The income tax return filing season is something that a lot of us do not heed seriously until it is upon us. And then it becomes a bit chaotic since we suddenly have to look into several things. Income tax filing and returns are indeed not all that complicated if we spend some time up front.
Of the various things that you need to look into during filing your returns, Form 26AS is very crucial. What is 26AS is a question that quite a few taxpayers have. Simply put, it is your annualized tax statement in a consolidated form, which you can easily access from the income tax website.
To get access, you just need your PAN or Permanent Account Number. Taxpayers who already have paid taxes on their income, need not worry since the income tax department has this information. Now that we know what the Form 26AS is, the next logical question is What does 26AS show.
You can refer to Form 26AS for all your income related details on which TDS is collected and paid on your behalf. You can also use the tax credit available in your Form 26AS.
Form 26AS annual tax statement contains the following information.
- Taxes Paid and Refunds
Apart from the details of the taxes that you have paid, it also outlines the tax refunds that you have received during the fiscal year in question.
- Details of Rented Property
As per Section 194IB, that came into effect from the 1st of June 2017, any resident Indian who receives a monthly rent of INR 50,000 or more, the tax must be deducted at source for such transactions. The tenant must ensure to withhold taxes of 5% for such transactions.
- Advance Tax
Form 26AS as per income tax also contains information regarding any advance taxes that you have paid during a fiscal year.
- TDS on immovable property sale
The Finances Bill of 2013 introduced a section (194 IA) per which if an immovable property is sold and the transaction exceeds INR 50,00,000, TDS is applicable on it. And the same will reflect in Form 26AS.
- High Value Transactions
The income tax department recognizes certain transactions as high value transactions and tracks them. Some examples include deposits exceeding INR 10,00,000 to a savings bank account in a financial year or INR 50,00,000 to a current account. Any sale of property exceeding INR 30,00,000 or term deposits of INR 10,00,000 or more also qualify as high value transactions.
Verify Tax Details
The Income tax department allows you for Form 26AS reconciliation as well. A good initiative by the Income tax department precludes the inclusion of TDS certificates along with tax returns. Through this change, taxpayer no longer needs to submit Form 16 or 16A along with their tax returns.
However, it is the responsibility of a taxpayer to go through Form 26A and verify if all the details are entered correctly or not. This will ensure there is no chance for Form 26AS and ITR mismatch. This would also help you avoid any unwanted inquiries by the income tax department.
Here is how you can View or download 26AS at your own convenience and take a close look at the form before your tax return filing.
Form 26AS is an annual consolidated statement containing details of various taxes deducted on incomes by the deductors.
A Taxpayer can verify his details of Tax Deducted at Source in his login on Income-tax website by viewing/downloading Form 26AS.
Tax Deductor is required to file a quarterly statement for tax deducted by him. The same will be reflected in Form 26AS of the deductee. It may take up to the 1-2 week to get updated in Form 26AS of the deductee.
If there is any mismatch e.g. tax is deducted but not reflected in Form 26AS, same can be intimated to concerned person (deductor) to rectify same.
Following are the steps to view/download Form 26AS:
1. Login to Income-tax Department's website. Click here to visit login page.
2. Go to "My Account >> View Form 26AS (Tax Credit)".
3. You will be redirected to the TDS-CPC website, Click on "Confirm" button to proceed.
4. Select check box for "I agree to the usage and acceptance of Form 16 / 16A generated from TRACES" as shown in below image and click on "Proceed"
5. Click on "View Tax Credit (Form 26AS)" to view your Form 26AS.
6. Select the desired Assessment Year from the drop down and click on View as (HTML, Text).
7. Details of TAXES paid.
8. Click on "View / Download" to view your Form 26AS.
You can click on Export as PDF button to save it in PDF format.
The Password to open downloaded PDF File is Date of Birth of the Assessee in DDMMYYYY format. For eg, if Date of Birth of the Assessee is 28/02/1985, then password to open Form 26AS is 28021985
You are suggested to view your Form 26AS before filing your Income-tax Return so that you do not miss any income/tax deduction in the return of income.
Now that we know how to view the details or download Form 26AS, tax return filing is a much easier task. Form 26AS mere contains your consolidated tax statement whereas your ITR or income tax return contains a lot of additional information. While Form 26AS is an aiding document, you need to file ITR if your earned income for a fiscal year is above the minimum threshold. Your ITR contains your tax details along with various sources of income, capital gains details, residential information, bank related information and so on.
Taxpayers hoping for a smooth tax return filing season must spend some time on their Form 26AS. Verify if it contains all the details correctly or not and then use the same for filing your returns.
- Can I view my Form 26AS from any other source?
All the banks who are listed with NDSL offer the capability for you to view your Form 26AS. In most of the cases, you can login to the net banking facility of the bank and view your Form 26AS.
- Can 26AS be revised?
If there is a mismatch or incorrect information in the Form 26AS, it can be rectified. You can either reach out to your employer or the person who deducts TDS and inform them about the mismatch. Alternatively, you can login to the income tax website, choose the option Taxpayer is correcting data for Tax Credit Mismatch only from options and provide relevant details.