This post will help you understand;
What is form 26 AS?
View/ download form 26 AS
Reason for mismatched between TDS deduction & form 26AS?
Different parts of Form 26 AS
1) What is form 26 AS?
Form 26 AS of income tax also referred to as tax credit statement is your annual tax summary statement created automatically based on the income earned by you or transactions done by you during the financial year in consideration.
1)Tax deducted on your commission income,
2) Fixed deposits,
3) Deduction by your employer on your salary will be visible in your Form 26 AS.
Your Form 26AS will also have the details of the income tax refunds you have received in the particular year. Advance tax or self-assessment tax on your income, or you have sold a property having value more than 50 lac rupees & more will also be visible in your Form 26AS.
2) Where can I view/download form 26 AS?
You can view your form 26AS of income-tax on (https://www.incometaxindiaefiling.gov.in/) website using your PAN (Permanent Account Number) number & download it. You can also view your form 26 AS through your net banking facility if your bank is registered with traces to provide a view of form 26 AS.
Currently below are the bank registered with traces website.
· UCO Bank
Make a note you can only view your form 26 AS via net-banking facility if your pan account number is mapped with your net banking account. To view it through your net banking, login into your bank account & check the option of view form 26 AS.
2.a) Steps to download your form 26 AS
To begin downloading of your form 26 AS of income tax
- Login by using your income tax department login (https://www.incometaxindiaefiling.gov.in/) id i.e your PAN number & password.
- If you don’t have a login ID, you need to register yourself first, the option to register is available on the same site in the top right-hand corner.
- Once you register, log in again
- Once you log in, Go to ‘My Account’. Click on ‘View Form 26AS (Tax Credit)’ in the dropdown.
- Click on ‘Confirm’ then you will be redirected to the TRACES website.
- You are now on the TRACES (TDS-CPC) website. Select the checkbox on the screen and click on ‘Proceed’.
- Then click on the first link of the page – ‘Click View Tax Credit (Form 26AS) to view your Form 26AS’.
- Choose the Assessment Year (AY) for which you want to see the details and the format in which you want to see the Form 26AS. If you want to see it online or just on-screen, keep the format as HTML. After you have decided to see on screen or download, enter the ‘Verification Code’ & click on View/Download’ and you can also download the same by clicking on “Export as PDF”
3) Reason for mismatch between TDS deduction & form 26AS
- Wrong PAN details given by deductor while filing TDS return
- TDS is deducted but not deposited in the government treasury.
- TDS deposited in government treasury but return not filed.
4) Different PARTS OF FORM 26 AS:
PART A) Details of tax deducted at sources (TDS)
Part A of Form 26AS provides details of TDS deducted on salary income, interest income from bank or post office,pension income and prize winnings from the lottery, crosswords or puzzle, etc. It also gives details of deductors like TAN no, the amount on which TDS is deducted, and the TDS amount. The information is mostly classified every quarter.
PART A1) Details of Tax Deducted at Source for Form 15G/Form15H
This part gives details of income where no TDS has been deducted because the taxpayer has submitted Form 15G/Form 15H. If someone is not eligible to submit form 15G/15H or have not submitted Form 15G/15H, this section will show ‘No transactions present’.
PART A2) Details of Tax Deducted at Source on Sale of Immovable Property u/s 194(IA)
(For the seller of Property)
This is applicable if one has sold the immovable property during the year and TDS is deducted on that sales consideration i.e. on the amount received on sale of the property.You will find the corresponding entries here.
PART B) Details of Tax Collected at Source (TCS)
Part B gives details of the tax collected at source (TCS) by the seller of goods. To give an example, If you are a seller of a car & someone purchase a car from you for which the sale price exceed 10 lacs rupees in such a case, the buyer of the car will be required to pay taxes at 1% on the sale price to you, which, will be deposited by you in the name of the buyer along with the PAN details of the buyer to the government authority. Details of the taxes collected at the source by you will reflect in part B of Form 26 AS of the buyer.
PART C) Details of Advance tax paid and Self assessment tax paid
In case a person has paid any taxes like advance tax or self-assessment tax during the year, the same will a get reflected here along with challan details.
PART D) Details of Paid Refund
Details regarding refunds, if any, will be available in this section. This part gives details of Assessment year (AY) to which the refund pertains along with the mode of payment, the amount paid, interest, and the date of payment.
PART E) Details of SFT/AIR Transaction
Banks, financial institutions, registrar of properties, etc. must report high-value transactions to the tax authorities by way of filing SFT/AIR. Mutual fund purchases & corporate bonds of high value also get reported here.
PART F) Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ TDS on Rent of Property u/s 194IB /TDS on payment to resident contractors and professionals u/s 194 M (For Buyer/Tenant of Property /Payer of resident contractors and professionals)
If one has bought an immovable property of which value exceeds 50 lacs, so before making payment to the seller one has to deduct TDS. This part has details of TDS deducted & deposited on the purchase of the immovable property.
PART G) TDS Defaults* (Processing of Statements)
Defaults relating to the processing of statements are available here. However, this part does not include demands raised by assessing officers.
You can also view our YouTube knowledge station to understand Form 26 AS
How to download form 26 AS (traces)?