows the details of tax deducted at source (TDS), tax collected at source (TCS), advance tax paid by the taxpayer, self-assessment tax payments, regular assessment tax deposited by the taxpayer, income tax refund received by the taxpayer, high-value transactions entered into by the taxpayer, specified financial transactions, pending and completed assessment proceedings, tax demands, refunds, and information received from other countries under treaty/exchange of information about income or assets of the taxpayer located outside India.

Information available on Form 26AS

Form 26AS provides the following information about the taxpayer for a particular financial year:

• Mobile number, email id, date of birth/incorporation and Aadhaar number
• Information relating to tax deducted or collected at source
• Information relating to specified financial transactions (such as property and share transactions)
• Information relating to payment of taxes
• Information relating to demand and refund
• Information relating to pending proceedings
• Information relating to completed proceedings
• Information received by Income Tax Department from any other country under treaty/exchange of information
• Details of turnover as per GSTR-3B

Structure and parts of Form 26AS

Form 26AS is divided into eight parts:

How to download Form 26AS from various sources?

There are three ways to download Form 26AS from different sources. They are:

Download from income tax e-filing website

This is the most common and convenient way to download Form 26AS. You need to follow these steps:

1. Login to the income tax e-filing website (https://www.incometax.gov.in) using your user id (PAN), password, captcha code and OTP.
2. Go to ‘My Account’ and click on ‘View Form 26AS (Tax Credit)’.
3. Select the assessment year and the format (HTML, PDF or Text) for which you want to download the form.
4. Enter the password (your date of birth in DDMMYYYY format) to open the form.
5. Save the form on your computer or mobile device.

Download from bank site through net banking facility

If you have net banking facility with any of the authorized banks, you can also download Form 26AS from their website. You need to follow these steps:

1. Login to your net banking account using your user id and password.
2. Go to ‘Tax’ or ‘Tax Center’ or ‘Tax Credit Statement’ or ‘Form 26AS’ or similar option depending on your bank.
3. Select the assessment year and the format (HTML, PDF or Text) for which you want to download the form.
4. Enter the password (your date of birth in DDMMYYYY format) to open the form.
5. Save the form on your computer or mobile device.

Download from TRACES website

TRACES (TDS Reconciliation Analysis and Correction Enabling System) is a web-based application of the Income Tax Department that provides online services related to TDS and TCS. You can also download Form 26AS from TRACES website by following these steps:

1. Login to TRACES website (https://www.tdscpc.gov.in) using your user id, password, TAN/PAN and captcha code.
2. Go to ‘Statements/Forms’ and click on ‘View/Download Form 26AS’.
3. Select the assessment year and the format (HTML, PDF or Text) for which you want to download the form.
4. Enter the password (your date of birth in DDMMYYYY format) to open the form.
5. Save the form on your computer or mobile device.

Benefits of Form 26AS

Form 26AS is a very useful document for filing your ITR as it provides you with various benefits such as:

Verify TDS and TCS details

You can verify whether the tax deducted or collected by your employer, bank, tenant, buyer, etc. has been correctly deposited with the government and credited to your PAN. You can also check whether the TDS or TCS rate applied is as per the prescribed rates. If there is any mismatch or discrepancy in the TDS or TCS details, you can rectify it before filing your ITR.

Claim tax refunds

If you have paid excess tax in the form of advance tax, self-assessment tax, TDS or TCS, you can claim a refund of the excess amount while filing your ITR. Form 26AS will show you the amount of tax paid by you and the amount of refund due to you. You can also track the status of your refund through Form 26AS.

Avoid tax notices and penalties

If you do not report all your income sources and tax payments in your ITR, you may receive a notice from the Income Tax Department for under-reporting or misreporting your income. You may also have to pay penalties and interest for such non-compliance. Form 26AS will help you avoid such situations by providing you with a complete picture of your income and tax details. You can reconcile your income and tax payments with Form 26AS and report them correctly in your ITR

Conclusion

Form 26AS is a vital document for filing your ITR as it contains all the tax-related information associated with your PAN. You can download Form 26AS from various sources such as income tax e-filing website, bank site through net banking facility, or TRACES website. You can use Form 26AS to verify your TDS and TCS details, claim tax refunds, and avoid tax notices and penalties. You should always check your Form 26AS before filing your ITR and report any errors or discrepancies to the concerned authorities.

FAQs

Q1. What is the difference between Form 16 and Form 26AS?

A1. Form 16 is a certificate issued by your employer that shows the details of salary income and TDS deducted by the employer. Form 26AS is a statement that shows the details of all the tax payments made by or on behalf of you such as TDS, TCS, advance tax, self-assessment tax, etc.

Q2. How can I view Form 26AS without registration?

A2. You can view Form 26AS without registration by using the ‘View Your Tax Credit’ facility on the income tax e-filing website. You need to enter your PAN, date of birth, captcha code and OTP to access your Form 26AS.

Q3. How can I rectify any errors or discrepancies in Form 26AS?

A3. If you find any errors or discrepancies in Form 26AS, you should contact the deductor/collector (employer, bank, tenant, buyer, etc.) who has deducted or collected the tax and request them to correct the mistake. You can also raise an online grievance on TRACES website or e-Nivaran portal of the Income Tax Department.

Q4. How long does it take for Form 26AS to get updated?

A4. Form 26AS gets updated on a regular basis as and when the deductor/collector files the TDS/TCS returns or the taxpayer pays taxes. However, it may take some time for the updated information to reflect on Form 26AS depending on the processing time of the Income Tax Department.

Q5. Is Form 26AS required for filing ITR?

A5. Yes, Form 26AS is required for filing ITR as it helps you to report your income and tax payments correctly and claim tax refunds if any. You should always cross-check your income and tax details with Form 26AS before filing your ITR.

bc1a9a207d